TOOL Global SME ecosystem launches in Hong Kong

WOLOT Foundation has launched Blockchain-based TOOL Global in Hong Kong. The ecosystem is built on TOOL Blockchain technology owned by Singapore's IBD Technology.

Liu Zhen Tao, Chairman of Zhang Fei Mao, an artist-to-consumer platform for art trading, and one of the first adopters of TOOL, said: "Everyone's afraid of fake/replica products, especially if they're highly-priced items. But through Blockchain/detailed analytics, all buyers can acquire accurate information."

Consumers can engage merchants and small and medium sized enterprises (SMEs) in the TOOL ecosystem by purchasing products and services. In return users are rewarded with behavioural tokens (BT). BT can be redeemed in the ecosystem for rewards, including OLO cryptocurrency, discounts, gifts, products and services.

The expectation is that TOOL Global ecosystem will eventually be managed and self-governed by participants of the ecosystem.

Source: WOLOT. Speakers and partners celebrate the launch of TOOL Global in Hong Kong, at the TOOL Global Ecosystem Alliance Conference on March 9.

The TOOL ecosystem also enables SMEs to share user, data and big data technology, so they can acquire users and data analysis cost-effectively. In addition to the ecosystem, WOLOT launched:

- The TOOL Ecosystem Alliance (TEA): A non-profit autonomous organisation formed to govern, develop and promote the TOOL Ecosystem, comprising merchant platforms, experts, and community leaders.

- The TOOL Ecosystem Management Committee (TEMC): A committee elected by the TEA, responsible for the management, maintenance, marketing and daily operations of the TOOL Ecosystem.

- The TOOL Commerce Nodes (TCN): TCNs form a technology platform that supports all global market development and technical operations of the TOOL Ecosystem. Successful nodes are rewarded with income via OLO mining and various fees, such as fees from completed transactions.

Dr Patrick Schueffel, Secretary-General of the WOLOT Foundation, explained that creating mini ecosystems across industries in the TOOL Ecosystem assures the value of OLO.

"Our (plan) is to onboard 100,000 SMEs into our ecosystem in the next 12 months. These mini ecosystems are non-profit oriented. These will make OLO rise in value over time. However a ecosystem will not last long if there are no rules and regulations in place, which is why we've introduced the TEMC and TCN programmes."

Social E-commerce and community founder Wang Zhi Hai said user activity usually dies down after a short period due to the lack of recognition and/or rewards. He said BT encourages sustained participation.

"In order for businesses to build a loyal user base, staying connected is key. The issue comes when users refuse to engage due to a lack of incentives to do so," he said.

The event is the first of a series of roadshows where WOLOT Foundation will introduce the TOOL Global project. The foundation aims to establish connections and alliances with potential community leaders, businesses, and technology experts to achieve more co-governance and transparency.