Cyworld Z readies for restart with username search and virtual cash refund

Cyworld Z Co, the new owner of Cyworld, will assist past users of once-dominant pioneering social networking site to find their old user IDs and redeem their digital token called Dotori from Thursday ahead of the full resurrection of the online social community in May.

Cyworld had 11 million users and Dototri balance worth 3.8 billion won ($3.4 million) when it shut down service in October 2019.

Cyworld Z, established by a consortium of five local entertainment firms upon acquiring the social media platform for 1 billion won in February, will allow the members to covert the old Dotori into a new coin. The users can choose to get cash refund.

The new Dotori, virtual cash for purchasing items inside the Cyworld’s virtual world, will be built on blockchain technology in partnership with contents creator MCI Foundation. Cyworld Z and MCI Foundation also have entered into a strategic partnership.

MCI Foundation’s cryptocurrency, listed on Seoul-based exchange Bithumb, will be renamed to CyClub.

Cyworld was the top social media site in Korea in early 2000s used by over 30 million in Korea with 50 million population. It became extinct after it failed to keep up with new IT market trend.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]