Hello! @twotoedsloth here. This is the broad overview of an elevator pitch for a new kind of cryptocurrency that can potentially fund the Korean Reunification efforts, providing a potential solution to the financial issues surrounding the reunification costs.
Investing for a Unified Future
So far in my stay here as an intern for @sndbox, I’ve learned about blockchains, Steem, and cryptocurrency at an exponential rate, and as I was eating lunch today I’ve thought about how my thesis can root itself in reality enough so that it doesn’t just wither away as a thesis proposal. The housing and educational facility for North Koreans is the architectural design aspect of my thesis proposal that is expanded here. Four of the main issues regarding the reunification efforts are:
- Different kinds of currency used on either side.
- The wealth gap between the North and the South.
- Funding for the reunification project itself.
- Other countries’ involvement with the reunification process.
I asked myself, “What would happen if there was a cryptocurrency between the Korea’s that can function off of investments from different companies?” and then BOOM! UnityCoin was born. This post will briefly address how UnityCoin will solve those four problems mentioned above.
1. Different Kinds of Currency on Both Sides
One of the main worries surrounding Korean reunification is integrating a currency that can be used on both sides. North Korea has their own Won, while South Korea uses their own Won. UnityCoin can be a paper-less universal currency that can be used as payment within the educational facility, while serving as a teaching lesson to both North and South Koreans about the potential of what cryptocurrency and blockchain technology are capable of inside the educational facility.
2. The Wealth Gap between North and South Koreans
The problem with using the Berlin Wall as a precedent to the Korean Divide is that the wealth gap is too large in comparison to the Berlin Divide. West Germany was only 2 to 3 times more richer than the East side, but South Korea is between 12 and 40 times richer than North Korea. UnityCoin can become a liaison between the sides with different currency exchanges regarding the North Korean Won and the South Korean Won.
3. Funding for the Reunification Itself
The average cost of Korean reunification is approximately $1 trillion USD. The perceived surge of North Koreans into the unified Korea will cause stagnation or economic collapse. With the introduction a UnityCoin-based blockchain system, it can be both investment and donation-based, where all transactions are open source and exposed to the public, therefore everyone will know where the donations are being sent to.
4. Other Countries’ Involvement in the Reunification Process
This UnityCoin-based blockchain can provide incentive for other countries to invest in the reunification financial process. If they want to get involved, they can invest large amounts of UnityCoin to support the debt that will accrue post-reunification.