Korea’s Poop-coin Got Flushed in February – Inventor

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

The South Korean government has discontinued a special science project, BeeVi, a toilet designed to convert human wastes into heat, electricity, and digital currency. The Korean inventor behind the BeeVi project has cited lack of enough interest in the project and its inability to stand on its own as the major reasons the Korea’s Poop-coin got flushed in February.

In July 2021, the project, named the Science Walden, was revealed to the crypto community and the general public at large. The BeeVi toilet was designed to convert human excrement into useful methane gas while “depositors” will be rewarded with Ggool, a digital currency.

In an interview with Cointelegraph, Professor Cho Jae-weon, the Science Walden lead, revealed that the project along with the Feces Standard Money (FSM) digital currency has been discontinued after five years of continuous but unsuccessful funding.

The Professor explained that “My project, Science Walden, unfortunately, came to an end in February this year, with FSM and BeeVi […] I think they thought they supported it enough and believe  Science Walden should stand on its own feet to be independent.”

See also: “Philippines Will Stop Accepting Crypto License Applications for 3 Years.”

He explained further that the project and associated digital currency need people’s support to succeed and make a significant positive impact on society. The inventor said that “we ask people to value products, goods, services, and even a work of art only in Ggool, without thinking [about] its value in Korean Won and US dollars. This is a new way to view value in different ways.”

The inventor and his team designed a rewarding mechanism to discourage hodling. Ggool token earners receive a negative 7% interest rate which implies they are either liquidating their assets regularly or risk losing their purchasing powers.

Besides, almost a third (30%) of the tokens a depositor earns will be distributed to other hodlers upon receipt. Highlighting the significance of this move, the professor said: “As a result, this is a form of currency that doesn’t support the accumulation of wealth but which is constantly circulated and utilized.”

The professor believed the program lost its funding to people’s nonchalant attitude because it isn’t a blockchain-based entity or government-backed. He noted that “It seems nobody cares … considering it has a different spirit and philosophy from existing currencies.”

In conclusion, he believes the technology potentially offers several opportunities because the produced methane can be converted into cooking gas or heat.

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