The secret to beauty DApps created by men ranking No1.
Won Jae-yeon's One Pick ③ Cosmochain It made headlines from the very start. It was Kakao Investment’s first pick. And it was the first DApp (Decentralized Application) that was introduced on Klaytn, Kakao’s blockchain platform. It signed a memorandum of understanding (MOU) with global application developers like Meitu and global investors. In February, it was installed as a default app on the Samsung Galaxy S10. They say you can tell a person by the company he or she keeps. So what is Cosmochain to keep such good company? ‘Beauty service’ DApp So how was Cosmochain able to have so many amazing partners? The reason Cosmochain was able to grab the sole attention of the market despite the large pool of DApps available is because it created a DApp beauty service, of which there are only a handful. Cosmochain’s DApps Cosmee and Fitsme store profiles, purchase histories and preferences that can be used on existing beauty social media and other beauty sites via blockchain. Data suppliers are compensated for the rights and information provided. Cosmochain then supplies the data to the markets that need it. Simply put, the consumer receives compensation in exchange for information, such as cosmetics preferences or their skin types. Beauty companies, such as cosmetics manufacturers, purchase this information. The only app for women in a male dominated industry? There are many beauty apps in the market. But there are not many blockchain-based beauty DApps. The reason? Since last year, game, gambling and social media DApps based on Ethereum and EOS have started to appear. Many of these are competing using the same themes in a crowded market. Cosmochain has introduced a service that is unlike other DApps. The blockchain market is dominated by men. Consumers, developers, cryptocurrency investors and DApp users are mostly men. There haven’t been many blockchain services focused on women. In that sense, Cosmochain is a rare DApp that positioned itself to target women. Taking the lead in blue ocean market The recent value of the cryptocurrency market is estimated around 360 trillion won ($311 billion). The beauty retail global market is estimated at 500 trillion won. Cosmee, which launched last year, is the only DApp in Korea that targets women and beauty. Its Daily Active User (DAU) numbers totaled 30,000. Fitsme’s Monthly Active Users (MAU) has exceeded 10,000. It currently ranks in the top six on Google Play Store’s beauty category. Fitsme, which is in beta, plans on launching its official services in July and plans to merge with Cosmee. The limits to beauty services from the viewpoint of a nonuser? What is beauty but an illusion? The limit to the current beauty service structure is that men are creating it and they are the consumers. Managing the offers without using the consumer product can be dangerous. How can men know what women want? It’s hard to find a strong point of Cosmochain’s DApps over existing beauty apps. Its UI/UX is corny, speeds are slow and content is from users. One of the best posts was uploaded by a man in his 40s on toothpaste for cats. One of the replies to the post read “How is this beauty related?” It was clear this post was uploaded for the sole purpose of being compensated with cryptocurrency. A data cleansing is obviously urgently need. It’s clear it has business potential Cosmochain CEO Song Ho-won is the king of MOUs. Cosmochain is the only women-targeted blockchain company to succeed as a Kakao DApp, and it got installed on Samsung’s Galaxy S10. Cosmochain is currently preparing to expand beyond beauty to women’s lifestyle. Last year Cosmochain’s mother company Trillionaire acquired the 11st branch office in Thailand. This year, it is working on cooperation with Korean ecommerce company Mixxmix. Such moves raise expectations about Cosmochain’s future in the DApp blue ocean.