TOOL Global’s first official launch in Hong Kong

March 15, 2019 - 02:57
TOOL Global’s first official launch in Hong Kong

The event took place on 9th March, a day after Hong Kong Blockchain Week 2019


HONG KONG, CHINA - Media OutReach - March 15, 2019 -The TOOL Global Ecosystem Alliance Conference in Hong Kong, organized by the WOLOTFoundation, successfully drew in over 600 industryprofessionals and executives hailing from Asia's blockchain and fintechindustry. The half-day conference, held at the Sheraton Hotel, Hong Kong,announced the official launch of TOOL Global and its respective offerings andprogrammes:

  • The TOOL ecosystem: An ecosystem for SMEswhere businesses benefit from sharing user, data and big data technology thatenable them to acquire users and data analysis in a cost-effective manner
  • TOOL Ecosystem Alliance (TEA): A non-profitautonomous organization formed to govern, develop and promote the TOOLEcosystem, comprising merchant platforms, experts, and community leaders.
  • TOOL Ecosystem Management Committee (TEMC): Acommittee elected by the TEA, responsible for the management, maintenance,marketing and daily operation of the TOOL Ecosystem.
  • TOOL Commerce Nodes (TCN): TCNs together forman industry-grade high-performance technology platform that supports all globalmarket development and technical operations of the TOOL Ecosystem.

A group photo of speakers and partnerscelebrating the launch of TOOL Global in Hong Kong

Some speakers were there to express theirviews on these offerings, alongside TOOL's newest members and partners,including...Annie Pang from UU Exchange, Li Li Zhong from Beidou Future Group,Cai Zhi Chuan, Chairman of the Hong Kong Eastern Association, Urs Bolt, Director of TEROS and Intelliblock, Bernard Portelli, the Founder ofCynosure Sean Webster, and Chairman of Zhang Fei Mao, Liu Zhen Tao.


Introducing TOOL Global's plans for 2019, Dr.Patrick Schueffel, Secretary-General of the WOLOT Foundation, explained how thecreation of mini ecosystems across industries in the TOOL Ecosystem assures theOLO cryptocurrency value: "Our end is to onboard 100,000 SMEs into ourecosystem in the next 12 months. These mini ecosystems are non-profit oriented.These will make OLO rise in value overtime. However a ecosystem will not lastlong if there are no rules and regulations in place, which is why we'veintroduced the TEMC and TCN programmes.


The TCN programme was built to furtherreinforce the community co-building nature of the TOOL Ecosystem. Successfulnodes are awarded with income via mining and service fees from each completedtransaction, on top of other benefits related to hashing behaviours (BT/OLOconversion fee, BT issue service fees).


Sean Webster, Founder of Cynosure and CapitalMarkets Consultant to TOOL Global, continued, stating they've alreadyidentified many public companies that are interested in potentialcollaborations with TOOL Global and OLO in the capital market.


Chairman of Zhang Fei Mao (anartist-to-consumer platform for art trading, one of the first adopters ofTOOL), Mr. Liu Zhen Tao explained how users act not only as end consumers inthe ecosystem but also as creators and gainers: "Everyone's afraid offake/replica products, especially if they're highly priced items. But throughblockchain/detailed analytics, all buyers can acquire accurate information."


Social E-commerce and community founder, Mr.Wang Zhi Hai, explained from a community management perspective on how Behaviouraltokens (BT) in the TOOL Ecosystem encourages participation in a group sinceuser activity usually dies down after a short period due to the lack ofrecognition and/or rewards from participation. "In order for businesses tobuild a loyal user base, staying connected is key. The issue comes when usersrefuse to engage due to a lack of incentives to do so."


The event is the first of a series of globalstops the WOLOT Foundation hopes to take its TOOL Global project to. By doingso, the foundation aims to establish connections and alliances with potentialcommunity leaders, businesses, and technology experts in hopes of achievingco-governance and transparency in its ecosystem.

For more press release information on TOOL Global or the conference, visit