New Opportunities for the Global Internet of Things — IONChain
Recently, after the IONChain was reported in Seoul Economic Television in South Korea, it has attracted much media attention. As the world’s popular IoT public chain project, why IONChain have chosen to cooperate with Korean TV stations? South Korea has always been one of the popular areas of digital currency. Let’s take a look at the professional analysis of the media.
Digital Currency in South Korea
South Korea is one of the popular areas of digital currency. In 2017, Koreans contributed one-third of all Bitcoin transactions. According to a survey by the Korean recruitment company Saramin, as of December 2017, about 30% of the working class in South Korea have invested in digital currency. Recently, Busan announced the establishment of a “Regulatory Free Special Zone” for digital currency companies to promote the development of the industry.
Faced with the youth unemployment crisis, the younger generation in South Korea turned to digital currency to differentiate themselves from their peers in mature industries.
Digital currency provides a rare opportunity for the younger generation to become rich. Digital currency carries the hope and opportunity to get rid of traditional portfolio structure (such as the real estate market), and such opportunities seem to be out of reach.
On the surface, the Korean economy seems to be booming. South Korea is home to many leading industries and the 12th largest economy in the world. However, young people still cannot find work. The youth unemployment crisis has poured cold water on well-educated and ambitious graduates. The entire community in Seoul is full of college graduates who are busy preparing for recruiting exams, and only by passing the exams can they enter Korea ’s large companies, or the enviable public sector. In an environment where many doors are closed, for some people, digital currency is a way out.
In South Korea, teenagers spend about four hours a day on mobile phones. Coupled with the familiarity with the micropayment system spawned by the prosperous gaming industry, Koreans are enjoying technological advancement.
Besides, South Korea ’s digital technology innovation (such as digital currency) environment has matured. South Korea has the world ’s fastest Internet speed and highly sophisticated telecommunications system, providing digital currency enthusiasts with abundant opportunities. Political uncertainty has further exacerbated the popularity of the digital currency phenomenon. The borderless nature of Bitcoin has attracted investors who are cautious about the geopolitical tensions in the entire region and how they affect the economy.
South Korea has always been one of the most popular markets for cryptocurrencies such as Bitcoin. Currently in South Korea, the number of bitcoin traders has accounted for 20% of the total number of traders. Because digital currencies are new, the risks are too high, and the future is uncertain. This market has been swaying for regulation.
Starting from January 30, 2018, the South Korean government has authorized six banks to provide accounts that can use Bitcoin for transactions, including deposits, withdrawals, and currency transactions. Then all these premises are real-name registration, which has a contradiction. The blockchain requires decentralized anonymity, and the real-name registration system violates the former original intention. For some investors, this is a huge sacrifice in privacy, while others prefer to get a sense of security under supervision and are willing to give up their right to anonymity.
As South Korean cryptocurrency transactions are frequent and hacker attacks occur frequently, South Korean government leaders expressed concerns about hacking, cryptocurrency theft, and illegal cryptocurrency operations. An official of the Korean Government ’s Policy Coordination Office put it this way, “We cannot let this abnormal speculation continue.” They will pass strict regulations to improve the status quo.
In addition to protecting the interests of investors, the designated regulations also affect that a cumulative 24.2% income tax will be levied on the digital currency exchange, which will provide the Korean government with taxes on the popular digital currency market.
Active Atmosphere: South Korea Has Been at the Forefront of Cryptocurrency Policy
South Korea has been at the forefront of cryptocurrency policy for the past three years, and it is one of the few countries that has widely adopted the technology. According to the survey at the height of the digital currency boom in 2017, more than one-third of the country’s population are digital currency investors, such as Bitcoin and Ethereum. Earlier, the leader of the city of Seoul, the country’s largest city, had also initiated the launch of its digital currency. In September 2017, the relevant draft laws were introduced, which stipulated relevant regulations on money laundering, cybercrime, and the protection of personal data.
In the course of exploration, South Korea’s attitude towards cryptocurrencies is also very obvious. At the end of September 2017, the Korea Financial Services Commission (FSC) stated that it would ban all forms of token financing. In December of the same year, South Korea banned financial institutions from participating in cryptocurrency activities.
Things turned around in 2018, and in May the South Korean National Assembly proposed allowing domestic love for Western Europe. In the end, on March 5, 2020, the legislature voted to pass the bill. The Korean government has not prohibited personal digital currency transactions.
The Strict Requirements of The New Bill Are Very Obvious for The Project Developers
The clarification of relevant policies is very positive news for Korean blockchain practitioners, and it guarantees the fair operation of the company and does not need to wander in the gray area. More people’s investment and even investment in the government can be injected into related industries. I believe it will play a very good role in promoting the development of the entire industry.
We must also realize that under such a policy, individual income declines because after the full real-name system is included in government supervision, individual transactions will need to pay taxes. Also, the promulgation of the policy will cause turbulence in the exchanges in the market, and it is also likely to cause damage to the interests of some people. After this integration of resources, I believe that it will also be helpful to the regularization of the industry.
But for practitioners in other countries in the world, this is undoubtedly another stimulant after India. Projects in South Korea will be better developed, making the prospect of the entire blockchain industry more clear, and the implementation of South Korean policies Promote more and more excellent projects into the Korean digital currency market, accelerate the development of globalization, and also activate the global digital currency market.
Not only that, South Korea is currently the world ’s 12th largest economy, and Asia ’s third-largest economy. In 2017, South Korea ’s GDP was 1.53 trillion US dollars, accounting for 1.93% of the global economy. At the same time, South Korea is also one of the few developed countries in Asia, and it’s per capita GDP is currently close to US $ 30,000. This is inseparable from South Korea. Since 2015, the Ministry of Science and Technology and the Ministry of Industry, Trade and Industry will invest 37 billion won in the development of core IoT technologies, MEMS sensor chips, and broadband sensing equipment.
As early as 2016, South Korea’s two major telecommunications operators, SK Telecom and Korea Telecom were among the first to deploy the Internet of Things, to achieve the commercialization of the Internet of Things for the first time. In 2016, South Korea became one of the countries with the highest penetration rate of IoT in the world.
The future global Internet of Things market is undoubtedly promising, and this is a huge cake! The application of blockchain technology to the Internet of Things can break the data island dilemma of the IoT device, realize the data sharing of the IoT device, allow the data to circulate, and allow the IoT device data to be traded to generate value. Our entire physical world will be digitized. Cars, roads, factories, and even a trash can will be compiled into the digital world, connected to the Internet, to achieve the exchange of objects and characters. As more and more connections develop from people to people to people to things and things to things, the era of globalization of the interconnection of intelligent everything is coming!
New Opportunities for the Global Internet of Things — — IONChain
IONChain aims at the Korean Internet of Things market and is optimistic about the future trend of Korean digital currency. The use of blockchain technology has further enhanced the value of the Internet of Things. And South Korea is the country with the highest penetration rate in the field of the Internet of Things. IONChain will expand the application of blockchain technology in the field of the Internet of Things and the huge market in South Korea. When the data of the Internet of Things are continuously submitted to the new Internet of Things combined with the blockchain, the entire ecosystem is gradually established. Big data analysis and artificial intelligence based on this part of the data bring vitality to the entire business and economic activities.
Not only that, but the foundation of the IONChain in China is also very solid. As early as 2018, it was a BaaS (blockchain as a service) landing application project, which provided a meaningful reference for BaaS service providers and a DAPP development application platform for blockchain developers. In the “Thirteenth Five-Year Plan for National Informatization” issued by the State Council, new technologies such as blockchain and big data, artificial intelligence, and machine deep learning have become the focus of national layout. The People’s Bank of China issued the “Thirteenth Five-Year Plan for Development of Information Technology in China’s Financial Industry”, which proposed to actively promote the application of new technologies such as blockchain and artificial intelligence. Development White Paper, which is the first official guidance document for the blockchain. Governments across China, especially coastal areas, have established blockchain experimental sites and research institutes. Under this background, this plan has great social value and practical significance.
IONChain accelerated its development in South Korea and settled in the three major financial channels of Seoul Economic Television in South Korea. According to official news, IONChain (IONC) has officially settled in “Departure Securities Quotes” and “Closing Soon!” “60 points win”, “Best Trader” three financial columns.
IONChain conducted its first market broadcast in Korea on April 16. Next, IONChain (IONC) will be continuously analyzed to further enhance the Korean market and the community’s understanding of IONChain (IONC). Earlier, IONChain was launched on the Korean SENbit Exchange.
This time the IONChain has taken a big step in the global layout accelerated the process of globalization and is a new opportunity for the development of the global Internet of Things. It’s really rare. As the few teams still working silently in the bear market in the field of the Internet of Things, IONChain has also caused a sensation and upsurge in Korea. Let everyone worth looking forward to!
The Global Internet of Things Will Reach 24.6 Billion in 2025
According to the “Mobile Economy 2020” report released by the Global Association for Mobile Communications Systems (GSMA), in 2019, the total number of global Internet of Things connections reached 12 billion (the number of Internet of Things is the number of connections). The total number of networked connections will reach 24.6 billion. A wide range of IoT connections include smart buildings to smart homes, as well as enterprise asset management equipment and automation.
With the advancement of the Internet of Things era in the future, tens of billions or even hundreds of billions of devices will be connected to the network, and a new round of information technology revolution will be launched. At the same time, the scale of the Internet of Things market will also expand. According to the “Mobile Economy 2020” report, global IoT revenue will more than triple in the next few years, from US $ 343 billion (RMB 2.4 trillion) in 2019 to US $ 1.1 trillion (RMB7.7 trillion) in 2025 yuan).
With the rapid growth of the number of connections and Metcalfe’s law, a new round of applications of the global Internet of Things in various industries has started, and the growth rate of landing has accelerated.
It is foreseeable that in the next few years, the Internet of Things, as the biggest outlet of the information technology industry, contains trillion market opportunities. Among them, the South Korean market cannot be underestimated. As early as 2016, South Korea has become one of the countries with the highest penetration rate of the Internet of Things in the world. Not only that, but South Korea is also one of the countries in Asia and the world that has an open attitude in the field of digital currency.
The popularity of the IONChain in Korea this time undoubtedly illustrates this, and the public expects the Internet of things and the potential! By constructing a decentralized system, the blockchain provides infrastructure support for the Internet of Things and helps solve the ubiquitous security problems in the Internet of Things; compared with the Internet, the biggest value of the IONChain is that it can break the past that only everyone can connect Or the way of human-machine interconnection, which realizes the direct communication between objects, facilitates the cooperation and information exchange between objects, promotes the sharing and integration of information, and facilitates the improvement and development of smart devices in the industry.
At the same time, the Internet of Things provides a large number of landing scenarios for the blockchain, and the future potential is huge! IONChain can promote the establishment of the Internet of Things ecology through a solid foundation, edge computing technology, and blockchain technology, combined with South Korea ’s huge digital currency market and favorable policies, focusing on the global trillion Internet of Things market and discovering great value depression. Achieve the social value of the interconnection of all things in the world, realize the interconnection of all devices, bring a better life experience to all mankind, change the human life mode, create a new value ecosystem, and create a better future.