AFUN to build the largest virtual assets ecosystem

Until recently, the lack of real-world implications and the vagueness of blockchain ecosystems have coexisted with the rapid development of blockchain. Even though blockchain and its ecosystems have already been accepted and used by millions of users, the public concerns and current regulations set by the government do not favor the development of blockchain ecosystems.

Despite that, the virtual asset market is a sector with great potential, and with that, a new financial paradigm will be formed.

So, how would the virtual asset market be changed and revolutionized?

As the blockchain and virtual asset markets become more stable, this will lead to creating an ecosystem to which our daily lives will be connected. Thus, it is necessary to create a foothold for developing and stabilizing the market.

Next, it requires participation from the business sector and support from the government.

However, the reality is that the virtual asset market is still being treated with mistrust and seen as a lack of security. Thus, an ideal ecosystem could still not be created.

This is where blockchain technology company AFun Co. Ltd. comes in. Based on its unique blockchain technology, AFun aims to build a safe and practical virtual assets ecosystem and share this promising ecosystem with other virtual assets businesses.

Blockchain, Virtual Assets, and the Liquidity of Virtual Assets

What is blockchain?

It is an immutable shared ledger management technology that streamlines the process of recording and tracking transactions on the network. It "blocks" data so that online transaction information cannot be modified and uses encryption technology to store and share data in a "chain-like" structure continuously connected. It is a shared ledger that cannot be altered or deleted arbitrarily.

What are virtual assets?

They are electronic tokens that are not issued by central banks, are encrypted with blockchain technology, and can be used as money in a particular network. In other words, virtual assets can be seen as unique means of payment that also own the characteristics of commodities.

The future of blockchain and virtual assets

Virtual asset management via blockchain technology is evolving in a new economic paradigm. With the advantages of transacting in unlimited scope and speed and breaking away from the concept of existing electronic tokens, the value of the virtual asset is rising continuously.

The importance of virtual asset's liquidity

The value of virtual assets is determined by their liquidity, as it measures the assets' monetization potential. For virtual assets, with no other way other than cashing out through an exchange, apart from a few high-value virtual currencies such as Bitcoin and Ethereum, generally speaking, it isn't easy to secure liquidity for other assets. Despite that, to increase the value and liquidity of their virtual assets, many companies are issuing compensation to holders of the assets.

AFun Co., Ltd.

Established in 2015, AFun provides unique blockchain chain services and innovative plans that have been tested and proved by different institutes and businesses.

The blockchain-based rewards service provided by AFun allows local and foreign fintech and payment services providers to benefit and reward their users when they engage in daily financial activities such as making payments, remittances, and top-ups. This helps establish a safe and secured ecosystem, plus allows users to benefit from engaging in those activities as the received rewards could be used in other environments.

And as this AFun ecosystem grows, the company plans to lead the Defi, NFT, and Metaverse markets with clear future values alongside its partners and governances.

AFun is a blockchain IT company specialized in providing blockchain-based rewards services, digital wallets, on-chain fintech services, and consultation services.

AFun's blockchain-based rewards service

AFun's blockchain-based rewards service is based on AFun's blockchain system with support from Samsung SDS and the security solution provided by Dream Security Co. This ensures the security, stability, reliability, and potential of the service.

Last September, Afun and mobile payment solution provider TMONET launched a rewards service in Daem Daem, TMONET's mobile application. It allows users to earn virtual assets equivalent to 100 won when they check and top up their transit cards or purchasing points.

This service allows users to earn rewards and ultimately reduce and even earn back a portion of their transportation expenses whenever they use their transit cards. As an incentive, it facilitates the construction of an ecosystem.

At the same time, agreements have also been made between AFun and businesses such as gift vouchers providers Happy Money and Korea Prepaid Card, English language education center Yoons English School, and foreign remittance service hanpass. AFun will provide rewards services for those companies shortly.

The advantages of blockchain-based rewards service

Through AFun's rewards service, affiliates can effectively promote their business and increase customer loyalty, which ultimately leads to increased profits.

At the same time, virtual assets distributors can increase their companies' brand value, assets' liquidities, and users through fintech companies, ultimately helping to build an ecosystem.

The users of AFun's affiliates can earn virtual asset rewards through daily financial activities, ultimately creating profits and reducing daily expenditures.

The necessary preparations before joining the blockchain rewards service

AFun – ALock Wallet – the blockchain-based wallet to keep virtual assets and AFun Rewards
API Service – For member registration and rewards distribution
Operating System – The support system allows administrators and managers to examine member information and reward information
Affiliates – Applying AFun's API, making necessary changes (Promotion page and ALock Wallet connection) in affiliates' applications, and providing essential information to AFun

Necessary Information for Service Connection
For Android App: Google Play URL of the application / Custom URL
For iOS App: App Store URL of the application / Custom URL

Estimated number of calls
On average: Monthly / Weekly / Daily / Hourly / per minute / per second / estimated calling […]
API: Format of customer number and method of verification / Format of order number and process of verification

Virtual Assets Distributor – Necessary information (Website, financial information, customer service channel)

Virtual Assets Registration – Name / Symbol (For Token: Network / Contract address / Decimals)

ALock Wallet

ALock Wallet is virtual assets and rewards management wallet AFun co-developed with Dream Security Co. As a personal assets management application, ALock Wallet focuses on security and ease of use. It allows users to store rewards provided by fintech and payments businesses when engaging in daily financial activities such as remittance, payments, and top-ups.

Since last September, mobile payment solution provider TMONET and its transit card top-up and payment application Daem Daem have started distributing virtual assets rewards to their users.

Soon, the same rewards and wallet service provided by AFun will also be implemented in the services of gift voucher businesses Happy Money and Korean Prepaid Card, and English language education company Yoons English School.

ALock Wallet is virtual assets and rewards management wallet AFun co-developed with Dream Security Co. As a personal assets management application, ALock Wallet focuses on security and ease of use. Later, users will be able to transfer, make payments, and top-up other services using virtual assets.

Dream Security is a KODEX-listed company. The cooperation between AFUN and Dream Security aims to apply Decentralized ID technology to the digital wallet while developing other security solutions such as mobile anti-virus, anti-tempering, and app obfuscation.

On the verification of blockchain data

'Squid Coin,' the virtual currency which was made by riding on the popularity of Netflix's 'Squid Game,' was eventually found to be a fraudulent project. As the developers closed up shop and cashed out all their coins, the value dropped to 0 won.

Despite the government regulations, we have been struggling with verifying virtual assets while suffering from junk coins and have been looking for solutions on how to find better virtual assets.

As we will have to be exposed to and work with virtual assets in the future, we will have to develop a way to verify different virtual assets thoroughly.

When verifying virtual assets, attention should be given to blockchain data related to the users and the ecosystems, and the trustworthiness of the assets.

The value of blockchain data can be seen as it could allow us to know what virtual assets users prefer and how they earn and spend their virtual assets. Through blockchain data, we could then optimize the process for our users. Ultimately, this will help virtual assets forge their actual value and improve ecosystems and environments.

Regarding verification of virtual assets, an official from Korea Blockchain Association said, "Depending on the usage of the virtual assets, the main factors when evaluating virtual assets are the technology and trustworthiness of the operator, the amount of issuance that is appropriate for the value of assets, the users who own the virtual assets, the realistic usages environments, and blockchain data that can be verified."

"The most important part of a virtual asset is where it is used, how and where the virtual asset is used, and how the blockchain data is stored. With transparency, we could then evaluate the reliability, technological stability, and the value of the assets," the official emphasized.

Since last September, AFun has been distributing virtual assets to users of mobile payment solution provider TMONET and its transit card top-up and payment application Daem Daem. Users with ALock Wallet installed will be able to receive virtual assets rewards when they check their balance or top up their transit cards, or purchase transport points.

Through AFun's blockchain-based rewards service, virtual assets distributors can receive blockchain data (transaction) created when payments or top-ups happen, increasing trust, transparency, and versatility.

Soon, the same rewards and wallet service provided by AFun will also be used by gift voucher businesses Happy Money and Korean Prepaid Card, and English language education company Yoons English School. AFun is currently developing a blockchain system together with Samsung SDS. This move would help AFun gain a significant position in the blockchain market with its innovative plan and technologies.

Efforts should be made to ensure that various virtual assets are transparent and trusted by investors.

According to a staff from AFun, "AFun's blockchain-based rewards service allows fintech and payment service providers to issue rewards to their users when they engage in daily activities. For instance, TMONET's users could earn rewards when they top-up their transit cards, ultimately creating profits and reducing expenditures."

AFun provides business consultations to institutes and companies from different sectors. AFun's know-how has helped AFun secure partnerships with companies such as mobile payments service and transit card provider TMONET, gift voucher providers Happy Money and Korea Prepaid Card, and English language education center Yoons English School. AFun is currently developing a blockchain system together with Samsung SDS.

Daem Daem is a service that allows users to check their balances and top up their transportation cards through a smartphone without visiting offline machines or storefronts. It also provides payment services using transit cards on 200 platforms, such as leading online merchants like 11st and Nexon.

Through users of AFun's ALock Wallet, virtual assets distributors can receive blockchain data generated when payment and other financial activities occur. It is expected that blockchain data will play a significant role in helping those distributors to gain recognition and confirmation from customers.