【Blockchain in Korea】Wehome CEO Sanku Jo: Wehome, blockchain industry Airbnb?
Wehome
12days ago
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The full text is a total of 2790 words, expected to read 6 minutes.

Editors note: The sharing economy is the economic center of the individual, the blockchain makes it possible to exchange value without restrictions between individuals.

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Coinin is the Korean blockchain media headquartered in Seoul, South Korea, it relies on industry head resources and community advantages to form a huge influence on the media. It is known as an upgraded version of the blockchain field 36Kr.

Coinin recently launched the "Blockchain in Korea" series in South Korea, visiting the top blockchain practitioners in South Korea and promoting exchanges and cooperation between China and South Korea. In the new phase of "Blockchain in Korea", Coinin invited Sanku Jo who is the CEO&Co-founder of Wehome to talk about "Can Wehome become the Airbnb in the blockchain industry?".


Guest introduction



The 35th phase of the "Blockchain in Korea", the Rotation host Ted Koo who is TEK&LAW Representative lawyer invited Sanku Jo, CEO of Wehome to talk about "Can Wehome become the Airbnb in the blockchain industry?".



Sanku Jo : Co-founder & CEO of Wehome

Co-founder & CEO of KOZAZA

President of Sharing Economy Association of Korea

Former VP of LG U+

Former VP of KT/KTH

Former Co-founder& CTO of NetGeo


Dialogue



Ted Koo: You have 30 years of experience in Telecom, Internet, Sharing Economy and Blockchain industries in Silicon Valley and Seoul. In the process of working in these industries, what was the most interesting or memorable thing for you? And how did you connect with the blockchain industry? 

Sanku Jo:Hello everyone, I am Sanku Jo, Co-founder and CEO of Wehome. Since 2012, the shared accommodation business called KOZAZA has been started, and the Wehome project has been promoted since 2018. You can think of WeHome as a blockchain version of Airbnb. Participants and landlords of the Wehome sharing platform are platform owners. It is a combined model with no fees and rewards.

In my experience, I have two important moments. The first time was when I first knew the Internet in 1988, and the second time was my connection with the blockchain. I knew the blockchain when I involved in the Bitcoin-related project in 2015. I was hit hard when I envisioned the WeHome model in 2017. When I connected with Internet in 1988, I expected that the Internet would change the world. When I understood the blockchain, I expected that the blockchain would bring changes beyond the Internet. Therefore, we are now fully committed to the sharing housing business based on the blockchain.

 

Ted Koo: Please introduce the Wehome which provides shared accommodation services based on the blockchain. How to understand the concept of combined shared accommodation based on blockchain? What do you think is the main advantage of Wehome?

Sanku Jo:Wehome is a combined shared accommodation community based on blockchain. The combination refers to the participants creating value together and sharing the value, in contrast to Airbnb, a centralized shared accommodation platform. Providing the same services as Airbnb, we see a decentralized shared accommodation platform centered on the participants and can be considered a decentralized Airbnb. Unlike Airbnb, the value created by participants will remain in the community and spread.

Therefore, Wehome has no handling fees and can provide bonuses. Enjoy the same accommodations as Airbnb without the need for handling fees, and get rewards and participate in operations. Because of this customer value, it can compete with Airbnb, which has a value of 50 trillion won and monopolizes the global shared accommodation market. This is made possible only by the new game rules of shared accommodation which combined blockchain and portfolioism.

Combinatorialism is cooperativeism and can be considered a participatory-centered collaborative combination. In fact, it is also the actual model of DAO. Please allow me briefly introduce the background of the emergence of portfolioism. The sharing economy begins with the sharing of idle resources between individuals and moving from production, circulation and consumption of economic value to a democratized economic model centered on individuals. But now a few platforms monopolize the value and power such as Lyft, Uber, Airbnb, etc.... The main body that creates shared economic value is each individual. From the perspective that the platform should not monopolize everything, Platform Coooeprativism is being promoted. This kind of combinationism is only a theoretical concept, and there is no way to achieve it. But with the emergence of the blockchain, it is possible for portfolioism to come true, and Wehome is a advancing portfolioism. The existing model of shared platforms is not fair enough. As a portfolioism, Wehome is creating a fair sharing economy and this is a leading concept in the world.

 

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Ted Koo: How does Wehome operate community-based and become the Airbnb in the blockchain industry? In addition, what strategy will Wehome adopt to acquire new users in Korea, Japan and China those Golden Triangle countries?

Sanku Jo:WeHome basically advocates DAO, but sharing accommodation is more complicated than Bitcoin, and the service is very complicated. Therefore, in reality, complete decentralization is not an easy task. Therefore, we advocate community-centric operations, but Wehome plays a platform role. However, compared with the existing monopolistic platform, Wehome will operate around the community and gradually achieve self-discipline organization. That is, Wehome plans to focus on decentralization and conduct projects in a demonopoly manner. This can provide 0% handling fees and incentives and etc. And plans to gradually introduce "compliance" for independent operations.The limitations of the blockchain technology that can now be utilized are also the reasons for adopting this model at this stage.

The tourists from the three countries of South Korea, China and Japan are currently close to 40 million. As long as the platform can ensure its position in the three countries, it will be quite possible to success. First, we will market Korean tourists who visit China and Japan. From the Korean point of view, it is 'Out bound' marketing. This is because it can target a limited range of efficient target marketing for Koreans. We will focus on inviting Airbnb's China and Japan's super landlords, providing tokens for landlords in major cities of the two countries and increase their booking rate to attract them. We are discussing this matter with Japanese super-hosts. Later we will invite 10Airbnb Super Landlord s in major cities as a Wehome spokesperson to develop a diffusion strategy.

 

Ted Koo: You are operating the Wehome and Kozaza platforms, will the combination of the token economy and the sharing economy may inject new vitality into the sharing economy? What do you think is the scope and advantages and disadvantages of adopting the blockchain in sharing economy?

Sanku Jo:The blockchain is a rocket engine to the sharing economy. both philosophically and functionally. Philosophically, the blockchain's ambition is DAO. Another way of saying DAO is the collaborative combination, which is in line with Wehome's combined sharing economy.

Functionally, blockchain is an infrastructure in which individuals can easily exchange various values. Because the sharing economy is the economic center of the individual, the blockchain makes it possible to exchange value without restrictions between individuals. Therefore, the combined sharing economy is a Game Changer that completely changes the existing sharing economy. The project that truly reflects these is Wehome and it is being promoted by people with relevant experience over the past 8 years.

The blockchain can be applied in sharing economy from three perspectives. The first is the technical level, the second is the economic level, and the third is the level of organizational operations. Wehome uses blockchain technology at the token level for issuing tokens, payments and refunds. However, current blockchain technologies are less skilled at commenting or storing user information. Although blockchain technology will gradually be used, it will advance according to the maturity of the technology.

Wehome's blockchain-based economic dimension is the use of Token Economy's innovation. The zero handling fee and the provision of rewards make it possible to implement a new economic model based on tokens.Thirdly, because Wehome is committed to decentralization, it will try to operate in the direction of users and landlords participate in the operation. For example, a spokesperson landlord is designated in a major city, giving priority to customer service in the relevant city or determining the city's inherent policies.

 

Ted Koo: The performance of the current DAPP is still unsatisfactory, and the user experience has been criticized. How long do you think it takes to solve the majority of DAPP issues and to popularize DAPPs? In addition, what kind of information needs to be uploaded on the chain? While what kind of information is unnecessary? And how to determine the boundary between privacy and openness?

Sanku Jo:Dapp, which relies entirely on blockchain technology, is difficult to provide a complete service. We believe that the emergence of blockchains is innovating in technology, economic models and organization. Look for best practices for creating value from these three perspectives. Wehome uses blockchain technology at the level of token issuance and payment, but creates models of innovative value through economic means from the perspective of ensuring token economics and investment. Therefore, reducing the reliance on immature technology, through the economic model innovation to provide 0% commission and reward in addition with Airbnb value. As a result, Wehome has added a family hotel MVP that uses HOM token reservations on the existing shared accommodation platform. It is expected that the testing service will be launched in Korea, China and Japan in June. It is expected that the existing testing services will be completely rebuilt in the second half of 2019 to provide formal commercial services.Wehome's MVP can be checked at https://alpha.wehome.me. Reservations can be made with HOM tokens and BTC/ETH. The UX part also needs improvement.

There is a conflict between the blockchain anonymity guarantee and the shared service's acquisition trust regarding public information and privacy issues. Blockchain is an anonymous transaction, however, in shared accommodation, only by revealing yourself and participating deeply you can get good reviews. In order to solve this contradiction, Wehome intends to use Ethereum's side chain plasma to solve this problem. It is promoting cooperation with South Korea’s representative Ethereum side chain company Onther. Yes, HOM tokens can be reserved on Metamask.

KOZAZA was established in 2012. The experience of the past 8 years is very precious. I studied Computer Engineering and I am an expert in networking and platforms, but I did not know that no knowledge of accommodation may became a problem. After eight years of experience, it complements the knowledge and experience of the online and offline accommodation industry. This experience is the most important element of my confidence in the Wehome project.

It is no exaggeration to say that KOZAZA has tried all attempts of the sharing accommodation in 8 years. As a result, although there are 10 shared accommodation companies in Korea, only KOZAZA survived and promotes the Wehome project. WeHome's goal is to open services in 100 cities around the world by next year and ensure 10% of Airbnb traffic by 2022. We will build Wehome with the community by targeting 10% of Airbnb's corporate value. Wehome is centered on the Token Economy, so it can indicate an effective innovation model in the blockchain business.

 

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Ted Koo: Will the entry of various industry giants threaten the decentralization of the blockchain? What kind of impact will the blockchain bring to the those industry giants?

Sanku Jo:For a monopoly platform like GAFA (Google, Apple, Facebook, Amazon), the pursuit of decentralized blockchain is extremely threatening. But in reality, the blockchain will contain the monopoly of these monopoly platform players and create new market segments. That is, blockchain is predicted to greatly expand the entire network market. A new form of decentralized service or community that is second only to GAFA is about to emerge. However, GAFA may make blockchain a means of strengthening its vested interests. This is a part of our industry that should be cautious. In general, the blockchain is a new game on the Internet and it will be a big success in the blockchain industry. Around 2030, Airbnb will grow from the current 50 trillion won enterprise value to a centralization platform of more than 100 trillion won. Wehome will also grow into a value community second only to Airbnb. Think about the current status of Wehome and Airbnb, and you can guess the impact of the innovation brought by the blockchain.


Ted Koo: According to reports, Vitalik Buterin who is the founder of the Ethereum accused that IEO is the initial coin offering of the exchange which is a retrogression of the industry. How do you consider this opinion?

Sanku Jo:Vitalik Buterin has talked about IEO is a form of initial coin offering. IEO is just a new model that has emerged in the evolution of existing initial coin offering. The most important thing is whether it can get the effect of initial coin offering. I don't think the way is important. More importantly, initial coin offering is different from existing fundraising methods. It has achieved the democratization of capital introduction. Of course, IEO is limited to the level of the exchange, but from the standpoint of the project, each side can choose the best way.

IEO does not need KYC in the promotion of the project, so it can reduce the burden. Instead, as you said, there are shortcomings that have to limit the scope of the participants. Therefore, whether it is IEO or an existing way initial coin offering can choose the best way according to the nature of the project. Wehome decided to conduct an IEO. In order to demonstrate the business model of combined shared accommodation and obtain more support from the landlord, it is necessary to objectively demonstrate the value of the HOM token. In addition, compared with large-scale fundraising, small-scale fundraising is based on actual service expansion, we aim to improving investment efficiency and the value of participants.

 

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Ted Koo: What is the latest activities and future plan of Wehome? In what ways does Wehome hope to cooperate with projects or institutions in China and South Korea?

Sanku Jo:Wehome plans to conduct an IEO in May at an exchange operated by a reputable blockchain specialist in South Korea. As a preparation for this, we are building a community, and we expected to conduct IEO before June. It is expected that the trial operation service will be launched before June and the service will be officially opened around September. The trial operation service will connect the three countries of Korea, China and Japan.

First of all, we must ensure that the landlords in China. We plan to invite Airbnb super landlords or cooperate with China’s share accommodation business. We established a cooperative relationship with Tujia.com already. We hope to build and connect with blockchain enterprises, investment institutions and shared accommodation companies in China. Localhome is also the company we hope to cooperate with. Currently, Private Sale is being carried out while IEO is being prepared. Those who interested in participating in Private Sale can contact us.

 

Ted Koo: As a well-known person of the Korean blockchain, you may know a lot of outstanding practitioners in the blockchain industry. "Blockchain in Korea" interview program is launched by [Coinin], is dedicated to exploring high-quality blockchian projects and practitioners. Could you recommend three honored guests to our program?

Sanku Jo:I recommend Sunhyeong Jeong, CEO of Onther, Seokgu Yoon who is CEO of Sovereign Wallet and Dr. Jihun Jeong,a consultant of Wehome.

Seokgu Yoon is also Wehome's advisor. Onther is a partner of Wehome. Couplug's CEO Ou Junseon is also should be recommended. Coinplug has many blockchain-related patents not only in Korea, it ranks second in the world.



Q&A Session



Q1: What impact will Wehome have on KOZAZA's business?

Sanku Jo:Everything about KOZAZA is transformed for Wehome. Therefore, the KOZAZA service will be closed in the future and will focus on the Wehome service.


Q2: What is the biggest difficulty for the traditional enterprises transformed into blockchain companies in your opinion?

Sanku Jo:Because the blockchain pursues DAO, it is completely different from the existing business model. Wehome's case is a combined shared accommodation in the DAO model, so it is philosophically or functionally consistent with the blockchain. However, the general project entity is to act as a mediator to create profits, which is completely different from the DNA of the blockchain. How to solve this kind of self-denialing conflict is probably the biggest difficulty faced by existing businesses.


-END-

From: Coinin.com

This article is reproduced only and doesn't constitute an investment opinion


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