Dutch Easy India Company VS Ethereum

After reading Lodewijk Petram's "The World's First Stock Exchange," there are some clear parallels between the author's portrayal of the Dutch East India Trading Company and the modern-day ethereum token. #Public offering The world’s first initial public offering (IPO) took place Aug. 31, 1602, exactly 10 years after the end of the Imjin War. In the offering, 1,143 investors became the world’s first shareholders, raising a vast sum of 3.67 million guilders, the modern-day equivalent of about 130 billion won ($108 million). This is how the Dutch East India Company was formed, becoming the world’s first vehicle to raise capital from a group of investors. When the heat of the 2014 World Cup in Brazil still remained in September 2014, the initial coin offering for ethereum attracted 6,670 investors with 30,000 bitcoins invested. The value of the raised bitcoin is estimated to be 20 billion won, based on the bitcoin price at the time. That was the second-largest crowd-funding effort that ever happened online. The price of one ethereum token stood at $0.31. #Beginning of trade A shareholder from the Dutch East India Company sold 3,000 guilders' worth of shares for 3,195 guilders six months after the offering, which means the investor enjoyed a 6.5 percent return ratio. The price doubled in five years, and quadrupled in seven years. The initial release of ethereum took place on July 30, 2015, one year the ICO. Until Aug. 7, it only produced 46,146 empty blocks, but the 46,147th block made the first transaction. The first trade was from an account named 0xa1.. to 0x5d.., sending 0.000000000000031337 with the payment of 1.05 ehtereum in commission fees. We don’t know further details of the transaction. #Sales process To float the shares, the seller and the buyer must meet with an accountant from the Dutch East India Company. The accountant would modify the ledger and two directors would confirm it. The ledger still remains. The accountant received the 60 percent of the fees in the equity sale and the buyer would pay another 1.2 guilders to own a copy of the sale transaction. The following is the process to change the ownership of ethereum: The seller should create transaction data including the buyer’s account information, commission fees, the sales amount and the seller’s account. When this data is sent to the ethereum mining network, the network will proceed with the next stage of carrying out the deal. In this case, the faster the transaction, the larger the commission fee. Compared to the old company, however, there aren't two directors to check the data thanks to the proof-of-work algorithm. The concept of a corporation, invented in the Netherlands, was a more advanced system than England’s Dutch East India Company. To cover the inconveniences of traditional ledger-based transaction, people in the Netherlands use well-developed financial techniques only understood by the merchants involved. That system actually became the basis of modern capitalism in the 21st century. It has been 10 years since bitcoin was invented, and diverse encryption and financial techniques have been developed in the crypto community. There have been issues large and small, but the system has rapidly advanced and created value. It remains to be seen whether the ethereum will emulate the success story of the Dutch East India Company. Onther CEO Jung Soonhyung

조인디 logo
j o i n

Article Title

  • J loading image
  • O loading image
  • I loading image
  • N loading image
  • D loading image