The Advent of Financial Chaos Era

It is said that the world's first insurance financial instrument was ship insurance. The Egyptian Code of Law of Hammurabi states, "the owner of a ship borrows the ship as collateral before sailing, and if the sailor has an accident while sailing, depending on the damage, one can be exempt from all or part of its debt. If it has completed sailing safely, then the sailor shares its profit.

How did economy look like before the creation of the financial instrument called insurance? Money has only been used to trade goods since its birth. One day, a private insurance investment certificate is issued, trading only in state-issued currency. By the way, is the insurance investment certificate a currency? What can I use it for? Can I exchange the goods with this certificate?

The first-timers might have wondered what they could do with insurance certificates, and were critical of what the money was. In the existing market, there must have been a struggle between the people who use it and those who try to prevent it. The quick-witted may have been clamoring that they could buy rice, buy goods, and make hundreds of times more profit from the vouchers.

I can imagine the confusion when a currency monopoly was broken by the birth of investment banking certificates, creating a completely different economic environment. Our ancestors, who were in a world where new values of credit and collateral were added to their currencies in addition to exchanges, probably experienced the same emotional, social and economic chaos as we are now.

Even though cryptocurrency has been created, we don't really know what it will be used for. From historical trends, it can be predicted that cryptocurrency combined with digital technology will represent the digital industrial revolution, just as money combined with agricultural technology has spread far and fast, causing the agricultural industrial revolution. Likewise, the birth of bank investment combined with industrial technology has led to the industrial revolution by expanding manufacturing technology rapidly. However, it has yet to predict clearly what financial paradigm, cryptocurrency finance will combine with digital technology, other than the existing paradigm of "transaction" and "investment."

Thus, innovators performing cryptocurrency businesses must clearly recognize the mission of what they should do. It should not be a substitute. When eating ramen, shopping, or trading, there is no need for cryptocurrency as a currency substitute. The use of stocks and bonds as a substitute for investment should not be cryptocurrency.

Our mission is to create a new financial system where digital technology will be combined. It should be remembered that digital technology that has developed rapidly with the new cryptocurrency financial system we created should spread rapidly in our lives so that quality of life can be improved. This is our mission in this age. Only then can both digital technology and cryptocurrency technology survive and enjoy the fourth industrial revolution.

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