Okay I'm going to explain why this is a BIG BIG BIG deal.
Back in April, Cha Hyeon-jin was one of the first to respond from his position at the Bank of Korea (BOK), about rumours that the South Korean government wanted to push towards a cashless society.
He was quoted by Yonhap News as saying that he predicted that there is a “good chance” that the move to go coinless could possibly lead to a “cashless society” in the coming years.
Source: BBC Article ICON has been completely transparent at stating that they are in plans to use their blockchain to completely span over universities, hospitals and security firms. Now you are seeing a trial vending machine that accepts no cash but is linked to the new blockchain ICX.
Basic deduction will tell you what this one vending machine is a symbol of.
A vending machine that can buy goods with passwords based on block chaining has been introduced for the first time in Korea at Sogang University.
According to the electronic newspaper, the Ministry of Science and Technology, the Korea Information Society Agency (NIA), and the Daily Intelligence will start the "Block-Chain Based U-Coin Demonstration Service"
This project, named Yukoin Service, aims at "cashless society entry" by enabling the use of cipher money at the university level. In the near future, Korea University and POSTECH will be expanded and applied to demonstrate virtual currency.
How to use is simple. By installing a cryptographic service app on mobile, users can convert real money into cryptography with a smart bending machine. The user can also purchase the goods in the vending machine as a password.
It is the first time that a smart bending machine that can buy things with passwords has been commercialized. In the meantime, payment was made using a dedicated app for payment, in which buyers and bosses exchange passwords between individuals.
U-coin = ICON. U-coin is the project name of ICON.
Cameron Jenkins
Why would they have an ICO? Doesnt make sense desu
Aaron Rogers
?
Isaiah Wilson
if ICON has all this government support and what not, why did they need to raise 40m from pajeets and burgers?
Bentley White
Im gonna need to see some proof that U-Coin is the project name for ICX
Blake Wilson
The government dont just handout all the money you ask for.Why would they handout all the cash when it can easily be raised at ico?
Christopher Collins
because 40m is absolutely nothing compared to the scale of what this project is supposedly going to be doing
Hudson Miller
market liquidity mate. They did an interview talking about the reason for a secondary market on exchanges. In order to use a coin as a unit of exchange and banks and have fair price estimate they need retail investors to speculate on it. This ico and crypto market is operating the same as a FOREX market.
Jose Ross
and they are putting the tokens in the hands of foreigners rather than koreans
Cameron Fisher
that's reasonable. Thanks user
Angel Long
its just like why a lot of foreign currency is in the hands of Americans. And this is the case for all currency it's because that's how the forex markets work, how they provide liquidity and currency valuations
Noah Nelson
>sk government using blockchain from private company instead of making their own >ico wasn't even available Koreans >coin not on any Korean exchanges >sk somehow needs funding from foreigners to establish their new currency system >ico was only 40 million >somehow sk can't afford their new currency system yet could afford to spend 8 billion us dollars on the 2016 winter Olympics
Thanks for the info and providing sources OP. Good info and confirms my feeling on this coin already.
Easton Lee
put the correct one in above
Eli Morgan
Wowh woah, wtf is going on?
Cameron Foster
Fucking moon already, I want to be early on another moon missions but I all inned this.
Leo Bennett
Dude, you're dumb as fuck. Just shut the fuck up and go back to school.
James Wilson
24 KB PNG >sk government using blockchain from private company instead of making their own >implying chaebol aren't more or less government My best piece of info on icx is that they're demoing in the biggest newest ballroom they could find. It's ripple tier. I know it's a thread, but I swear to God that if iota can get by, icx can fucking fly
