[INTERVIEW] EDRAKOREA’s CEO JUNGYU KWAK
“Anyone can use a mobile
phone for free by paying monthly fee for a cell phone with cryptocurrency which
was mined within EDRA’s ecosystem. EDRA KOREA(EDRA) aims to issue and spread
cryptocurrency similar to real currency and that can be used in real life.”
▲ EDRAKOREA PRESIDENT JUNGYU KWAK
In the interview with IT
Joseon, EDRAKOREA’s CEO Jungyu Kwak stated that mobile phones will be available
to use free of charge by utilizing block-chain technology and cryptocurrency.
Initially this may sound absurd, but CEO Kwak guarantees that this service can
be thoroughly realized in reality in weeks.
CEO Kwak’s such confidence is
understandable when looking at his long career. He is an advertisement commerce
platform expert with experience in leading Yahoo Shopping and Naver Knowledge
Shopping advertisement projects. He is a renowned individual in the area of
creating profit utilizing advertisement and payment commerce platforms. Currently
it has completed technical development, and plans to start full-scale promoting
activities prior to service commercialization.
On May 3rd, EDRA
officially launched ‘EDRA’—the mobile device based on block-chain platform. EDRA
coin was invented by EDRA and utilizes ‘logical sharing block-chain mining technology’
rather than problem-solving algorithm type technology.
Users need to install an
exclusive application to earn EDRA coins. Even until now, services are operated
by mobile phone users earning points when installing an application and
touching an advertisement. The problem with this is that excessive exposure to
advertisement causes fatigue and rewards were meager in contrast to the
vast number of advertisement touches.
On the other hand, EDRA
applications induce the usage of various contents provided within each
particular application instead of the existing service method which has excessive
advertisement exposure. This is possible by utilizing the ‘logical sharing block-chain
mining technology’ which allows user to casually earn cryptocurrency when
listening to music, playing games, and watching fashion contents or videos.
According to his
explanation, the cost of advertisement exposure on Naver or Daum apps is
approximately KRW 0.1 won. Whereas, the cost of advertising on Facebook or Kakaostory
is KRW 5 to 20 won. Although the cost is 50 to 200 times higher, users feel
less fatigue to advertisements on Facebook or Kakao. In some cases, users even
perceived some advertisements as general content.
▲ EDRAKOREA CEO Jungyu Kwak
With understanding of the smartphone
interface and if utilized strategically, content-utilizing advertisements can
be recognized as general content. In other words, users will perceive they are
playing a game provided by the gaming company, but the game itself is an
advertisement. Furthermore, cryptocurrency will be rewarded each time contents are
used, and phone charges can be paid with this cryptocurrency. This will allow
both mobile phone users and contents providers’ in a win-win situation.
Also, mining for contents
only uses 2% of the phone’s total battery consumption and therefore minimizing
unnecessary power loss.
CEO Kwak said that, “Up
until now, the service structure made users pay fees one-sidedly. EDRA’s
development project was initiated from an unprecedented idea to charge
companies or individuals who want to promote their contents on our platform, and
reward users who consume the corresponding contents.”
He emphasized that, “The secret
that allows EDRA platform to distribute contents on smartphones is because EDRA
possesses the technology to rapidly process transactions.“ He continued to say
that, “Normally, generation for new blocks requires a maximum of 50 minutes for
Bitcoin and 5 minutes for Ethereum, whereas EDRA platform only takes 10 seconds
to process.”
In order to utilize services
on the EDRA platform, EDRA has formed partnerships with large mobile phone manufacturers.
Currently, application development is complete that allows existing smartphones
to access the EDRA platform, and EDRA is cooperatively working with global
mobile phone manufacturers to find a way to install the exclusive application
as a default on the smartphone.
To go a step further, EDRA
plans to launch EDRA special smartphones. CEO Kwak said, “Right now ‘EDRA Phone(tentative)’
development has been completed and it’s ready for release in the market
anytime. The specific model name cannot be disclosed before the official release.”
“EDRA phones possess as high specifications as Galaxy 8 and will be
released within this month at approximately KRW 250,000 won,” he explained.
He added that, “If EDRA phones
are bought and used like a regular smartphone, we plan to support payment for
phone charges with cryptocurrency that are accumulated automatically. EDRA can
earn profit from EDRA smartphone sales and service support commission fees.”
Currently, the total volume
of EDRA coin issuance is 100 billion units. EDRA plans to issue 80 billion
units stretching over 80 years and sell 20 billion units by public ICO.
** Visit Us! **
Homepage: www.edra.io
Facebook: www.facebook.com/edra.kor.94
Telegram community(English): https://t.me/edra_official
Facebook: www.facebook.com/edra.kor.94
Telegram community(English): https://t.me/edra_official
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