What is 1ECO?
1eco World
1eco is a platform that will solve various problems in cities by connecting reality and the virtual world using decentralized blockchain technology.
Most energy resources, such as coal and oil, are produced in non-renewable ways to provide energy to cities. These production processes are causing global environmental problems through harmful chemical emissions. On top of this, air pollution from exhaust gases emitted from various forms of transportation causes ozone layer destruction leading to greenhouse gas effects that threaten nature and humans’ right to live.
While small business owners in local markets are spending high expenses on advertising due to unreasonable monopolistic systems established by large platform operators, the expected advertising effect is often not guaranteed nor measurable. In addition, while users’ distrust of indiscriminate ad reviews in the local market is growing, a transparent reward system has not been established so that users can faithfully contribute to the production of reviewing.
In the healthcare industry, mutual data utilization between different medical institutions is low due to the absence of normalized standards for medical data.
1eco’s ecosystem will closely connect with reality in order to encourage green energy production, reduce harmful emissions, induce the use of smart e-mobility, provide small business owners and brands with solutions to promote and manage their customers equally and economically, and collect various healthcare data to be used to enhance human life.
1eco aims to be an ecosystem where everyone can work in an equal position by closely linking daily life to the virtual world.
Additionally, in contrast to the existing centralized virtual ecosystem platforms, we will utilize and develop a decentralized blockchain technology to build a participant-centered virtual ecosystem based on participants’ trust.
1eco Ecosystem
1eco will become a platform where ecosystem participants can easily join and engage. 1eco will establish and operate a fair and transparent reward system so that the participants are encouraged and rewarded for voluntarily and continuously engaging within the 1eco ecosystem.
The 1eco ecosystem consists of [Interverse], [Resident], [Citizen], [Business Owner], [Alliance] and [Market].
1eco will issue Residency and Citizenship to anyone that engages in the [Interverse]. Residents and Citizens will be rewarded proportionally for their amount of contribution to solving problems in the fields of green energy, green mobility, local markets, commerce, and healthcare. 1eco will further expand the ecosystem by collaborating with real-world business owners and alliance partners.
[poco]: Reward points paid for economic activities within the 1eco ecosystem.
[License]: NFT of ownership of business or product management rights.
1eco Interverse
Interverse
[Interverse] is a virtual world provided by 1eco. [Interverse] connects Residents, Citizens, Business owners, and Alliances together. [Interverse] consists of entities for (1)Qualification acquisition, (2)Economic activity, and (3)Asset growth.
Interverse Entities
Residents
Issuance of Residency
Without any restrictions, anyone can obtain 1eco’s Residency.
Economic activity
Residents can engage in basic economic activities related to daily life, green energy, green mobility, healthcare, local market, and commerce. Details of Residents’ economic activities and the corresponding poco point accumulation rate will be announced in the [Main Hall] of the [Interverse]. Poco point accumulation rate policies may be changed in accordance to increase in economic activity and occupation within the ecosystem.
Citizens
Issuance of Citizenship
Citizenship of 1eco is divided into two types. 1. Private Citizenship and 2. Business Citizenship.
Private Citizenship can be obtained in two ways: (1)Pay a certain amount of poco points (acquired through Resident’s economic activities) to the [Embassy]; (2)Purchase 1eco coin and pay the [Embassy].
Business Citizenship can be obtained by purchasing 1eco coin and paying the [Embassy].
The price of Private Citizenship and Business Citizenship is differentiated, and the amount of poco points and 1eco coins required to obtain Citizenships will be announced daily at the [Embassy]. The required amount of poco points and 1eco coins may change as the number of Citizens increases.
Career choice
Private Citizens’ economic activities begin with choosing whether to act as an ordinary Citizen or a Citizen with a job.
Private Citizens can gain the ability to choose their job in two ways: (1)Pay a certain amount of poco points acquired through economic activity to the [Career Center]; (2)Purchase 1peco coins and pay at the [Career Center].
The amount of poco points and 1peco coins required for a Private Citizen to choose a job will be announced daily at the [Career Center] and may change in accordance to an increase in the number of jobs.
The jobs that 1eco provides primarily are as follows:
- Manager: Has the right to purchase and own licenses (NFT-ed ownership of businesses or products) of local market businesses (food, beauty, hospitality, healthcare, etc.) or various products. Managers can purchase and own licenses for up to three businesses and products each. Managers can increase the value of licenses by increasing the number of Citizen reviews and followers through promotional activities for their licensed businesses or products. Details will be announced at the [Career Center].
- Editor: The primary information registrant for local market businesses or various products.
- Supervisor: Has the right to review and approve the information registered by the editor before it is uploaded as a license in the [Market].
Jobs will continue to expand and develop further in the future.
Economic activity
Private Citizens can perform the same economic activities as Residents. The poco point accumulation rate for Private Citizens’ economic activities will be announced in the [Main Hall], and the poco point accumulation rate policies may be changed in accordance to increase in economic activity and occupation within the ecosystem.
Private Citizens with a job can engage in additional economic activities according to their job characteristics and receive additional rewards accordingly. The poco accumulation rate for each job’s additional economic activities will be announced at the [Career Center].
Business right holder
Issuance of business license
1eco’s business license can be issued after purchasing 1peco coins, paying the [Tax Office], and going through business certification. The amount of 1peco coins required to obtain a business license will be announced daily in the [Tax Office], and the required amount of 1peco coins may change in accordance with an increase in the number of business licenses.
Industry selection
After acquiring a business license, a business operator can select an industry at the [Tax Office]. Industries include green energy, green mobility, local markets (food, beauty, etc.), commerce, healthcare, and online-related sectors. Industries will expand in the future.
Business activities
Business owners have the ability to conduct business activities for Residents and Citizens that are connected to their businesses, and products within the 1eco ecosystem. Business owners in the [Interverse] can communicate with Citizens, reply to reviews, notify Citizens of events/discounts/promotions, etc.
1eco Alliance
1eco Alliance
1eco will form alliances with real-world industry players with real customer bases in the five industries we will initially focus on. As shown in the figure below, we will establish positive, win-win relationships with our alliance partners.
1eco will further expand the 1eco ecosystem by supporting separate dAPP development according to the type of alliance partner.
Market
Overview
Entities such as various licenses that have value in the 1eco ecosystem will be converted into non-fungible tokens (NFTs) and freely traded through the [Market]. In the [Market], transactions will be done using 1peco coins.
Transaction Items
Starting with the items listed above, the number of tradable NFT items will continue to expand.
1eco Coin Economy
Introduction
1eco coin is an ERC-20 governance coin for the 1eco ecosystem. 1eco coin are issued to decentralize ownership and governance of the 1eco ecosystem.
Participants must stake 1eco coin to participate and influence in policy proposals and major policy decisions for the development of the 1eco ecosystem, and also participate in DID node operation to make the ecosystem run efficiently.
Staking
The world pursued by 1eco aims for a decentralized ecosystem. 1eco aims to combine decentralized governance and incentive systems through staking.
1eco ecosystem participants (Residents, Citizens, Business Owners, Alliance Partners) who staked 1eco coin can participate in ecosystem decentralized governance voting and receive staking rewards.
Community Treasury
1eco will build a [Community Treasury] that will be operated by decentralized governance. Until it is fully decentralized, the Foundation will be in charge of the operation. The assets of the [Community Treasury] will be used according to the governance decisions.
The assets of the [Community Treasury] will be accumulated by all revenue generated within the 1eco ecosystem.
Staker Rewards
Staking rewards are paid every week after the 18th month and are escrowed until the end of the deposit period, and ownership is confirmed when the expiry of the escrow period ends. After decentralized governance is established, the staking rewards will be automatically distributed by the smart contract. Detailed reward policies for stakers will be determined later after ecosystem decentralized governance is established.
Poco point | 1peco coin
Introduction
1eco operates poco points, which are utility points with a fixed value, to reduce various side effects caused by coin price volatility. Also, 1eco operates 1peco coin, a utility coin within the ecosystem.
Poco point
The utility points of the 1eco ecosystem, poco points, can be acquired by ecosystem participants (Residents, Citizens, etc.) through various economic activities.
Details of the fee policy will be updated and announced in the main hall.
1peco coin
1peco coin is an ERC-20 utility coin of the 1eco ecosystem.
In addition, the 1peco coin is also used as a means for Private Citizens to convert poco points obtained through various ecosystem economic activities into real values in order to provide liquidity of poco points.
Details of the fee policy will be updated and announced in the main hall.
Coin Circulation
User’s Journey
1eco Incentive system
Residents & Private Citizens
Residents can acquire poco points through economic activities in the 1eco ecosystem, and after becoming Private Citizens, they can acquire more poco points through additional job activities.
Business right holder
Real-world small business owners and companies can acquire a business license, and in the 1eco ecosystem, they can promote their real-world businesses by conducting various publicity and marketing activities towards Residents and Private Citizens.
1eco Alliance Partner
Significant, real-world alliance partners can receive incentives such as partner alliance rewards through sharing and participating within the 1eco ecosystem. For example, alliance partners can earn rewards for holding events that attract new Private Citizens and Business Citizens.
1eco Chain
1eco Chain Overview
1eco Chain is built on Ethereum (ERC20-based) to optimize as the most suitable structure for the 1eco ecosystem. It is based on a Smart contract for 1eco governance coin and 1peco utility coin to interact with each other. And a DID(Decentralized IDentity) to prove and manage participants in 1eco ecosystem on Hyperledger Indy. Also, 1ecoChain is an open platform that considers the possibility of connections with multiple blockchain networks such as Ethereum-based Utilicoin, BSC-based utility coins, and NFT, which are scheduled to be used in various services to be launched in the future.
1eco Chain implements actual economic activities of users in an Interverse provided by the 1eco ecosystem. To this end, we provide distributed identity certification (DID), contract and transaction (Smart Contract), wallet by subject, crypto-based settlement and payment (Payment Gateway), MyData, Ethereum (ERC-721), and non-alternative digital asset issuance (NFT) and transaction functions.
1eco Chain Architecture
The 2FA(2 Factor authentication) by Google will be used in the early stage of 1eco ecosystem but DID will be applied when the rights become available. DID is used as an essential authentication method for users to engage in various economic and business activities within the 1eco ecosystem.
DID(Decentralized Identity)
DID based on Hyperledger Indy is essential and integrated for the authentication method of users (individuals, organizations, and operators). DID will be issued and saved for users at the initial authentication for a certain service, then users will no longer need an additional authentication for other services. Moreover, DID will be used for authentication for integrated management of wallets to reserve multiple coins and NFT to be added in the future in 1eco ecosystem.
Future Scalability
In the 1eco Chain, the DID (Decentralized Identifier) including various authentication methods will be used to distinguish Non-Fungible Tokens (NFTs) in user economic activities within the 1eco ecosystem. It develops into a digital asset-ization by converting economic activities into data according to each user’s life cycle.
Chain Governance
Overview
The 1eco Governance Committee will be organized in the form of a partnership for strategic operation of DID nodes. DID nodes will be practiced when governance partners with voting rights satisfy the requirement for participation. In the meantime, DID nodes management is delegated to the foundation. Once the 1eco governance committee is established properly, it will be governed jointly by the foundation and selected partners.
The organizations in close cooperation with the foundation in the mid-to-long term will participate as DID nodes as follows: technology entity to be capable of running a sustainable business or the other entity in charge of infrastructure to expand the ecosystem.
DID node operation
Governance partners in 1eco ecosystem shall build, operate and manage DID nodes. Moreover, they would have to respond to bugs, failures and also, communicate with the foundation. The partners operating DID nodes should stake a certain amount of 1eco governance coin. The size and reward for staking will be decided by voting between DID nodes.
Governance Participation
The 1eco Governance Committee shall actively participate in decision-making for business operation, expansion, and improvement in 1eco ecosystem. Committee will try to make a consensus considering trends and obligations regarding virtual currency through regular meetings.
1eco Matrix
1eco coin issuance, distribution, and lockup plan:
A total of 500,000,000 (500 million) 1eco coins will be issued at the time of 1eco’s launch and will be unlocked sequentially according to 1eco’s roadmap. The purpose and the quantity of each distribution are shown in the table below.
Allocation
Ecosystem Fund
1eco allocates 25% (125,000,000 coins) of the total issuance of 1eco coin as Ecosystem Fund for specifications such as (1)launching event (2)marketing for the revitalization of the ecosystem (3)alliance partnership rewards (4)alliance partner point swap.
Staking Reward
1eco allocates 20% (100,000,000 coins) of the total issuance of 1eco coin as Staking Reward to reward ecosystem stakers. Staking Reward will be opened in the second half of 2023. The detailed reward policies for stakers will be determined later after ecosystem decentralized governance is established.
Team
1eco allocates 20% (100,000,000 coins) of the total issuance of 1eco coin to the team.
Advisors
1eco sought various advice and guidance from experts and technical teams in diverse industries from the initial planning stage and allocates 8% (40,000,000 coins) of the total issuance of 1eco coin to advisors for long-term cooperation from these advisors.
Private Sales
1eco has privately sold 1eco coin to strategic investors. 1eco allocates 9% (45,000,000 coins) of the total issuance of 1eco coin for private sales.
Operation
1eco allocates 8% (40,000,000 coins) of 1eco coin’s total issuance as an operation fee for practical operation and business promotion such as ecosystem development and maintenance costs, operating labor costs, consulting, and advisory costs. In the long run, we will be able to generate revenue through 1eco’s own business model.
Reserve
The initial purpose of the use is not set. However, 10% of the total issuance of 1eco coin (50,000,000 coins) is allocated for the purposes necessary for the 1eco ecosystem.
Lock-up Plan
The distributed 1eco coin is locked up for each purpose and will be unlocked in a certain period in accordance. The unlock schedule of 1eco coin will be applied as shown in the table below.
1peco Coin Issuance
The issuance information for 1peco coin is as follows.
A total of 10,000,000,000 (10 billion) 1peco coins will be issued.
For the better operation of the initial 1eco ecosystem, a certain amount of 1peco coins will be supplied through Airdrop, etc.
Roadmap
Team
1eco Team
Ryan (CEO)
Currently, as a CEO, Ryan is responsible for the integrated management of Metaverse and blockchain-related projects at 1eco Limited.
Ryan received his master’s degree in information security from Soongsil University’s Graduate School of Information Sciences with a thesis “Security Authentication Using Blockchain”.
He served as the head of the research institute of Ubik Networks Co., Ltd., and conducted research in the fields of security authentication and artificial intelligence.
Ryan was the PMO of the Samsung Electronics global SPMS project and supervised the system maintenance and upgrades along with administrating the BOM system.
Jay (CTO)
Currently responsible for spearheading 1eco’s overall technology and blockchain server construction.
During his time as the Chief Architect of the ICON project, Jay lead the mainnet construction and operation of the ICON Foundation.
He was also a CTO of Artificial Intelligence Development for a KOSDAQ-listed company with vast experience in developing enterprise backup software and embedded systems.
He is considered a top specialist in the blockchain industry in Korea.
Disclaimer
A. This white paper is intended to describe the services of 1eco and can be reviewed and revised due to the project’s schedule, progress, and other factors.
B. The version of this white paper is based on the date shown on the cover page. The contents of this white paper reflect only the direction and progress of the project until such date and may be changed at any time after the date of creation.
C. The version of this white paper may be changed and updated on an irregular basis depending on the need to revise its content.
D. This white paper is not intended to collect or receive funds, and no one can raise or receive funds based on this white paper. Any action, such as sending this white paper, should not be construed as a purchase proposal.
E. This white paper is not intended to suggest investment or recruit investors, nor may it be construed as an offer of investment or recruitment of investors by any geographical or environmental factors.
F. The distribution of 1eco coins will be done through a contract separate from this white paper, and the contract will follow its own agreement. If the content of this white paper and the content of the contract do not match or are in conflict, the content of the contract shall prevail.
G. In countries or regions where the content of this white paper is illegal, it should not be reproduced, modified, or distributed in whole or in part in such regions. Further, if a party recognizes that they are from the country or region where this white paper is illegal and still chooses to make investments, then the party is deemed to acknowledge the risks associated with such activity, and 1eco shall not be liable or have any legal responsibilities regarding such action by the party.
H. 1eco coins defined in this white paper cannot be construed as financial investment products such as bonds, stocks, securities, auctions, derivatives, etc., and cannot claim rights in any case. 1eco coins does not guarantee income or profits, such as financial interest, under any circumstances. In addition, the buyer of 1eco coins should not interpret 1eco coins purchasing behavior as an investment and profit generation act, and no person should understand or recognize it as an entity that can obtain financial income such as investment income and interest.
I. 1eco coins is fully functional at the time of transfer.
J. This white paper does not guarantee the integrity of the business pursued by 1eco, and contracted parties who wish to use 1eco shall provide its services only to the extent possible. The content of this white paper is not responsible for errors and delays in the provision and development of services and related matters, and no person may claim responsibility for this.
K. This white paper covers future plans and is based on the practicality of the plan. However, this is not guaranteed and the content of this white paper does not guarantee the integrity of future developed services.
L. The content of this white paper cannot be construed as legal, financial, accounting, tax, or any other advice in any case. In the process of purchasing and using 1eco coins, separate legal, financial, accounting, taxation, and other actions may occur. Those purchasing may need separate consultation, and 1eco is not responsible for these matters.
M. Due to unintended reasons such as system attacks from third parties, natural disasters, and force majeure reasons, the ecosystem composition may be delayed or other types of tangible and intangible losses may occur.
N. 1eco is not responsible for the buyer’s risk caused by loss or leakage of their private key.
O. 1eco is not immune from coin depreciation and changes in the market environment, uncertainty, political risk, competition with competitors, etc., and such factors may lead to the halt of the development of 1eco or change of service direction and plans.
P. 1eco is a technology under development, and any changes in technology that can occur during the development of the technology can have a negative impact on 1eco.
Q. 1eco does not delegate or assign to any person all decisions, including the ecosystem’s operating policies and operations, and all decisions are made at the discretion of 1eco.
