So The History
Depending on where you live in the world will determine your views on Initial Coin Offerings (ICOs). The views are very different on the two sides of the coin.
In the west, the view is very much about ideas and developing the new concept and seeing where it goes, a lot more relaxed. However, in Asia, the thought process is very different and the only point to note is that of gaining returns. It is certainly is not as chilled out as in the west that is for sure.
At the very beginning of the Cryptocurrency industry, there was very little information shared between the east and the west so the two markets started off and were developed in very different ways. The west had already started and was thriving. The east, therefore, followed suit with limited knowledge and data based on Bitcoin and Ethereum. The competition in Asia is a lot more vigorous and there was no room for seeing how things went, it was a lot more about hitting the ground running. Return of investment is the big thing here. The Asian market is fast-paced and always moving, is flamboyant and spontaneous. Very little risk assessment tends to happen here, which is vastly different to the west.
The east also faced the issue that the language that everything was written in was English. So in order for the industry to develop, the Asian market had to adapt quickly and make the most of things. To enable them to do this there needed to be a strong community to support everything that happened and that community is still strong today. Things had to get local for the Cryptocurrency industry to work here and it did.
However, on the other hand, there was also a need to work globally because in China ICOs are banned so Asia needs to look further afield. There is not this issue in the west.
Other roadblocks have seen Governments in Asia only wanting their own protocol – such as India – so this country has had to start from scratch.
It is also easier in Asia in a lot of ways because technology companies are not as afraid as their western equals. There is a lot more risk taken in Asia.
In the west, however, investors are lot more chilled out and want to see how things develop and build up portfolios and get to know their products a lot more. There is a lot more of an investment in time and understanding.
East Meets West
It is very clear that there is a marked difference between the east and the west. However, it is now clear that the east needs to meet west and their needs to be more connection between the two. Talent in terms of developers and knowledge and experience needs to be shared so the east and the west can learn from each other. They can both work together and expand each other’s horizons and push each other more in terms of technology. Hopefully, we will see this happening over the coming months.