MiL.k: A One-Stop Rewards Platform Connecting Living Services, Travel and Leisure
Hello everyone, I am Samuel Yun, Director of International Business for the MiL.k project. I am very happy to come to Bihu to do AMA today. As a blockchain platform, MiL.k's vision is to become a global service platform. Since we are talking about the world, China is undoubtedly one of our priorities. This is the first AMA we do in China, so it's very special for us. Thank you for your participation.
Now I will officially start my speech.
MiL.k is a reward integration platform that connects various services such as lifestyle, travel, and entertainment. The main currency of the platform is Milk Coin, which can be used to trade various rewards and purchase coupons at a discount. In other words, you can exchange all the rewards scattered in various services for Milk Coin, so that the effectiveness of the rewards will be greatly improved. It is also good for service providers, because they can get a larger potential customer base to market to.
Next, I will show you our App. It includes three sections: Milk Coin's digital wallet, reward transaction, and coupon payment.
The first is Milk Coin's digital wallet.
As a wallet app, you can send and receive Milk Coin (MLK).
You can check your MLK balance and approximate fiat currency equivalent - currently supported is automatic conversion to Korean Won.
Of course, there are functions such as scanning QR codes and sharing your wallet address through many apps. You can also check transaction history.
Second, reward transactions.
As I mentioned, MiL.k is a reward integration platform with Milk Coin as the currency.
Therefore, reward trading is the main function of the platform. You can sell rewards and convert them into Milk Coins to integrate points from different platforms, and exchange Milk Coins for more platform points to get a certain discount.
Please take a look at the picture.
The first graph shows: Yanolja Points: YP. You can check your YP balance, how much it is equivalent to, and what the current discount rate is.
By clicking “Sell Point”, you can sell YP for Milk Coin, and vice versa, by clicking “Buy POINT” to exchange YP with Milk Coin, as shown on the right.
When it comes to discounts, we offer a minimum of 5% and a maximum of 40% off rewards deals. This means you can choose when to trade based on your needs and real-time discounts.
Lastly, the App provides a coupon payment function.
There are 2 coupons at the bottom of the App homepage, and they change every day at noon Korean time.
We also offer discounts for coupon payments, so, as shown in the picture, our users can use Milk Coin to buy coupons for coffee, bread, snacks, fried chicken, and more.
This feature was developed to provide a new user experience of using cryptocurrencies in everyday life.
Having said that, I believe everyone is concerned about our partners now. Because the quantity and quality of partners will be the key to the development of MiL.k.
We have announced about 4 partners so far, 2 of which are already available on the platform; Yanolja (OTA platform) and Shinsegae Duty Free (New World Duty Free Store).
Yanolja is our main partner. It is the No. 1 OTA service in Korea, with more than 8 million users, and has established global partnerships with Ctrip, Lotte, Eclair, Hostelworld, ZEN rooms (Southeast Asia OTA), etc.
Yanolja provides booking services for accommodation, air tickets, outdoor activities, etc., and its rewarded Yanolja Coin (YP) can now be traded in the MiL.k App.
Another big partner is Shinsegae Duty Free. This is Korea's top duty-free shop, a duty-free shop under the retail giant Shinsegae Group.
I am especially looking forward to the huge synergy from their cooperation, as Chinese customers make up a large portion of their 1.5 million foreign customers.
The GOD Points (GOD points) they rewarded can also be traded in MiL.k App.
In addition to these two, we also announced a partnership with the car-sharing platform Delivery Car and the leading airport transportation provider Seoul Airport Limousine (Seoul Airport Limousine), which has more than 14 million annual users.
In addition, we have been discussing cooperation with many service companies and will add them to the platform in the future.
Including credit card, cinema, aviation, retail, e-commerce and other industries.
The more partners the platform has, the better it is for our users. So we're going to keep working on our partnerships.
Now I introduce our token: Milk Coin.
As I explained, Milk Coin is the main currency of the MiL.k platform.
Last February, we listed tokens on Upbit Korea, Singapore and Indonesia exchanges.
More specifically, KRW, IDR, and BTC trading pairs are offered.
We are also discussing listing with other top exchanges around the world.
I think this is very important because as the MiL.k platform expands globally, the local marketplace should also support the trading of its currency.
Especially China. As I said, is our focus market. Therefore, I am sure that in the near future, you will be able to trade Milk Coin on the exchanges you are familiar with.
Let me summarize the benefits to the user again.
By using MiL.k, you can combine many different rewards into one currency, Milk Coin.
With Milk Coin, you can buy incentives with discounts ranging from 5% to 40%.
Of course, as a cryptocurrency, you can bring Milk Coin to the exchange for exchange and cash.
Taken together, these benefits will increase the utility of previously decentralized and mostly useless rewards.
For partner companies, their participation in the MiL.k platform can increase customer loyalty due to the increased utility of rewards.
Additionally, they can share a large customer base on the platform and attract new customers from other services.
This means that the platform will be used as a new marketing tool for services, generating synergy through joint promotions and events.
Our vision is to connect blockchain technology to everyday life.
To this end, we will expand the project both in terms of services and in terms of tokens.
In terms of MiL.k service, we will add more and more partners on the platform so that our users can use the service and Milk Coin in their daily life.
I look forward to seeing Chinese users not only using MiL.k App at home when they come to Korea.
For this, Milk Coin should be sold on the local market.
As I said before, you will be able to trade Milk Coin on the world's top exchanges in the near future.
Q&A
1. Why is it called MiL.k?
Answer: When hearing this name, many people may first think of milk (because the pronunciation is the same), but this is actually the abbreviation of Mileage Token. Because our platform integrates rewards (i.e. miles) from many different companies, we named it MiL.k.
2. What are the benefits for consumers to use MiL.k?
A: First, you can convert many different points/rewards into one asset, Milk Coin. This means that the utility of previously dispersed points will be greatly increased. You can also use Milk Coin to buy various points and get discounts. Or go to the exchange to cash out.
3. There are many mileage token projects in China. Compared with them, what are the competitive advantages of MiL.k?
A: For now, since MiL.k is still in its early stage, our biggest advantage is our partnership with top Korean OTA, leisure, and travel companies. Soon, Chinese users will also be able to trade Milk Coin, not only as an investment, but also when traveling in Korea, such as exchanging points for various services, or coupons. In the long run, we will cooperate with the world's top service companies so that Milk Coin can be used not only in Korea, but also globally.
4. Is it legal in Korea? Do you expect it to face legal problems in China?
A: The exchange of points and cryptocurrencies is completely legal in South Korea. We also have in-house lawyers responsible for business strategy, and will conduct in-depth research before entering the local market.
5. How to guarantee the value of Milk Coin? It seems to have fallen more recently?
Answer: Affected by the epidemic, the price of Milk Coin has indeed dropped. But as a functional token, its value depends on the scope of application. The partners we have identified have a total of more than 1,000 customers. Therefore, I think that with the increase in the number of partners and services in the future, the price of coins will gradually recover.
6. How did you start working with Yonolja, I heard it is a unicorn in the travel industry?
A: We have been working with Yonolja on this platform for 2 years. At that time, Yonalja was already the largest OTA service provider in South Korea, and it planned to provide blockchain-based services, while our company focused on Hyperledger fabric development, so we had a common vision of providing blockchain-based services, so it started cooperation.
7. Have you integrated the points of Shinsegae Duty Free Shop?
A: Yes, their rewards, GOD Points, have been integrated and tradeable on the MiL.k app since April last year. Shinsegae Duty Free Shop is a duty-free brand of the retail giant Shinsegae Group and one of the top duty-free shop brands in Korea. I especially expect great synergy from this integration since their main customers are not only Korean tourists but also many foreign tourists including Chinese. As a travel and leisure platform, we will continue to form such partnerships to expand into the global market.
8. What are the reward mechanisms and discounts on the platform?
A: We offer discounts when you use Milk Coin to purchase reward points on the platform. The minimum discount rate is 5% and the maximum is 40%. Of course, the maximum amount depends on the consultation with each partner, but we plan to negotiate towards 40%. Therefore, for our users, the discount that can be obtained is between 5% and 40%. The specific discount rate is determined in real time by the algorithm of the platform, and the current supply and demand relationship for each cooperative enterprise point is calculated. In other words, when more people are trying to buy Yanolja Points, its price will increase, which means the discount rate will decrease, and when more people are selling Yanolja Points, the depreciation will be higher.
9. What plans do you have for the next two years?
A: I introduce our plan, service and token from two aspects.
In order to activate and expand the MiL.k service, we will add more and more domestic and foreign service partners to the alliance. As I mentioned before, more and more lifestyle services that you use in your daily life will enter our platform, and service providers that you may need when traveling abroad will gradually be added to the platform.
Of course, as we expand, Milk Coin should also circulate in the global market. To this end, we will list Milk Coin on the world's top exchanges, and relevant negotiations are underway. As far as the Chinese market is concerned, this is our key market, and we are also working hard to make it easier for potential Chinese users to trade tokens. I believe that both Milk Coin and MiL.k services will benefit Chinese users in the near future.
10. How to solve the problem of mass adoption?
A: Mass adoption is exactly why we chose Reward Points as the entry point for MiL.k services. Rewards points are an existing asset for many, but with little utility. By adopting blockchain technology, the utility of these assets can be greatly improved, but users do not have to take any further action because they already own these assets. I think this is the key to mass adoption; finding a technology that solves an existing problem.
11. Can you introduce the team?
A: Our team currently has 16 experts, 8 of whom are professional developers. details as follows:
<Business aspect>
1) Jayden Jo/CEO: Jayden is a digital payment expert who has directed and managed fintech business at Kakao (Korean version of WeChat), digital payment at Samsung Electronics, and strategic business at Danal.
2) Shawn Woo/CBO: Shawn is an attorney with deep expertise in IT and blockchain. He has worked as a technology/corporate consultant at law firm S&L Partners and as an in-house counsel at Hyundai AutoEver.
3) Yun Samuel/Head of International Business: Samuel has extensive experience in international business in the IT industry. He worked as an international sales representative at Samsung SDS covering China, India and Sri Lanka. In the MiL.k team, he is mainly engaged in the international affairs of PR.
<Engineering>
1) Rooney Jung/CTO: Rooney led various projects for SK Planet, Kakao, and Danal, including video games, search engines, and web/app services. Rooney designed and developed Kakao Talk, the #1 messaging app in Korea with over 31 million monthly active users. As CTO, he leads the engineering team (8 members). He designed the token's architecture and led its development.
2) Sam Lee/Software Developer: Sam has nearly 10 years of professional software development experience from US IT/financial companies, responsible for building highly secure web services to deliver various financial data in a secure manner.
12. Why did you think of doing this project? What is the intention?
A: MiL.k aims to connect companies and their users. In order to benefit both parties, we focus on points integration.
For service providers, their purpose of rewarding points is very clear, which is to generate repurchases and attract new customers. However, since most companies are doing this, the effect is limited, and the cost of acquiring and retaining customers is getting higher and higher.
What about users? There are indeed many types of rewards that users can earn, but there are limitations such as "you should accumulate a certain amount of points before they can actually be used as cash, or expire before the points are actually useful. So for users, even if the It is treated as another asset, and the utility of the points is also very low.
To solve these current problems, the MiL.k platform allows you to integrate previously dispersed points, which means its utility increases. Discounts are also available when you buy points with Milk Coin.
Therefore, with MiL.k, the value of your existing assets - ie points - can become even greater. This leads to higher user satisfaction, not only for us, but also for service providers, and increases the loyalty of their users.
On Mil.k's platform, service providers will share a huge pool of consumers, which they can target for marketing activities, such as joint promotions, or to attract new customers. This is also our positioning of the platform, a marketing platform that revolves around points and has a huge consumer base.
Thank you all so much for your questions! We will increase our efforts to target the Chinese market, so it will be much easier for everyone to use our app soon, or go to the exchange to trade our tokens.
