Moiin Will “Seize an Opportunity in the Era of the Fourth Industrial Revolution with its Virtual Reality and E-Payment Systems”

During a meeting on October 4, CEO Ok Jae-yun introduced a billing system based on our VR and blockchain technologies. (Source: Cheonji Daily News on October 12, 2018)

“SME Powerhouse Korea” was held to revitalize the business of small- and medium-sized enterprises armed with creativity, innovation, and the spirit of challenge, and proceeds through recommendations from each organization. It is designed to serve as a catalyst to introduce the excellence of SME products to consumers so that promising domestic SMEs and export-oriented small businesses can advance not only into the domestic market but also into the global markets.

Ok Jae-yun, the CEO of Moiin

Implement the VR world Oasis City

Release a VR suite at the beginning of the next year

Mount the billing system onto door locks

Apply the hardlock key to rental business

(Report Park Su-ran at Cheonji Daily News) Among major emerging technologies in the era of the Fourth Industrial Revolution are virtual reality (VR) and blockchain technology. To keep up with these, a domestic venture company is developing an electronic payment system (billing system) based on VR and blockchain technology. That is Moiin.

During the interview on October 4, CEO Ok Jae-yun revealed his ambition of implementing a VR world called Oasis City. This means that his goal is to actualize Oasis in the movie Ready Player One, where people wearing VR headsets and haptic gloves go to the VR world and enjoy the daily life.

CEO Ok Jae-yun stated, “We will create a hub that is part of our everyday life, through which people enjoy entertainments, play games, go shopping and receive education in Oasis City,” adding, “We plan to provide a platform that connects various content providers such as game companies with the City. The complete implementation of Oasis City is aimed at 2020, but it will be first released as a demonstration version (for the providers) in the first half of next year.

He said, “We will unveil our self-developed games and demonstrations equipped with other game companies’ content by the first half of next year.”

To do so, Moiin is developing a VR suit jointly with the Korea Institute of Science and Technology (KIST). Our plan is to release a full-body VR suite along with a demonstration version. CEO Ok Jae-yun remarked that there are VR suits on the market, but when Moiin’s suit is launched, it will be a groundbreaking product. This is because Moiin has optimized motion recognition technology that is essential to the virtual world of Oasis City.

Currently, the optical motion tracking system is used to read the user’s motion. This method is designed to extract coordinates of the user’s joints by utilizing cameras, which are installed in an experience space, to track the motion of reflective markers attached to a suit worn by the user. When the cameras emit infrared light, the markers reflect the light back to the cameras. The cameras then collect and analyze the reflected light as data to extract the coordinates of the joints.

CEO Ok Jae-yun said, “The problem is that if there are two or more users, recognition errors may occur by overlapping, and because the cameras are expensive, the cost may increase exponentially in proportion to the installation area,” assuming, “It will cost KRW three to five billion for the area of 100 pyeong (330.5 m2).” The world-class VR companies including Oculus are using this optical motion capture technology.

On the other hand, the IMU sensor developed by Moiin has overcome the limitations of this VR technology. He explained, “The IMU sensor is a three-axis gyro sensor designed to measure acceleration and geomagnetism. It can track the user’s position in detail even outdoors, and because cameras are unnecessary, the costs can be reduced.”

In addition to this, since Moiin took over the original technology for the next-generation optical fiber-based motion tracking developed by KIST, it has also been conducting research on the optimized application to VR equipment including VR suits.

With respect to the optical fiber-based motion tracking technology, CEO Ok Jae-yun stated, “The recognition of human fingers is a very precise task. The three braided strands of optical fiber smaller than a fishing line can capture the motion of bending and spreading out fingers along with their rotating values. That’s totally an innovative technology.” He added, “If this technology is unveiled, I expect that the global IT companies such as Facebook and Google will offer M & A.”

Efforts are being put into lowering the cost price of the full-body suit, which will be priced at around KRW one million given that it will be used for home application in the future. Moiin has 24 intellectual property rights in relation to VR technology, including 7 registered patents, 13 patent applications, and 4 PCT applications.

Moiin’s key VR technologies have been first applied to VR Live Park located in KINTEX, Goyang, Gyeonggi-do. New theme park projects will be promoted centered on a plenty of domestic leisure/shopping establishments such as Lotte Young Plaza Daegu, VR theme parks in Gyeonggi-do, and the military VR theme park in Iksan.

It is expected to apply Moiin’s self-developed blockchain-based billing system to the platform for Oasis City. This system allows for the payments made from a business’s digital wallet in proportion to its users’ usage of content. Due to the combined blockchain technology, the developer can obtain revenue according to usage of content recorded on the blockchain server, and the business can pay for the usage and ensure the security of the payment data. In addition, the HW Lock-KEY applies, so the service will be stopped if the payments are not made. When users utilize the content of Oasis City, transactions will be made by means of the Oasis (OSC) token, Moiin’s virtual currency.

Moiin plans to combine the Oasis (OSC) token along with solutions that utilize the billing system and the HW Lock-KEY for the rental business such as cars, massagers, and photocopiers. In the first half of next year, it will first apply to door locks. The HW Lock-KEY will apply to door locks, so if the tenant does not pay the rent, the door will be locked and the landlord can easily receive the rent. Security features are also included such as 3G network and a fingerprint recognition camera for tenants. CEO Ok Jae-yun stated, “Through the virtual currency distribution system, the Oasis tokens are purchased for the rent and sold 7 days later before payments are made in cash to the landlord.” He added, “The landlord can make profits by choosing a floating or a fixed interest rate. For the former, the revenue may increase or decrease as the coin price rises or falls. For the latter, revenue is not affected by the fluctuating coin prices.” Moiin’ devotion to the large-scale projects for the first half of next year will shed light on its future.

[심사평] Chairperson of the Review Board: Bae Seon-jang, Secretary General of the ISO International Auditor Association

As a high-tech R & D company, Moiin has more than 30 patents including international patents for the optical fiber sensor and the blockchain hardlock key systems thanks to its R & D center. It is recognized as an outstanding SME, which creates future technology through joint research projects with leading domestic research institutes and companies. Excellent small business.

Among the major products is Full Body Motion Tracking, which boasts lower installation costs than the existing optical methods. The FBG sensor features higher precision than the existing sensors and is free from the effects of geomagnetism. In addition, the Blockchain Hardlock Key System assures transparency through the blockchain-based systems which cannot be falsified, which thus protects the rights and interests of suppliers and consumers.

Moiin is a very prospective company, which holds dozens of patents for the fourth-generation futuristic technologies in conjunction with ceaseless PCT applications.

Source: Cheonji Daily News (