• Information Systems Review
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• v.22 no.1
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• pp.33-57
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• 2020

Although cryptocurrency which can promote innovation in the blockchain ecosystem is published for many useful purposes, in Korea, cryptocurrency is recognized only as a means of investment for the profit. The fact emphasizes only the speculative nature of the cryptocurrency, so investor negates the fundamental purpose of cryptocurrency and hinders innovation in the blockchain ecosystem. The purpose of this study is to investigate the cause of cryptocurrency perception and speculative behavior of domestic cryptocurrency investors from an academic perspective. We use a model that reflects the traditional considerations and cryptocurrency's characteristics in investment. Using the model, we can explain the cause of misperception of cryptocurrency through the theory of bounded rationality. In building the research model, we use variables of venture and angel investor's consideration used in investment decisions and collect the keywords from indexes of whitepaper to reflect the properties of cryptocurrency. This study mentions that, due to the imitations presented by Simon, individuals are forced to perceive cryptocurrency as a means of speculation and to make irrational decisions that impair ecosystem health. We analyze whether there is a significant difference in rationality in decision made by the sample under limited knowledge and imperfect information constraints. As a result, imperfect information constraints led investors to consider only irrational criteria in decision making. From this result, this study suggests that information asymmetry needs to be relaxed so that investment can be pursued together with rational investment and development of blockchain ecosystem. In addition, the industry can capture strategic insights for successful financing through ICO by enabling better understanding of investor decision-making.

• Smart Media Journal
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• v.11 no.5
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• pp.63-74
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• 2022

Initial public offering (IPO) has a legal framework for investor protection, and because there are various quantitative evaluation factors, objective analysis is possible, and various studies have been conducted. In addition, crowdfunding also has several devices to prevent indiscriminate funding as the legal system for investor protection. On the other hand, the blockchain-based cryptocurrency white paper (ICO), which has recently been in the spotlight, has ambiguous legal means and standards to protect investors and lacks quantitative evaluation methods to evaluate ICOs objectively. Therefore, this study collects online-published ICO white papers to detect fraud in ICOs, performs ICO fraud predictions based on BERT, a text embedding technique, and compares them with existing Random Forest machine learning techniques, and shows the possibility on fraud detection. Finally, this study is expected to contribute to the study of ICO fraud detection based on quantitative methods by presenting the possibility of using a quantitative approach using unstructured data to identify frauds in ICOs.

• Journal of the Institute of Convergence Signal Processing
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• v.20 no.4
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• pp.218-225
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• 2019

Since the publication of Satoshi Nakamoto's white paper on Bitcoin in 2008, blockchain is in the spotlight as one of the core technologies of the Fouth Industrial Revolution, which can be used in various industries beyond simple cryptocurrency. various researches and developments are being conducted worldwide to utilize blockchain technology, and a global blockchain consortium is formed. In addition, attempts are being made to apply to various industries such as logistics, distribution, and medical care as well as the financial sector. However, blockchain tecnology developments still do not reach the level that meets these concerns and expectations. In this paper, we presents a comprehensive overview of blockchain technology by giving its brief concepts, consensus algorithms, standardization, and security threats.