AMA with Label

On the 18th of November, 2021 at 13:00 UTC, Decentralized Club had the honor of hosting Hyungsoon Choi, Chief Strategic Officer, from the Label Foundation for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
 
If you missed this event and would like to know what Label Foundation is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 - Introduction

[May]
Hello, 大家好, नमस्ते, Selamat!

My name is May and I'll be hosting the AMA with Label.

Today, we have with us a guest from the Label Foundation Team.

[Hyungsoon Choi]
Hello Decentralized Club community, my pleasure to be with you today

Hello @MsMayMay, thank you for having me

[May]
We're glad to have you!

How's your day going?

[Hyungsoon Choi]
Doing great, thanks! How about you?

[May]
It's great as well!

You're welcome and it's an honor to have you here.

Before we get into the session, could you quickly tell us more about yourself and your job at Label Foundation?

[Hyungsoon Choi]
Sure, my name is Hyungsoon Choi and I am CSO at the Label Foundation.

[May]
That's great!

Let's get right into the session

Can you tell us about the Label Foundation and the inspiration that got it started?

[Hyungsoon Choi]
With great pleasure! Let me introduce the Label Foundation to our guests. LABEL is an unparalleled NFT infrastructure built on top of Ethereum Network, powered by LBL utility and governance token with a unified goal to establish a fair profit-sharing ecosystem with the permissionless integration of IP rights. That is the most used description that we use to briefly describe all the technical aspects. Moreover, LABEL provides a decentralized P2P incubating platform to invest in world-class entertainment-education content through the DAO voting system to further allow contributors to claim profits through the NFT shareholding mechanism. In other words LABEL platform builds up an ecosystem that establishes a fair and decentralized incubating system, that purports to provide the content creators in the MOOC industry easier access to the investment, promotion, and distribution of their IP rights hence aims to improve an unfair profit structure that exists in the sphere, striving to prevent copyright infringement cases across the industry.

[Hyungsoon Choi]
Label’s team has the founders of the platform for music creation content which assists the talented musicians who were struggling to monetize their IP rights. With huge experience of running the music content creation company for 6 years, we have figured out that the future of music content education should be distributed and decentralized for the sake of fairness. After deep research and analysis, we have come to discover that there is no decentralized platform in entertainment education thus we decided to bring distributed ledger technology to this industry and this is how the LABEL Foundation came into existence.

[May]
👏🏻👏🏻👏🏻

That's impressive!

What innovative solution is Label bringing to topple its competitors with similar offerings in the NFT sector?

[Hyungsoon Choi]
LABEL Foundation provides the ultimate P2P incubation system for aspiring content creators, along with the robust NFT equity shareholding structure, which is a pretty innovative endeavor within the NFT sector. Certainly, some platforms provide the support with basic NFT infrastructure for the entertainment-education content cultivation purposes, however, it doesn’t curate and provide the full-fledged support towards the incubation of that content, moreover, it doesn’t provide the robust P2P investing opportunity for the users within the platform. In LABEL, content creators are enabled to create/protect / fund and provide shares to their IP rights with the help of our platform pillars.

[May]
What an innovation!

What are the utilities of $LBL?

[Hyungsoon Choi]
Let me talk about the utility of the LBL in detail. Overall, the LBL token has 6 utility cases at this moment, which can be used by users for Profit Allocation, Voting in Incubation, Crowdfunding Participation, Reward Distribution, Payment, and NFT Trading. 
Let’s now consider each case separately, and at the same time be brief.

For Profit Allocation - LBL tokens are used to distribute profits generated by courses to its NFT
equity holders.
For Voting in Incubation - LBL tokens should be staked in the DAO to access the voting on the course selection uploaded on Incubating.
For Crowdfunding Participation - when crowdfunding for a certain course is carried out, the holders that have participated in the voting process can invest their LBL tokens in the course that has gained enough votes. 
For NFT Trading - LBL tokens can be used for NFT P2P transactions in the NFT Market
For Reward Distribution - LBL tokens that are being collected in the DAO Funds are allocated as compensation to users who participate in incubation voting or participate in the LABEL ecosystem.
For Payment - LBL tokens can be used by learners to purchase access to the courses that are offered by the content creators.

[May]
Thank you for the details!

How does Label plan to revolutionize the MOOC and entertainment industry?

[Hyungsoon Choi]
Great question! First of all, let me tell you that our team has MOOC experts who have been working in this industry since its development. So we could figure out what were the most threat points of the MOOC platforms and also discovered how we can change the unfair industry with the help of the NFT concept and blockchain technology. The idea behind the revolution is to add fairness and transparency to MOOC. The label team wants to let creators/musicians and anyone interested in the Education-Entertainment industry give some sort of control and opportunities to earn on it by investing in the incubation processes (which will be available soon on the Label platform). Moreover, the main problem with the IP right and its illegal misusage by other users in the industry can be forgotten forever. Thanks to the distributed ledger technology, the original owner will be able to legally prove the ownership and have full control over the content in the form of the NFT.

[May]
Amazing!

What major news should we still look forward to from Label by the end of the year?

[Hyungsoon Choi]
Thanks for asking, I guess people should know what we are working on currently and what advancements they can expect from the LABEL platform. Since it is already the 4Q of this year, we have finished most of the developments and all missions were successfully completed. For now, all our attention is focused on the Launch of the OPENTRACK 2.0 LMS System update. Simultaneously, we started to develop the Label Wallet, which is one of the most strategically vital aspects of the platform.

[May]
Looking forward to the launch of your wallet and other products!

Are you ready for questions from our Twitter community?

[Hyungsoon Choi]
For sure! ready to answer

[May]
Great!

Segment 2 - Twitter Questions

[May]
I saw that some LBL tokens are used as a platform fee and also have a commission fee, so can you explain how both fees are structured? What would be the fees we can find when using your platform? Is it really profitable for the users?

Twitter Username: @PerejilCZ

[Hyungsoon Choi]
Good question, as Perejil has mentioned there are 2 types of fees. First is a commission from the LABEL platform's users' utilization of the LBL token as payment for all educational content provided on the platform. The LBL token paid by users as a payment fee is paid once a month to the owner of the content's beneficiary rights NFT, some of which are accumulated in DAO Funds as platform fees. The commission rate accumulated in DAO Funds and several other aspects can be modified in the governance mechanism by the LBL holders once it’s launched.
The second one is the NFT transaction. The LABEL team will regularly offer limited edition NFTs in collaboration with the artists that they are working with, and NFTs sold at this time can only be purchased with LBL tokens. In addition, LABEL users can use LBL tokens as transaction payments in P2P transactions between users at NFT Market, whereas the transaction fee is also charged in LBLs.

[May]
Good to see these features!

So LABEL foundation is an NFT entertainment platform where content creators can publish their content. But will there be any free content or is everything paid subscriptions? Can the listeners promote their favorite creators by giving them bonuses?

Twitter Username: @Albertjaison2

[Hyungsoon Choi]
Definitely, there will be free content for all users which will be inserted into each account. We will let all users have access to the free content on the Label platform and the amount of the free content will be more than many similar platforms offer. However, when it comes to the constant users of the content, I believe they would need to have full access to more advanced content on the platform. Thus they will need to purchase the subscription package. Regarding the second part, it is one of the main functions of the platform where users can vote to promote one or another content and its creator.

[May]
👏🏻👏🏻👏🏻

Since LABEL enables users who stake their $LBL to vote against changes then how does LABEL make sure that a whale doesn't sabotage the voting? Also, does voting burn a part of the staked $LBL or is it free?

Twitter Username: @static_current

[Hyungsoon Choi]
This is a very difficult question to answer since whales are still a big issue in the crypto industry. However what we can offer is the NFT Share Ownership: By owning an NFT share issued by a specific content creator, the owner acquires a certain amount of VP according to the share amount. VP before DAO introduction is determined by the LABEL team, and after DAO introduction, DAO determines the amount of VP to be granted to the NFT holders.

[May]
Thank you for your direct answer.

[May]
Let's now take questions from our website community.

[Hyungsoon Choi]
Alright!

Segment 3 - Website Questions

[May]
Instead of just promoting educational content through partnerships why did LABEL need to produce its own educational content?

Telegram Username: @danWickerjil

[Hyungsoon Choi]
Awesome point. Label is unique in terms of the MOOC industry in the way of what its users can do on the platform. First of all, the content on the Label foundation will be chosen through the DAO system, which means the users will be in control of what kind of content they want to see the most on the platform. Secondly, after the incubation period, users and investors can invest in the NFT (content) which is impossible to do in any other MOOC platform yet. Thus the variety of the tools available on the platform makes Label extremely attractive to learners, creators, and investors. In other words, the content is better to be created on the Label platform to be able to use all the advanced features like NFTization.

[May]
👏🏻👏🏻👏🏻

The Label Foundation was founded in South Korea, and yes, the main partners like Clesson and Opentrack are also from South Korea. Does Label estimate to achieve the globalization of the platform? How do they work for this? In which languages ​​does Label estimate this available?

Telegram Username: @Pelusapinto21

[Hyungsoon Choi]
Yes, in fact, the Label was founded in South Korea, and our headquarter is also located here. However, when we are thinking about Label, we never attach it to only one country. Rather, we aim to be as global as possible. We already work with the world-leading musicians who are multiple Grammy award winners to create various content, and the whole material is in the English language. In fact, most of our team members are fluent in English and the CEO (Steven Douglas) is from Texas, which means that we all communicate mostly in the English language. In other words, we are aiming to be a globally used platform from the beginning, without focusing on the one location only. Later on, we are planning to add multiple languages transcripts and translations for better UX.

[May]
Very good!

Does Label have a free and a paid service system? What benefits can I get under the free system and what are the advantages of the paid service? Do the tools and functions vary? What are your subscription plans?

Telegram Username: @KevSalom

[Hyungsoon Choi]
Thank you for asking, Label has both service systems that can be classified as free and subscription-based. We decided to not limit our users with the business model type where they need to pay first in order to access the content. In fact, we are going to allow users to have access to a broad list of contents absolutely for free. However, when it comes to certification, professional classes, and professional degrees, users will be needed to purchase full access. Under the free system, users can learn and improve their artistic talents, meanwhile, other users might acquire professional titles after finishing specialization courses.

[May]
That's amazing!

Label is a very solid project!

It's now time to take questions from our live audience.

[Hyungsoon Choi]
Looking forward to answering!

[May]
In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick four original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

Ready?

[Hyungsoon Choi]
Yes!

[May]
As a measure to deter bots and reward hunters, could you please pick an emoji that will be included in the questions so you can tell original questions apart?

[Hyungsoon Choi]
Got it

😍😍

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[May]
Kindly pick the questions now 😊

[Topind]
What benefit does your partnership with Curvegrid brings, what does having a partner like Curvegrid brings? 😍😍

[Hyungsoon Choi]
Thanks for asking! As many of you might know the core service that Curvgrid provides is the bridge between mainnets, so Label foundation in cooperation with the Curvegrid is working on building this bridge for availability to use LBL tokens on both BSC and Ethereum mainnets in the coming future

[Kevin]
I understand that Label is a global educational content incubation platform, is it really global? Is it adapted for all languages? And available for all countries? How can a user register on Label? 😍😍

[Hyungsoon Choi]
As I mentioned before, Label aims for a global audience that is why all the content will be originally available in the English language. Later on, we will work on the translation to multiple languages for our multinational users

[Jose Gamboa]
In reality, governance is created specifically for token holders to allow users to have a decentralized approach to decision-making processes at Label Foundation. How does Label governance work? What type of Governance does Label have? Requirements to participate in Label governance? 😍😍

[Hyungsoon Choi]
Besides the common DAO structure, and VP (voting power) that LBL tokens grant holders, Label also has so-called NFT Share Ownership: By owning an NFT share issued by a specific content creator, the owner acquires a certain amount of VP according to the share amount. VP before DAO introduction is determined by the LABEL team, and after DAO introduction, DAO determines the amount of VP to be granted to the NFT holders.

[Queen]
How can we check out details on your audit??? How are you planning to also educate people who know nothing about blockchain platforms to participate in Label? 😍😍

[Hyungsoon Choi]
Label was audited by the well-known blockchain-based auditor SlowMist. All the details of the audit are available on the medium blog which you can find on Label’s official website. Regarding to people awareness, I believe the market is getting so big that more and more people will be crypto educated soon with a deep knowledge of the blockchain technology

Done!

[May]
Aaaaaannnddd it's a wrap! 🎉

Thank you so much for your time with us today!

Any final remarks for our community?

[Hyungsoon Choi]
Thank you for being with me. It was an amazing AMA with your community here! The questions were deep and meaningful. I hope most of you discover more about Label. Please stay with us for upcoming news😊❤️

[May]
Thank you too!

Can you please share your social media links with us?

[Hyungsoon Choi]
🔗 Social Media Links 🔗

• Visit our Website: https://label.foundation/
• Follow us on Twitter: https://twitter.com/LABELFoundation
• Join Telegram Community: https://t.me/Label_community
• Join Telegram ANN: https://t.me/labelfoundation
• Facebook: https://www.facebook.com/labelfoundation

📩 For business & partnership inquiries: contact@label.foundation

How to collaborate with us? Fill up the Google form:
https://forms.gle/cePWSZNMLPTpoAbn6

❗️All the official links and email addresses are listed above. If you receive links/addresses proclaiming to be affiliated with the Label Foundation, please cross-check against the list first!

⛔️ NOTICE ⛔️

- LBL Token is NOT trading on ANY exchange right now and nothing has been announced yet regarding the IEO or IDO launch. Anything claiming otherwise is a scam. Be careful out there, since the lost funds cannot be refunded, neither will the Label Team be responsible for the taken

[May]
Thank you so much! It's been an absolute pleasure!

Our regards to the rest of the Label Foundation HQ for their work and effort.

[Hyungsoon Choi]
Have a good night dear community and @MsMayMay

[May]
Thank you. Enjoy the rest of your day.

[Hyungsoon Choi]
Thanks

[May]
The AMA with the Label Foundation is now over.

🎉Welcome 🎉 👪We are a community who eats, sleeps and drinks crypto 😉😁 Contact👇@cryptoTalk01 @UniqueBoyDK for AMA and project promotions♻️