On a national scale, South Koreans skillfully mastered economics and technology to catalyze an industrial revolution and rapidly enrich their economy. Once again, by leading the charge with the "reverse" ICO, South Korean companies are hoping to harness the efficiencies that microeconomics and cryptocurrency engineering bring to venture ecosystems to renew national competitivity and prosperity.
Reverse ICO, or reverse initial coin offering, is now a standardized term in the parlance of entrepreneurial South Korea. The present generation of South Koreans has embraced the economics and technology of cryptocurrencies for wealth generation with the same fervor the previous generation exercised macroeconomics and industrial engineering.
The reverse ICO is most broadly defined as the process of buying out the equity of an established company with cryptocurrency acquired through a token sale. Neither the acquired company or the token sale need be public. This means that a private company may also be acquired through a private token sale via the reverse ICO mechanism.
Traditionally, ventures limited such economic benefits to those stakeholders that financially invested in the company and employees with stock options. With the advent of equity tokens, companies may also easily accrue benefits to the initial customers and suppliers that contribute to the future success of the venture.
Economically, South Korea gained notoriety as one of the four Asian Tigers. In contrast to Hong Kong and Singapore, which evolved into financial centers, South Korea went the industrial route. South Korea’s success in transforming their economy from a poor agricultural economy to the 11th largest economy in the world influenced aspiring industrial engineers in agricultural nations around the globe.
Psychologically, Korea is a binary society. That means that once something becomes popular the entire population tends to adopt it. A clear example of this is smartphone penetration. It took a while for Apple's iPhone to enter the Korean market. However, once introduced, smartphone adoption rapidly eclipsed smartphone adoption in the United States.
In the Republic of Korea, cryptocurrency ownership is already at 30% of the population and climbing. This rapid, organic growth provides a strong base of cryptocurrency-savvy investors. This solid, youthful foundation is necessary for reverse ICOs to flourish. Given that modern Korea tends to be a binary society and that reverse ICOs are putting more tokens into the hands of its native businesses, the republic truly has a shot at evolving into the world's first cryptocurrency nation.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly