On August 31, 2018, the Republic of Korea announces the start of the fourth industrial revolution by declaring the regulatory reforms to eliminate the stumbling block of the data linking reality and virtuality.
President Moon of South Korea said, “We will build a data highway in the data economy era like we build the Gyeong-bu Expressway in the data economy era in many years ago.” (http://www.nocutnews.co.kr/news/5024755, just for your information. All in Korean language.)
It is obvious that blockchain technology and cryptocurrency is the key to the fourth industrial revolution. Cryptocurrency has already been traded in global through the ‘Cryptocurrency exchange’.
Currently cryptocurrency such as Bitcoin, Ethereum, Monero, Dash, Ripple is being traded in this cryptocurrency exchange.Coinhills, the world ‘s cryptographic market research organization, has selected BitForex as the world’ s largest cryptographic exchange.
This data shows the total digital currency exchange trading volume in terms of the number of transactions and the number of coins that can be traded, including the number of global exchanges from No.1 BitForex to No.166 GOC.io.
BitForex, ranked number one in Coinhills’ world currency rankings has 127 exchanges around the world with a total of 92 cryptocurrencies including Bitcoins.Also, according to the data provided by Coinhills, the ranking of Korean cryptocurrency exchanges is ranked 21st Upbit trading 149 coins from 275 markets, 24th Bithumb trading 37 coins from 37 markets, 43 rd Coinone trading in 15 markets.
Blockchain companies are making preparations for ICO, called cloud sale, for the listing on the above exchanges because coin trading is possible only after being listed on exchanges and the values of their new tokens are determined by the size of the exchanges.However, is it possible to trust unconditionally because it is a listed exchange or a listed coin?
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In April, a press company in Korea reported that a representative of company C, the fifth largest cryptocurrency exchange in Korea, was arrested for embezzling customer investment.The prosecution explained that the cryptocurrency exchange had not been able to make but they deceived their customers that is was made.
Also, they were taking away millions of dollars invested by clients into accounts of delegates.In such a case, exchanges with large trading volume may not be able to avoid transaction-related controversy. In the case of a small exchange whose trading volume is close to ‘0’, investors should pay special attention.
Conversely, the successful companies have been listed on the cryptocurrency exchanges after ICO are the ‘Cyclean Platform’, which has grown for 15 times in five days after listing and Influence Chain(INC) listed on 4 global exchanges after ICO.
The data regulatory innovation Korean government has announced is expected to increase the success of such a blockchain industry. However, in order to prevent the users from being damaged due to the irrelevant information on the online market, special attention should be paid to this.