NeoTech Coin 

From Wikipedia, the free encyclopedia 

 
NeoTech Coin is a cryptocurrency, “a form of electronic cash”. It 
doesn’t involve in any control or interference by the central bank, or 
single administrator, therefore it is a decentralized digital 
currency. “Transactions ​are verified by the network node through 
cryptography and recorded in a publicly distributed ledger called a 
blockchain.” ​(“Bitcoin”, 2018). NeoTech Coin was created by NeoTech 
Corporation CEO, Seungmin Lee from South Korea and was launched in 
2018. NeoTech Coin means New Technology Coin which is an innovation 
for cryptocurrency which it compensate the defect of existing 
cryptocurrency as well as strengthen the benefits of the existing 
cryptocurrency. However, there are also some criticism for the problem 
of NeoTech coin that it can be used for illegal transactions, security 
issues. Because of these problems and critics, NeoTech coin has lost 
its value and finally disappeared in 2028.  

 
History 
Creation 
NeoTech Coin and the domain name “neotechcoin.org” was created on 
November 15th 2018 by NeoTech CEO, Seungmin Lee. Later, the software 
was implemented to open-source code and was released to certain people 
in Neotech Corporation in November 22nd 2018 which is 1 week after it 
has been created and the blockchain platform called “Cultec” has also 
been launched which is compatible with this cryptocurrency to be used. 
In order to prevent some problems that might happen and to release it 
to public with a success, it has been test-operated from NeoTech 
Corporation employees about 1 year from November 22nd 2018 to November 
22nd 2019. After it was found out that the test-operation was a 
complete success, it has been completely released to public and spread 
and used to many other countries as well. However, after the founder 
of NeoTech Coin has passed away after 1 year it was since created 
which was few days after it has been released to public, since there 
was no one who could continue this business, the NeoTech Coin went to 
the president of Korea. Since the currency of Korean won was dropping 
dramatically and the invention of NeoTech Coin was success, the 
president decided to use the NeoTech Coin as the digital currency of 
Korea instead of using Korean won. Therefore, Korea became the first 
country which uses cryptocurrency as their currency instead of money.  
 
Launch 
After the test-operation ended with complete success and it was 
decided that the NeoTech coin is the national digital currency of 
Korea, NeoTech Coin’s official pre-sale started in November 25th 2019 
at 12:00 AM KST, which is a Korea standard time globally and ended at 
December 24th 2019 at 11:59 PM KST. The presale was from Korea 
standard time since the cryptocurrency is based on Korea since it is 
the national digital currency and controlled by Korean government, 
which is known as fiscal policy. Because of this fiscal policy, which 
controls the government spendings and the tax rates which influences 
the nation’s economy. For the presale, about 40 million tokens were 
made available and all the transactions happens and all 40 million 
tokens were transacted in a fast period of time. The currency was 
stated on the blockchain platform called “Cultec”. After about 1 week, 
the first official sale has started in January 1st 2020 at until 
January 31st and about 400 tokens were made available.  

Design 
Transactions 
The transactions of NeoTech Coin are verified by the network node 
through cryptography. Cryptography is​ “a method of storing and 
transmitting data in a particular form so that only those for whom it 
is intended can read and process it.” (“Definition of Cryptography, 
n.d.). Therefore, cryptography are used to protect the data of 
transactions in order to make the transactors of NeoTech coin 
anonymous. Cryptography does not only protects data from any other 
hackings, but can also be used for user authentication which sender 
(transactor) and receiver (miner) can confirm each other. In terms of 
transactions, the transaction fees are optional, however miners who 
are the receivers can decide which transactions to process first and 
prioritize transactors who pay higher fees. Even though transaction 
fees are not required, NeoTech Coin is famous, therefore people are 
trying to pay the transaction fees in order to make their transactions 
faster than any other people.  
 
Blockchain 
During the process of transaction, while transactions ​are verified by 
the network node through cryptography, they are recorded in a publicly 
distributed ledger called a blockchain. In order to record the 
transaction that has happened,​ NeoTech Coin uses the blockchain 
platform called “Cultec”. Blockchain is a technology used for record 
the transactions and this works since “the ledger can be written onto 
with new information, but the previous informations are stored in 
blocks, cannot be adjusted or changed.” (Arthur, 2018). The blockchain 
technology is extremely beneficial and important during transaction 
since it can reduce the number of attackers to add the transactions of 
the network since it cannot be adjusted or changed unless they have an 
mathematical proof.   
 
Mining 
NeoTech Coin also uses the technology called “Mining”. One of the 
function of mining is connected to Blockchain network since this 
technology helps to verify and secure in order to add transactions to 
Blockchain network. Blockchain allows the record of transactions not 
to be adjusted or changed unless they have any mathematical proof and 
the technology it verifies the proof is mining. Also, NeoTech Coins 
are created as a reward for a process known as mining, therefore the 
mining process creates new cryptocurrencies. Mining involves using a 
computer and a special program and a miners to solve complicated 
mathematical problems and to confirm the transaction. 
 
Economy 

 
2018-2021 
When Neotech Coin was first launched, it has became famous that it can 
compensate the defect of existing cryptocurrency and strengthen the 
benefits of the existing cryptocurrency. Even though it was not 
officially launched, people heard a rumor that this coin will be 
launched from NeoTech Corporation and people started to whisper and 
this became a huge issue in Korea. Also, during the time, the currency 
of Korean won was dropping dramatically and it was losing its value, 
therefore people wanted to find a new currency that is valuable and 
can be used. Even though cryptocurrency wasn’t widely used during the 
time, people knew that when NeoTech Coin releases, it can replace the 
Korean won. Therefore, when the NeoTech was released to the public and 
started presale, many people started to transact and purchase the 
coin, therefore, many people started using this NeoTech Coin. After 
the NeoTech Coin started to be owned by the government of Korea and 
the president decided to use the NeoTech Coin as the digital currency 
of Korea instead of using Korean won, therefore even for the people 
who still have used Korean won knew that it will disappear soon, 
therefore nearly all the nations in Korea started to use NeoTech Coin 
as their national currency, therefore the value has continuously 
increased. After the Neotech Coin has been a national currency, the 
president has came up with a many new economic policy that can benefit 
the country’s economy, therefore the country’s economy became more 
fluent and the value of the coin also kept increasing until 2021.  
 
2022-2025 
However, the increase of Neotech couldn’t go for a long period of 
time. In June 2022, there was a huge ad severe earthquake which was 
8.4 occured in Seoul and Gyeonggi, which is the capital and the 
metropolitan area of Korea. Therefore, there was a huge damage in the 
country which the infrastructure and the buildings falls down and 
destroys and the water pipes and gas cuts off and the land becomes 
ruined which it can lead the country full of confusion and it can also 
be paralyzed. The government needs to spend the country assets to 
recover the country’s infrastructure and all the damage that has been 
occured by the earthquake and this has affected the value of NeoTech 
Coin which is the national currency of the country to go down. To add 
insult to injury, because of the earthquake that has happened in the 
capital and metropolitan area of the country, not only the 
infrastructure, however this also disrupted the supply and food 
resources, therefore this have caused the inflation, especially 
cost-pull inflation which is caused by the increased in prices which 
leads to decreased supply of goods, this have also caused the currency 
to depreciate. In 2023, it was found out that there was a corruption 
and illegality of the former president, therefore because of this, the 
power of the leadership of the government has changed and this has 
made the nations and the country to be confused and paralyzed as well, 
therefore there was a huge decrease in the value of NeoTech Coin. The 
new president that has been elected has acknowledged this issue and 
trying to come up with new economic policy that can benefit the 
country’s economy by continue using NeoTech Coin, however the 
country’s economy was decreasing and the value of NeoTech Coin was 
also depreciating.  
 
2026-2028 
In 2026, the president has acknowledged that the new economic policy 
that he came up didn’t work out well and the country’s economy was 
keep decreasing as well as the value of NeoTech Coin was depreciating 
as well. By this, the president thought that NeoTech Coin will not 
benefit the country anymore and the value will keep going to 
depreciate, therefore in April 2026, the president announced the 
launch of new cryptocurrency as a national currency. Since 
cryptocurrencies and digital currencies are widely used in this 
society and many countries have introduced to use cryptocurrencies as 
their national currency looking at the example of the success of 
NeoTech Coin few years ago. As the president announced the launch of 
new cryptocurrency, all the nation and people’s attention went to the 
new cryptocurrency that will be invented and the NeoTech Coin was 
being completely lost from other people. Same as when NeoTech Coin was 
first launched as had a huge success, the currency of NeoTech Coin was 
dropping dramatically and it was losing its value, therefore people 
wanted to find a new currency that is valuable and can be used and 
people started whispering about the new cryptocurrency that will be 
launched soon. Finally, the new cryptocurrency named “KOR Coin” has 
been launched on March 2027 as well as the domain name “korcoin.org” 
and NeoTech Coin’s official pre-sale started in March 23rd 2027 at 
12:00 AM KST and ended at April 22nd 2027 at 11:59 PM KST and official 
sale has started from May 1st 2027. Since the KOR Coin as the digital 
currency of Korea replacing NeoTech Coin, therefore people knew that 
it will disappear soon, therefore nearly all the nations in Korea 
started to use KOR Coin as their national currency, therefore the 
value of NeoTech Coin continued to drop ending in tragic which it has 
been disappeared in 2028.  
 

Ideology and criticism  

Even though it was a national currency in Korea and it was controlled 
by the government using fiscal policy, the system of ​cryptography 
which is a network node of transactions are used to protect the data 
of transactions in order to make the transactors of NeoTech Coin 
anonymous, therefore since the transactors of the NeoTec Coin are 
anonymous, the government cannot control who have purchased things 
using the transactions of this cryptocurrency, therefore some people 
who knows this uses the cryptocurrency for bad and illegal purposes. 
NeoTech coins are widely used in black markets just as other 
cryptocurrencies in order to purchase illegal goods such as guns and 
drugs, therefore there are some critics that the government should 
regulate the use of cryptocurrency as a national currency and use 
currency that involves physically such as money and this will prevent 
these illegal transactions. Even though the government is finding out 
some da​rk we​b pages and their owner, similar dark web pages doing 
these illegal transactions are keep happening and this is becoming a 
problem. Also, even though the government tried to reduce the ​number 
of attackers​ ​by using verifying system ​through network node of 
cryptography and recording in a blockchain, however ​there was still 
some issues of ​phishing​, s
​ camming​, and ​hacking​. Until 2028, around 
120,000 NeoTech Coin have been stolen from ​cryptocurrency exchanges​. 
There have been some criticism about the design and the technology of 
transactions should be improved to further prevent attackers.  
 

References 
Bitcoin. (2018, November 25). ​Wikipedia​. Retrieved from 
https://en.wikipedia.org/wiki/Bitcoin 

Definition of ‘cryptography’. (n.d.). The Economic Times. Retrieved 

from ​https://economictimes.indiatimes.com/definition/cryptography 

Iinuma, A. (2018, April 05). What is blockchain and what can 

businesses benefit from it? ​Forbes​. Retrieved from 
https://www.forbes.com/sites/forbesagencycouncil/2018/04/05/what-is-bl
ockchain-and-what-can-businesses-benefit-from-it/#5d4ea79675fe 

Rexaline, S. (2017, August 21). Cryptocurrency mining: what it is, how 

it works and who's making money off it. ​Bezinga​. Retrieved from 
https://www.benzinga.com/general/education/17/08/9953629/cryptocurrenc
y-mining-what-it-is-how-it-works-and-whos-making-money-