ONE Store’s Jay Lee talks changing the music industry with BSV

Apple and Google may have complete dominance in the mobile apps market the world over, but in South Korea, one platform has managed to topple them both and take over the lucrative market in one of Asia’s largest economies. Despite being quite young, ONE Store has grown aggressively in Korea, and now, it has set its sights on using the Bitcoin SV (BSV) blockchain to disrupt the music industry.

Speaking to CoinGeek during the recently held CoinGeek Seoul Conference, CEO Jay Lee explained how ONE Store has managed to compete against the big tech giants and emerged victorious. While Apple and Google charge up to 30% of the revenues raised by publishers such as game and app developers, ONE Store just charges 5%. This ensures that the publishers make much more from their work.

Lee was one of the speakers in the conference where he made one of the biggest revelations in the BSV ecosystem yet—BUSKON, a music platform that is building on the concept of online busking.

BUSKON will enable the music industry to finally get rid of the middle men who keep on exploiting the content creators and making money from the hard work of the musicians.

“P2P commerce gets rid of the middleman,” Lee explained. “So, we made a decision to start with a small project, by the name BUSKON. This is a whole new concept of music distribution. The music creator uploads their content, the customers will then listen to or watch that content and if they like it, they’ll give a token to them.”

ONE Store began working on the project in 2018, with lot of trials and errors finally culminating into the success that BUSKON is. The company also experimented with a few other blockchain platforms before finally coming to the conclusion that BSV was the best fit for the job.

We tried other blockchain projects, but finally we found that BSV can resolve all the issues we have; reliability, security and more.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

At the Le Meridien in Seoul, South Korea, CoinGeek hosted giants of the blockchain and tech industry. Among them was CEO Jay Lee of ONE Store—the most popular app store in South Korea—beating out both the Google Play Store and Apple Store. It’s on Day 2 of the CoinGeek Conference, where he announced the upcoming launch of Buskon, a music platform with the concept of busking online. Admittedly, Lee isn’t a musician and doesn’t know how to play an instrument.

“I don’t have any personal experience with music but when we see a busking musician, they have a place where you can toss in coins. Why not do it online?” he later said after his announcement.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

On the morning of October 2, the very polite and soft-spoken Lee took the stage and everyone in the audience was dead silent in anticipation of his upcoming announcement. No one knows yet what platform his company has built, however, everyone knows it’s destined to disrupt any industry it is in.

Lee is fluent in Korean and English, but for this announcement, he chose to drop his big news in Korean to better express himself. Everyone made a beeline towards the translations desk to grab a device.

“Middlemen take advantage of the music market,” Lee said during his announcement. As a music creator, there’s no way to find out how much a musician profits from their creation. Lee makes a resonating statement that musicians should be paid by how much listeners are touched by their music.

Buskon is a music platform made for musicians but it will also play an integral role in Bitcoin SV’s ecosystem of earning and using. Musicians will earn from BSV donated to them by viewers who appreciate their work and, in return, will use the BSV they’ve earned on other platforms to purchase goods and services.

Non-musician ONE Store CEO Jay Lee will disrupt music industry with BSV

“Any musician can upload their video and the viewers can listen and watch without paying anything. If the user really likes the musician, they make a donation to the creator. If they don’t like it, they can move on to the next creator. That’s the whole concept. It’s more of supporting the musician,” Lee added during our interview.

After scouring for the best technology to build Buskon on and after testing out several blockchains, including Ethereum, it fell short of what they were looking for. Lee admitted that “Bitcoin SV wasn’t our first choice.”

Ethereum was the hottest blockchain at the time so they tested Buskon on it with all the features laid out. However, according to Lee, “scaling could not catch-up.” With BSV’s big blocks and low fees, it has the capability to efficiently scale.

Another reason why Lee chose BSV is its very, very low fees. It’s cheap to send secure transactions to musicians. Lee added that Etheruem’s Gas execution fees are too expensive for safe, instant transactions. He was impressed with the BSV blockchain’s split key technique and thought the idea was “genius.” Building on BSV was not only logical but also reliable because data is set in stone and immutable.

Lee added that they will embrace the post-Internet era, which is Metanet and declared that, “We want to become important partners of BSV.”

When asked about his impression of the CoinGeek Seoul Conference, he said, “I came here this morning and it was fun and very energetic. We’ve gone through many steps to research and understand, and compared (BSV) with many other blockchain projects and technology.”

Buskon is slated to launch this October.

Bitcoin SV makes beautiful music – at the enterprise level

In business school, they teach you that a successful company is sometimes required to disrupt its own profitable business before someone else does. If Bitcoin SV succeeds, many existing businesses will need to take that lesson to heart. 

It’s starting to happen. 

The second day of the CoinGeek Seoul conference included a speaker from an established business who is preparing for what he sees as the coming of BSV.

Jay Lee is the CEO of ONEStore, South Korea’s answer to Google Play or Apple’s App Store. ONEStore has a potential customer-base of 35 million – everyone in the country with an Android phone. So it’s a big business, and having been launched less than four years ago as an offshoot of a major telecoms company, it’s now independent. 

Now Jay is launching his next enterprise, BUSKON, a platform for musicians to upload their work and get paid in tokens bought for BSV. While ultimately, the users will convert BSV to buy and spend BUSKON tokens, for its launch, in a month or two, BUSKON will encourage traffic by subsidising the site by issuing its tokens for free to those whose work has earned them. 

Jay explained in his presentation that he had only arrived at the decision to build a BSV application after studying many alternatives. He’s confident that the revolution is coming: “blockchain will downgrade the role of middlemen,” he said. In that sense, ONEStore acts as a middleman between content creators – app makers – and their customers. To deal with the threat, he told me afterwards, you have two choices: either wait for your business to be disrupted or “catch the opportunity” yourself. He’s chosen the latter. 

Certainly there will be lessons to be learnt, he said. He expects music on BUSKON to be only the beginning. In time, all digital content, such as games and apps, will be part of a BSV-based economy.

BUSKON’s glossy promo video gives a good idea of how it’ll work: 

Jay’s talk was in a conference day that was all about business on BSV. There couldn’t have been a better announcement than BUSKON to confirm the progress being made. 

As Jimmy Nguyen, Founding President of the Bitcoin Association said: “I’m so excited about BUSKON. This is the first enterprise-level application on BSV”.

There were also plenty of smaller businesses presenting their plans to the conference – from gaming companies like BitBoss, to property businesses like Zweispace and finance companies like RateSV.

In his opening presentation, Jimmy reminded his audience of the fundamental direction of Bitcoin growth: a connecting of data and money, reflected in the very name – “bit” plus “coin”. The ultimate goal? “To commercialise all our interactions and improve the quality of our online experiences,” said Jimmy, with “the blockchain acting as a universal server”.

On the final day of CoinGeek Seoul that felt less like a distant vision of the future than the expected product of work that’s already well under way.