Kompass is a Korean project that aims to establish a decentralized financial investment platform with the greatest investment experience for any user. It is mostly focused on domestic Korean customers offering the opportunity of trading altcoins vs USDT and KRW without getting through the KYC procedure. Its native token bears the ticker KOMP.
According to the Whitepaper and the official website, the project is designed to cater to various financial product lines, such as arbitrage investment funds, game crowdfunding, real estate crowdfunding, etc. The team sets an ambitious goal to create an extensive ecosystem that is developed around the Kompass wallet. The wallet is meant to conduct the robust system links with the projects that are going to become a part of the Kompass ecosystem. They also plan to build an active and strong community to support the project. Users will recommend assets, list them through community discussions, and establish their priority.
However, no details and mechanisms for achieving these goals are explained in the official sources. The only element that is definitely described as an indispensable part of the project is the Kompass wallet.
This is the core element of the entire project. Its development started in August 2019. It is positioned as a community-based De-Fi wallet that gives its users access to the new tools of safe investments. This is a non-custodial wallet and it is designed to simplify participation in the cryptocurrency world.
The wallet sets Tether (USDT) as the settlement currency for investment. This means that the participants can buy USDT for Korean won and then use it as cash in the crypto world inside or outside the system. As USDT is one of the major stable cryptocurrencies, it adds stability and reliability to the project.
This wallet is designed to become a tool for the management and integration of multiple investment destinations. For example, investors can get detailed information on their investments right in the wallet. Kompass aims to give users direct access to investments even in centralized companies. It is implied that this transparent trading will let the participants who are not familiar with cryptocurrencies enter the decentralized world with the same opportunities as the experienced users.
According to the Whitepaper, you need to register your own wallet to start using it. Kompass wallet pre-registration is available from September 10, 2020. The link to the pre-registration form can be found on Medium and this form is in Korean only. But at the time of writing, it is impossible to get access to the wallet from the official website as the ‘Download’ button is disabled.
KOMP is a native coin of the platform. According to the official declarations, it fuels the entire project, though USDT is the settlement currency that provides the operations within the wallet. KOMP will be used to pay handling fees and to invest in some projects. 50% of the KOMP fee, commissions, or proceeds income will be used to repurchase the platform currency KOMP.
It will also be a means to unlock some rights such as a right for information, priority investment, a right to vote, etc. Though these rights are mentioned in the official sources, there are no explanations of how they will be realized.
The team offers its own deflation model that involves the KOMP Investor Protection Fund. It will cover the investors’ losses caused by other factors than their own improper decisions and platform force majeure circumstances.
KOMP was launched in August 2020 and its total supply amounts to 1,000,000,000. No information on its launch is available. The token is distributed in the following way: 5% is used for the community construction at the early stage; 25% is used for institutional participation; 10% is dedicated to partners; 15% is dedicated to the development of the Kompass team and it is locked for 2 years; 30% is a community consensus output; 15% is dedicated to the Kompass Foundation.
The project managers offer to obtain the token in three ways: direct purchase, spread assets, or bonus system. You can receive coins by buying them on exchanges or via transactions on the site; participate in some activities on the platform and get rewards; share your projects on the platform.
At the time of writing, the KOMP token is traded on two exchanges: BigOne (listed on August 19, 2020) and Uniswap (listed in September 2020). The major part of the KOMP transactions takes place on BigOne. To arouse the crypto society’s interest in their new project and obtain new followers, the Kompass team held some airdrops. There was a Uniswap Airdrop Event on September 20, 2020, and a Uniswap Event # 2 that started on September 22, 2020. To participate it was necessary to join the ETH-KOMP pool. The daily amount of KOMP reward received can be seen in the official Telegram account. These posts are written in Korean.
Kompass in Social Media
Kompass is represented actively in social media making an attempt to build an online community around the project. Its accounts can be found on Facebook, Twitter, Telegram, and Medium. The posts are written in English and Korean. It is difficult to follow them without knowledge of the Korean language.
The Kompass’ Team
The Kompass core team consists of three members whose experience covers various aspects of finance, blockchain, and cryptocurrency.
Jinhyuk Kim is the CEO of the project. He has over 15 years of experience in the project development industry. He is a Development Supervisor (CTO) at Adball Co., Ltd, and the CEO of One Labs Co., Ltd. These projects are related to Big Data and apps development. He also participated in some projects of Foodville, Samsung, etc.
Park Seok-bin is the CTO of the project. He is an expert in development. The third member of the team, Antony, is the CSO. His last name is not mentioned in the official sources. He is experienced in management.
There are no personal or professional accounts of these individuals found on social media as well as profiles of the companies they have worked before.