Singapore-based blockchain tech startup, IBD Technology, announced the launch of their pioneering decentralized ecosystem for businesses, called “TOOL Global”. It gives out rewards of global virtual points that can be used to mine the TOOL Global proprietary own digital token – “OLO” coin. The token will be listed in exchanges by October ’18.
Singapore-based blockchain tech startup, IBD Technology, has announced the launch of a tripartite alliance, which can deliver full business model transparency.
To facilitate transparent self-governance of its ecosystem project, a non-profit organisation was launched as a strategic partner to oversee operations and funding, alongside an alliance program to promote the project.
This business model is well-positioned for good growth opportunities with the increase of blockchain big data and the consumers’ need for ownership of their own data.
At the Blockchain Commerce Application Summit, IBD Technology launched the new TOOL project alongside AC495 and The WOLOT as their two strategic partners.
The TOOL Decentralized Ecosystem for Businesses
The TOOL ecosystem returns consumers ownership over their data and its value while giving businesses a more streamlined option to obtaining user data analysis for market research. This is in addition to lowering the cost of user acquisition via merchant onboarding and user sharing. Valid online activities will be converted and recorded into different behavioural value tags (BU) which serve as reward/voucher points and can be accumulated for OLO tokens for payments within the ecosystem, or stored for appreciation.
It’s corresponding digital wallet app by the same name (OLO), is already on its beta release. But transparency doesn’t have to stop there. The non-profit organization called the WOLOT Foundation was launched to oversee all operations. This will allow TOOL Global’s ecosystem to be self-governed by its participating business entities and community.
A tripartite alliance
To facilitate widespread integration and adoption of the ecosystem, the WOLOT Foundation has established a partnership with AC495, a self-governed global community led by blockchain experts and Key Opinion Leaders (KOLs).
These international leaders will lead the marketing and promotional effort and serve as builders to TOOL Global’s open community.
IBD Technology CEO, Ben Chan, believes this arrangement to be perfectly aligned with the company’s mission to bring transparency and ownership to mass users.
“We’ve built a marketing system that’s user-centered, now it’s going to be promoted by community leaders, whose earnings and business profits will be overseen by the community itself”, stated Ben Chan.
The tech startup has already attracted big partners in the APAC region such as China’s Jinvovo Technology, and Singapore Finergy Advisory. Norman, CEO of Finergy Advisory believes that the business model is well-positioned for good growth opportunities with the increase of blockchain big data and the consumers’ need for ownership of their own data.
The project has also gained recognition in the Singaporean space and is currently in talks with authorities and associations for future collaborations.
For more information on TOOL Global, visit www.IBDT.io
An announcement by Lynnette Goh, at IBD Technology.
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