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“The rebirth of JOSEON as a sovereign nation-state with its currency as its source of self determination to provide a system of equity in education, access to goods and services and a desirable quality of life are exciting and an equivalent to the declaration of universal human rights.”

“I’m glad to see that the first nation-state to issue a blockchain based currency is doing it to empower individuals rather than to control them.”

“A network state is a highly aligned online community with a capacity for collective action that crowdfunds territory around the world and eventually gains diplomatic recognition from pre-existing states.”^[1]

“Our goal … is to bring back the Wild Wild West that we loved so much, because it creates a system in which people are able to learn what they wish to learn, say what they wish to say, experience what they wish to experience, and create what they wish to create. I know this sounds corny, but an internet without boundaries or limitations, in which we can achieve our dreams, is our goal.

I would like to see change. I understand that a single lifetime is limited and only so much can be accomplished. However, there are things that cause pain, suffering and stress that we can really make trivial with the use of technology.

In 50 years, I hope to be alive on Earth. However, if I am not, I hope to be known in history as a man who helped bring ‘happiness’ to this world.”^[2]

It's been 10 years since I made this statement, 11 years after I declined joining Ripple’s leadership for 6% of all of the XRP coins, and 12 years since I voluntarily left the world's leading Bitcoin exchange while serving as the first president of its North American subsidiary.

In 2012, Jed McCaleb, founder of Ripple and Stellar, emailed me and asked, "I am curious what you guys are going to do instead?"

"It's time for us to step up and change the world for the better too Jed (sic). We look up to you, and we will certainly follow your footsteps. Please keep improving the world so we can always have someone great to chase after," was my response.

So it was that I, and those around me, began our long journey toward the same goal that everyone in the Crypto Wars^[3] longed for, but the path, that I felt was necessary, contrasted greatly with the overall consensus among technologists in the space – for I had experienced what many had yet to fully appreciate – the frictions and hardships of trying to force an enormous circle into a small square. Existing laws and policies were unfit for the advancements brought with computing, the internet and, more specifically, cryptocurrencies. I still remember the day a banker at Wells Fargo, a company once convicted of theft and creating fraudulent bank accounts, called me a criminal simply for asking to open up a bank account for a company that accepted cryptocurrencies as a form of payment for a service.

The excitement brought by new technology, especially blockchain, caused an exorbitant number of groups to rush into the space and race toward the goal of achieving widespread adoption of various cryptocurrencies. However, blockchain does not exist in a vacuum – it exists within a social, legislative and commercial infrastructure built by states, societies and individuals over the years. Legislation already prohibits most of the projects in this space – essentially making most projects non-starters. And further, legacy players in the finance industry have done their best to reduce the potential for further blockchain developments.

When a dog is separated from a bone by a fence, he will try to claw and gnaw his way in a direct path to the bone, but he will fail. However, some dogs walk along the fence, seemingly away from the bone, until there is no more fence, and then they are able to take a direct path without resistance to the bone.

Until now, all of the amazing innovators and activists in the blockchain space have been moving toward the right goal, but the direct path was, as it often is, the wrong path from the beginning.

Today, Ripple is embroiled in a massive lawsuit with the SEC.^[4] I hope Ripple wins, but fitting a beautiful, enormous circle into a small square has proven to be quite difficult.

For us, we walked along the fence in a direction that seemed, at the surface, quite distant from the original objective. In 2018, I was named the heir to the Joseon Empire by King Yi Seok.^[5] With Joseon as our nation, we have, in just a few years, reaffirmed our status through diplomatic recognition as a nation-state, gaining all of the rights and capabilities of a “Network State.”^[6] After a decade, we have arrived at the starting line and control our own independent and legal jurisdiction – where our laws are driven by our ideals.

I would like to introduce you to Joseon, the first cyber nation-state recognized by a UN member nation. It is an honor and privilege to have you with us on our journey, as we change the world to create happiness through greater equality.

Some parts of this document are graphic in detail. Korea, the forgotten nation and its people, has been forced into a culture of silence as it relates to its own history. Much of this history is not common knowledge. History is about people. We therefore believe people must be the priority, not any nation, its borders, or its legal recognitions thereof. Victims, and the atrocities they experience, deserve to be heard. Further, we all must learn to make sure these types of events are not repeated.

Abstract

Joseon is the non-territorial successor state to the Joseon Empire which was founded in 1392. Reconstituted as a cyber nation, Joseon is engaged in humanitarian efforts to expand its global impact. As the first sovereign cyber nation, Joseon is introducing the legal concept of a personal interest corporation (“Denizen”), decoupling identity and reputation from a physical person. By deploying the Mun, a fiat blockchain cryptocurrency in its own jurisdiction, Joseon is able both to (i) develop its own regulatory environment designed to maximize the native benefits of blockchain technology and (ii) issue a national currency with the benefits of a cryptocurrency. Denizens will be able to conduct business activity with significantly less friction and greater benefit from smart, “zero-trust” corporate controls. To encourage and support entrepreneurship, Joseon intends to launch a fund to help capitalize credible business initiatives started by Denizens in Joseon. As studies show that entrepreneurial activity reduces the wealth gap, it is Joseon’s belief that its business ecosystem will help facilitate humanity’s journey toward greater systemic equality.

On Sovereignty

Joseon is the successor state to the Joseon Empire, which was founded in 1392 on the Korean Peninsula by Sung Gyeh Lee. Once known as the “hermit kingdom,”^[7] it practiced a policy of extreme isolation, sinking foreign ships that attempted to sail near its shores,^[8] including those of the United States of America. After over a decade of arduous courting,^[9] in 1882 the U.S. successfully entered into a treaty of perpetual friendship with the Joseon Empire, with both governments pledging, pacta sunt servanda, to protect each other from unjust or oppressive acts.^[10] Subsequently, the Joseon Empire executed eight more near identical treaties with the world’s great powers, opening its borders and its economy to foreigners.

Upon the arrival of the 20th century, despite the existence of the “everlasting”^[11] treaty of friendship between the Joseon Empire and its “elder brother,”^[12] and continuous calls for assistance therewith,^[13], ^[14] the U.S. breached said treaty by negotiating a secret treaty^[15] with Japan to permit the invasion of the Joseon Empire,^[16] resulting in the annexation of Korea by Japan at swordpoint,^[17], ^[18] and the subsequent invasion of Japan’s military and police forces. Thus was fulfilled President Teddy Roosevelt’s wish of seeing “Japan have Korea,”^[19] which he regarded as a “degenerate state.”^[20]

This marked the beginning of a half century of hardships, including the attempted eradication of Korean language and culture through forced adoption of the Japanese language and names,^[21] in addition to wartime depredations including enslavement^[22], systemic rape^[23] and arbitrary killing.^[24] In 1945, when Japan surrendered to the U.S. – the very nation that had handed it the Joseon Empire – Koreans believed they had been liberated. Instead, the U.S., without plan,^[25] made the decision to invade and occupy “its enemy”,^[26] Korea, as U.S. General John Hodge called it. Contemporaneously, the Soviet Union entered Korea from the north. Thus, the U.S. created, and the Soviet Union agreed to, a line at the 38th parallel,^[27] dividing Korea without input from any Koreans.

In the end, perhaps as many as 810,000 Koreans were killed during 35 years of Japanese occupation^[28] and perhaps as many as 800,000 more, including prominent members of the Koreans’ self-determined government,^[29] were killed during the “well-documented but little publicly known”^[30] period from 1945-1949 when the U.S. maintained a military occupation^[31] of the southern part of the peninsula which “violently suppressed”^[32] Koreans due to overzealous policies “promoting democracy to discredit the Soviet Union.”^[33] We recall one of the many massacres, in particular in Jeju, where at least 30,000 were killed^[34] in less than a month, with many victims “forced to have sex before being beheaded while loved ones were forced first to watch while clapping with their hands” and then subsequently to carry the severed heads of their family members in front of U.S. soldiers thereafter.^[35] Finally, the Korean War, which was effectively a proxy war between the U.S. and the Soviet Union,^[36] broke out, as some analysts say mostly due to U.S. policies,^[37] resulting in the deaths of over five million soldiers and civilians.^[38] The end result was that the Joseon Empire and the Korean people suffered one of the largest recorded acts of brutality in modern history.

Prior to the Korean War, the 1st Republic of Korea (“ROK”) was established by subjecting the southern half of the peninsula to rule by an autocratic military dictatorship installed by the U.S. After 40 years, a truly democratic election took place with the launch of the 5th ROK.^[39] Since then, the ROK has become a beautiful and powerful country, primarily due to the great Korean people and continued support and protection from its ally, the U.S. However, with this arrangement, the U.S. continues to exercise control, summa potestas, over the Korean Military, resources and people.^[40] All male Korean citizens are required to serve in the Korean Military and, additionally, are forced to fight, with many dying, in wars that primarily serve the interests of the U.S.^[41], ^[42] Furthermore, the U.S. has established military bases across the nation, including in downtown Seoul at the old Japanese Imperial headquarters used during the Japanese occupation.^[43] U.S. Soldiers have appeared in reports due to incidents such as the rape and sex-trade^[44] of Korean girls^[45], ^[46], ^[47], ^[48], ^[49] as well as civilian deaths.^[50], ^[51]

Separately, the northern half of the peninsula has been under rule by an authoritarian military dictatorship, installed by the Soviet Union,^[52] a predecessor to the current state of Russia. Founded in 1948, the Democratic People’s Republic of Korea (“DPRK”), due to being traumatized by the history of the peninsula and its people being subjected to belligerent occupation, adopted an ideology called “juche” which is based on, but goes beyond, the idea of self-dependence.^[53] Eventually, as there was limited land suitable for agriculture in the north, famine led to significant loss of life and, with it, loss of economic growth. This pain has been exacerbated by the DPRK’s refusal to accept outside help due to its isolationist policies^[54] and additionally, as some analysts say, due to its strict adherence to its monolithic policies.^[55] The DPRK, mainly due its defensive, yet hostile, nuclear threats,^[56] has been labeled as a member of the “axis of evil”^[57] by the U.S., adding strain to the hopes for reconciliation with the ROK.^[58]

Today, the people of the peninsula and its resources remain divided. Initially, with the majority of suitable agriculture being in the south and the majority of industry, including fertilizer production, being in the north, this divide severely hindered any chance for Korean independence.^[59] However, a new era has slowly dawned, and gradually, the ROK with the support of the U.S., and the DPRK with the support of Russia and China, are becoming two separate, sovereign and distinct nations, each representing half of the whole of the Korean people. Yet the scar runs deep, with an imaginary boundary drawn on the 38th parallel by outsiders, serving as a constant reminder of the millions of lives lost, the destruction of families, separation of blood relations, and the loss of a strong, self-determined, independent and unified Korea.

Joseon harbors no ill-will toward Japan or the U.S. However, Joseon, because of its history, has earned the right to be skeptical of the bounds of modern borders. The ability of people to live safe, self-determined lives should be the priority. Thus, although Joseon no longer maintains nor seeks territory on the Korean Peninsula, and further, respects the self-determination of the people of the Korean Peninsula, the Joseon sovereign, imperial lineage continues,^[60] and Joseon has been reconstituted in cyberspace. This document outlines the existing and new relationships of Joseon with the world, our future goals and ambitions, and the unique opportunities made possible as we open our borderless nation in cyberspace to all people of the world.

1. The Status of Joseon

Joseon has adopted a new constitution, named the Code of National Governance, and is enacting and implementing a full suite of legislation in order to ensure stability and provide benefits to its constituents. As a fully independent and sovereign nation-state, Joseon continues to engage in diplomatic and humanitarian efforts to expand its global presence, recognition, and contributions.

1.1 National Recognition

While international law recognizes the capacity of groups of individuals to form states and declare themselves free and independent of other sovereigns, the purest measure of a state’s recognized legal sovereignty is its reception by other sovereign states who may trade with it, recognize its independence and extend to it full diplomatic relations.

2. Joseon’s Relations With Other States

2.1 Introduction

Joseon unequivocally makes no claim to any territory on the Korean Peninsula and seeks friendly relations with those who now live in and govern dominions once considered to be under the imperium of the Joseon Empire. Furthermore, Joseon seeks friendly, peaceful and productive relations with all other states who extend to it the same.

2.2 Treaties

2.2.1 New Treaties

Furthermore, Joseon is in discussions with additional UN-member nation-states, with hopes to execute additional treaties in 2023.

2.2.2 Historic Treaties

The Joseon Empire executed a series of treaties with a collection of states in the 1882-1902 period. Joseon, its successor state, looks forward to re-establishing diplomatic relations with these states in accordance with the following treaties:

Joseon finds inspiration in the “everlasting” treaty between the Joseon Empire and the U.S. which served as the model for the other treaties and contains nearly identical provisions. The treaty with the U.S. auspiciously begins:

“There shall be perpetual peace and friendship between the President of the United States and the King of Joseon and the citizens and subjects of their respective Governments. If other powers deal unjustly or oppressively with either Government, the other will exert their good offices on being informed of the case to bring about an amicable arrangement, thus showing their friendly feelings.”

3. Joseon Denizenship

Rather than coupling a personal identity and reputation with a physical person, in Joseon, Denizenship is proxied through a special, personal interest corporation, or “Denizen”, a special type of company that is both non-transferrable and is limited to a single physical shareholder, and importantly, such physical shareholder is limited to a single instantiation thereof at any point in time.

Corporations, particularly closely-held ones, sometimes echo the reputations of its founders or majority shareholders. The Denizen company is no exception. Denizens act as the legal entity of an individual and provide an opportunity to bifurcate its identity and reputation from the physical person (where the physical person is, herein, a “Person”), at the sole discretion of the Person. Denizens allow Joseon to introduce a new social construct wherein reputation is both paramount and, in some circumstances, fungible. With the optional decoupling of a Person from a corporate identity, a Person is able to build a reputation with its Denizen serving as the medium. Should the Denizen’s reputation falter or if the Person wishes to restart for any reason of any kind, the Person can retire the Denizen and instantiate another, with the consent of the Ministry of Denization. The Denizen is, thus, a legally recognized pseudonym-as-an-entity providing optional pseudonymity to Persons who wish to associate with Joseon through its Denization.

People and objects within a defined physical territory are subject to the regulations of said territory. However, individuals who wish to subject themselves to Joseon’s jurisdiction and regulations can encapsulate their activity within a Denizen corporation. Although special, as a Denizen corporation is simply a corporation domiciled in Joseon, legally, it is a separate person from the physical person that created it. Therefore, it is not subject to the jurisdiction of the physical territory wherein said Person is located. Also, this structure legally creates a vehicle whereby actions can be taken on behalf of the Person, within the domicile of Joseon, completely separating jurisdiction over the Person versus jurisdiction over the Denizen, jus gentium.

The Denizen corporation is a resident of Joseon. The ability to register a Denizen corporation is no longer dependent on ethnic, religious, or other sociocultural regional markers, or in fact, bound by any physical territorial spaces. Joseon welcomes and opens Denizenship registration to any individual in the world. Joseon’s Denizenship model will protect and advance Joseon’s global interests by increasing Joseon’s dominion while simultaneously and equally providing value^[61], ^[62] to its global Denizenry.

4. Jurisdiction

It remains the right of each nation to maintain its own domestic law and practice to determine how it interacts or refrains therefrom with other nations. The Supreme Court of the U.S. has upheld the fundamental notion that every sovereign state is bound to respect the independence of every other sovereign state, and that the courts of one nation shall not sit in judgment of another nation’s sovereign acts within its own territory. Aptly, the Cypherpunk Manifesto confirms, “even laws against cryptography reach only so far as a nation's border and the arm of its violence.”^[63] Since states that lack power comparable to that of the great nations are no less sovereign within their respective borders,^[64] the jurisdictional sovereignty of Joseon within its cyber dominion is absolute.

Before the Peace of Westphalia, sovereignty was neither territorial or exclusive.^[65] With the formation and expansion of the internet which is also a-territorial and non-exclusive, territorial sovereignty is no longer tied to the geographical concept of land. The original concept of sovereignty by consent of jurisdiction, strikingly similar to the sovereignty by allegiance prevalent prior to the Peace of Westphalia, has once again become the de facto system of order – essentially, the people of the world choose in which jurisdictions their businesses will incorporate, and separately, the people of the world consent to the laws of various jurisdictions as defined within the “click-wrapped” and “browse-wrapped” agreements they accept when visiting and/or utilizing websites.

Yet, the international principles of law fundamentally sprout from territory defined by borders. Territory is also defined as a container “over which an authority exercises supreme and exclusive power. … the territory is the substratum of state authority whereas borders define the allocation of authority between states.”^[66] Joseon-domiciled companies and Denizens incorporate by consenting to the laws and jurisdiction of Joseon, thus establishing a legal entity, or container, over which Joseon exercises supreme and exclusive power. Expressing these containers as A and the total allocation of authority, or dominion, as D, then the sum of all containers A is the total allocation of authority D, or D = ΣA. Thus, the entities, which are Denizens and their Joseon registered companies, represent the dominion over which Joseon maintains imperium. Therefore, Joseon has both a territory (the dominion, denoted as D) and a border, that is, the total allocation of authority over the territory (denoted as ΣA) to which no other nation-state can stake a claim.

5. Closing Remarks

As the first cyber nation-state to be recognized by a UN member nation, Joseon hopes to be a harbinger of cyber states and a new era in which people’s needs are the genuine priority. This seachange will allow societies to organize in new ways – ultimately leading to true self-determination for all people of the world.

Equalizing Opportunity: Joseon’s Companies Act of 2023

6. Inspired by King Sejong the Great

During Joseon’s infancy, King Sejong the Great^[67] observed a large disparity in wealth between the well-heeled and the less fortunate members of Joseon society. He felt strongly that the impoverished would have greater opportunities to achieve economic viability if they learned how to read and write. However, the method of reading and writing in Joseon was Chinese, a language which only rich, aristocratic males had the luxury of both time and opportunity to learn.

Rather than attempting to educate his citizens on Chinese, which had proven to be impossible to learn without an abundance of time, King Sejong sought to directly address the widespread illiteracy among his subjects by taking a novel, indirect approach by creating a new writing system which required a much shorter learning period and was equally accessible to everyone, regardless of wealth or societal rank. Thus was born Hunminjeongeum, later shortened to Onmun, the written Korean language, which was far easier^[68] to learn than the Chinese writing system. By creating a new, widely accessible and easy to learn writing system, King Sejong completely and beneficially altered the requirements and opportunities for his subjects to gain literacy. Per the adage of the dog and the fence, he walked around the fence. As a direct result of increased literacy rates, Joseon’s economic playing field was leveled more quickly than would have been possible by any other means, short of an unfair and arbitrary redistribution of wealth among his subjects. King Sejong breathed life into the Confucian adage that “it is better to teach a person to fish rather than to give him a fish.”

As would be expected, certain segments of society – the rich, aristocratic males – took severe umbrage with and fought against King Sejong’s efforts to increase literacy within Joseon. But, the detractors failed. As King Sejong had hoped, the less fortunate, the impoverished, and women were able to become literate and, over time, larger numbers of them were able to contribute to the economic and technological advancements pursued by King Sejong which ultimately led to an era of great prosperity.

6.1 Contemporary Disparity

In 2017, Oxfam^[69] reported that just eight well-known, rich men possessed the same wealth as the poorest 50% of the world’s population. Unfortunately, this disparity is universal, as no country on the planet is free of worrisome wealth gaps among its citizenry. For example, in 2017, Bill Gates, Warren Buffet and Jeff Bezos collectively held more wealth than the bottom 50% of the population of the United States.^[70] Furthermore, in 2021, the U.S. reported that 4.5% of households did not have a bank account^[71] and 69% of households have less than $1,000 in savings.^[72] As discouraging as these statistics are, perhaps equally, if not more so, these statements are true despite the fact that the average salary of a person in the United States, $54,132 per year,^[73] ranks in the top 3% of the world. Wealth disparity is at historically high levels and does not yet seem to have peaked.

6.2 Failed Attempts at Addressing Disparity

Throughout history, there have been numerous isolated and ongoing attempts by various nations to reduce economic inequality among their citizenry, including but not limited to targeted public policies, various forms of wealth taxes, and innumerable charity programs intended to deliver aid to the most impoverished. Yet, economic inequality in any country, let alone the world, has not been abated meaningfully. Lack of access to capital has been highlighted as a major cause.^[74]

It is generally acknowledged that entrepreneurship helps to mitigate disparities in wealth. In fact, empirical evidence collected over six years and across 54 countries^[75] shows that entrepreneurship indeed does help in reducing wealth gaps. This is the good news. The bad news is that entrepreneurship is in an apparent decline.^[76]

Although the world’s wealth gap is clearly not the result of a single issue, lack of access to capital is perhaps the most vital issue that needs to be addressed. The logic is straightforward: access to capital encourages and allows for greater entrepreneurship activity which helps to meaningfully reduce wealth gaps locally, regionally, nationally, and globally.

7. Joseon Companies Act of 2023

With the upcoming enactment of the Joseon Companies Act of 2023, Joseon is implementing corporate legislation that enables Denizen entrepreneurs to domicile businesses in its jurisdiction. While Joseon plans to introduce fully developed, robust but non-burdensome, legislation allowing businesses of all varieties to conduct commercial activity in its jurisdiction, the initial objective is to begin addressing wealth inequalities by providing a unique, cyber-based opportunity for easier and more efficient access to capital for greater numbers of people. Joseon seeks to solve some of the market inefficiencies resulting from, at least in part, antiquated policies which are ill-adapted to our rapidly evolving world.

7.1 The Joseon Blockchain

Joseon provides a sovereign cyber jurisdiction wherein Joseon Denizen entrepreneurs may avail themselves of all the benefits provided by the Joseon Blockchain, its sovereign blockchain. In its most basic definition, a blockchain^[77] is a shared database in which all participants have read and write access as long as their transactions comply with the specific I/O (input/output) protocols of the specific shared database.

7.1.1 Blockchain in Other Jurisdictions

Despite a decade of advances in terms of blockchain technology, the struggle to achieve a truly decentralized and transparent monetary ecosystem is ongoing.

Bitcoin, for example, despite being decentralized, has yet to achieve mainstream adoption. Bitcoin, as a currency, has important strengths and weaknesses. However, such strengths and weaknesses have not been allowed to freely be weighed and judged by the public as existing and new regulatory barriers have rendered Bitcoin transactions more cumbersome than they otherwise would be. In short, neither Bitcoin nor any other cryptocurrency has been given a proper opportunity to be tested as a true global means of exchange.

7.1.2 Blockchain in Joseon

Combining the technological advancements of blockchain technology and the sovereignty of Joseon’s jurisdiction, this unique combination of technological and non-technological characteristics has conceived a fiat cryptocurrency which has the potential to serve as an effective and efficient means of global exchange of goods and services. Joseon’s blockchain is part of its governing infrastructure, and the blockchain’s currency is its fiat money, thus establishing legal tender status for the currency and access to the numerous advantages of the blockchain attributes within the Joseon jurisdiction.

Rather than building the technology into existing legal frameworks, Joseon’s legal framework has been built based around the technology, essentially breaking out of the paradigm originally introduced by Melvin Conway^[78] by letting the technology lead the legislation, not the other way around.

7.1.3 Joseon Blockchain Attributes

The Joseon Companies Act of 2023 intends to establish an uber pro-entrepreneurial environment that provides companies domiciled in Joseon with certain benefits driven by blockchain technology, many of which are non-existent in legacy business jurisdictions.

7.1.3.1 Corporate Ownership Tokenization

All Joseon companies’ ownership interests are tokenized as registered bearer tokens, also known as security tokens, on the Joseon Blockchain. This tokenization allows companies to achieve numerous benefits.

7.1.3.1.1 Smart, Zero-Trust Corporate Controls

Joseon-domiciled companies benefit from tighter, more accurate and secure operational controls. With the full support of a compatible Ethereum Virtual Machine (“EVM”) and corporate securities systems being, in effect, simply smart contracts, Joseon-domiciled companies will benefit from the ability to deploy novel fiscal and operating controls. Since a Joseon-domiciled company can store its funds “on-chain” via a smart contract wallet, specific controls and conditions for fund-related transactions can be defined. For example, a requirement for a financial payable may require a certain percentage of the ownership interests’ on-chain approval before a transaction may occur. These ownership interests are default cryptographically verified.

Regardless of the number or complexity of the conditions and controls implemented, the greater transparency and more effective controls provided via the blockchain will (i) eliminate most of the potential for fraudulent accounting activity and (ii) reduce opportunities for bad actors to exploit and harm less sophisticated investors.

Simply put, the Joseon Blockchain renders certain bad behaviors nearly impossible.

Because the Joseon Blockchain and its smart contracts are transparent and open source, all parameters, conditions and rules are available for the public to interpret, copy and improve thereon. It will be exciting to see all the different and creative system implementations the Joseon Denizenry will devise over time.

7.1.3.1.2 Raise Capital Efficiently

The difficulty of raising capital remains a major obstacle to widespread and long-term entrepreneurial success. Companies with liquid, tradable tokenization of its ownership interests in Joseon gain significant benefits when raising capital. The benefits of tokenization include, but are not limited to, increased liquidity, faster settlement, lower costs, and bolstered risk management.^[79] By issuing tokens, a company may benefit from directly trading these tokens for a more flexible form of capital which can be used for operations and growth. Additionally, as investors’ funds can be protected using smart, zero-trust corporate controls, any investor-trust-related friction associated with raising capital is reduced significantly with the increased security of said corporate controls. Finally, with transparent financial activity on-chain, the challenges of due-diligence and auditing decrease substantially, again, reducing overall friction associated with capital raising. These are some but not all of the capital-raising benefits afforded by the Joseon Blockchain and business ecosystem.

7.1.3.1.3 Pay Salaries with Tokens

Joseon-domiciled companies will be able to compensate their team members with security tokens which, along with the benefits relating to investment activity, will provide individuals with the portable ability to transact in various ways within the Joseon economic ecosystem. This creates a strong incentive for team members as they will not only be receiving what amounts to monetary value, but further, will participate in the ownership of the company as well, further incentivizing productivity. Furthermore, such token payments could also offset certain funds required for company operations.

7.1.3.1.4 Shared Ownership

There has been growing interest in shared ownership of anything and everything – from cars, to real estate, to agricultural crops, to even a person’s future income. By holding a single asset in a single company owned by a Joseon holding company, any asset may be tokenized by proxy.

7.1.3.1.5 Mergers and Acquisitions

Companies in Joseon will be able to issue tokens to conduct all-token acquisitions. This technology-based, non-cash method of combining companies within Joseon’s jurisdiction will allow for a much faster and efficient conclusion to merger and acquisition transactions than is typically possible utilizing conventional methods.

For example, assume a company called Bob’s Burgers is tokenized as 80 BOB tokens worth 10 Mun (the Joseon fiat currency) per token, and Alice’s Apples is tokenized as 10 APP tokens worth 20 Mun per token. As Alice’s market capitalization is 200 Mun, 20 BOB tokens are required to acquire Alice’s Apples. Thus, 20 BOB tokens will be created and provided to the ownership of Alice’s Apples via a smart escrow contract, which will provide a swap to trade APP tokens into BOB tokens. Once the merger is completed, Bob’s Burgers will effectively have control of both Bob’s Burgers and Alice’s Apples.

A combination of the key benefits of Joseon’s corporate ecosystem – efficient voting controls, effective treasury controls and token liquidity – creates an attractive environment for investment funds to deploy capital confidently. The ecosystem is also beneficial for other corporate holding company types, such as special purpose vehicles (“SPVs”) for acquisitions and mergers.

7.1.3.1.6 Investor Benefits

Joseon investors’^[80] ownership interests in Joseon-domiciled companies will be definitively verifiable via the blockchain. These tokens will be natively tradable and, most importantly, custodial ownership will ensure that investors will be protected from having their tokens seized by bad actors. Furthermore, as noted earlier, investors will gain more transparency and require less trust in the operators when investing since corporate and financial controls can and will be designed with greater preventive capabilities than is possible with traditional business organizations, with whom controls are generally reactive due to operating in non-Joseon jurisdictions.

Finally, the Joseon Blockchain will facilitate a steadily growing trade/exchange market with increasing liquidity.

7.1.3.2 Political and Economic Freedom

Ultimately, Joseon’s business jurisdiction is intended to provide a fertile and secure cyber environment where ideas, capital, entrepreneurs and investors can freely connect in order to efficiently pursue productive ventures, which should provide plentiful economic opportunities for larger numbers of people to achieve greater economic self-determination. We both hypothesize and will encourage a Pareto-efficient^[81] tokenized barter economy to develop, enabling an efficient and decentralized trade of goods and services. Companies will have the freedom to operate their enterprises according to the economic theory that they believe both suits their organization best and will allow for the greatest potential. We believe Joseon will be a sandbox example for other nation-states to observe as we prove our hypothesis and end the longtime war between competing economic theories. We intend to enact further legislation in order to encourage and support continuing innovations of all kinds by companies that are domiciled in Joseon.

7.2 Blockchain Custodial Department

The standard Joseon Company smart contract provides the option to provide access to Joseon’s Blockchain Custodianship Defense (“BCD”). BCD has the authority to adjudicate and restore access to Joseon Company and Denizen information, assets and currency due to loss of keys or other unexpected circumstances such as a fire that destroys both the hardware wallet and its mnemonic backup phrase, which was carelessly stored in the same place. BCD will base its decisions on the production of evidence proving ownership identity and will be appealable.

7.3 The Mun Currency

The Joseon Blockchain introduces the Joseon Mun currency, which is the blockchain-based fiat currency of Joseon, giving birth to a legal national currency that also has the benefits of a cryptocurrency. Mun (in Hanja “文”) means “writing” which descriptively identifies the currency’s true nature, a written record on the ledger of the Joseon Blockchain. Mun (in Onmun “문”) is also the Korean word for “gateway” which is intended to represent a gateway to opportunity for individuals to better their lives and for the world to progress toward greater equality.

As the legal tender of Joseon, the Mun is uniquely positioned as the legal currency of a complete monetary system with the potential for global adoption. Due to advancements in internet and digital technology, a novel economic system is being introduced through the combination of Joseon, its business legislation in a sovereign jurisdiction, and the Mun currency. Interestingly, the objectives of Mun as a domestic currency are perfectly aligned with its objectives as a global currency as Joseon’s Denizenship is open to people of the world from any and all backgrounds and locations.

Traditionally, for an economic system to be considered complete, it must have a Pareto-efficient^[82] distribution of resources, services and goods and rely on a trusted means of exchange. Joseon’s global reach via the blockchain and the internet will ultimately allow for a greater flow of resources to all parts of the world and efficient allocation of resources throughout.

7.3.1 Mun Monetary Policy

Since the Mun is decentralized and permissionless, it should not be confused with a central bank digital currency (“CBDC”). The Mun must maintain a floating exchange rate with other currencies^[83] as free capital flow and an independent monetary policy are of the utmost importance to Joseon. If it becomes necessary, Joseon can and will defend its currency to the benefit of its Denizens and their businesses.

Joseon’s economic system provides two initial levers to influence demand for Mun – Transaction Fees and Business Registration Fees.

Joseon’s blockchain utilizes a Proof of Stake (“POS”) consensus mechanism whereby crypto-currency owners validate blockchain transactions based on their number of staked coins. Staking a cryptocurrency is a process that involves committing one’s crypto assets to support a blockchain network and confirm transactions, and by doing so receiving the transaction fees of said transactions. Joseon will be able to indirectly influence the demand for Mun by dynamically modifying the cost of these transaction fees.

Since a Joseon Denizen’s registration of a business within the jurisdiction will allow the individual to avail themselves of all the numerous benefits of Joseon’s security token infrastructure, enabling access to start-up friendly capital raising opportunities, demand for Mun is expected to be high. As such, Joseon’s latitude in setting the Registration Fee for businesses to domicile in Joseon will be another potential means of influencing demand for Mun.

7.3.2 Mun Supply and Allocation

There will be an initial amount of two trillion and four hundred billion Mun (2,400,000,000,000 Ⓜ) created. These Mun will be allocated as follows:

While there are currently no plans to issue more Mun, Joseon reserves the right as a sovereign nation to transparently issue more of its currency in the future.

7.4 Closing the Wealth Gap

7.4.1 Joseon is Truly Borderless

As Joseon is a cyber nation-state with Denizenship open to all, the economic system of Joseon will allow resources to flow where they are needed most – not just locally, but globally – as the borderless environment transforms foreign direct investments into, simply, direct investments.

As many investors seeking greater returns know, higher potential returns are generally to be found in lesser developed areas or less liquid markets. Due to Joseon’s global Denizenry and cyber jurisdiction, both entrepreneurs in less developed areas or less liquid markets and investors interested therein are more likely to connect than in the current global capital markets system which effectively control and hinder equitable access.

Thankfully, the internet and platforms such as Wikipedia, Tik-Tok and Instagram have begun to largely address any such previous information asymmetry within the world’s population. Due to vast technological advancements, the world is racing toward a global culture while the relatively antiquated political and economic structures trail such progress woefully. In fact, one of the most powerful nations in the world adopted a policy “which will permit (us) to maintain this position of disparity without positive detriment to (our) national security.”^[84] It is time for the world to have political and economic systems that are capable of not only keeping pace with global cultural changes, but rather support and accelerate them.

8. Partnership of Ministry of Patronage and Sovereign Wealth

The Ministry of Patronage has been formed with the purpose of administering and executing investments into qualified companies that domicile within Joseon. Understanding the potential pitfalls of government ownership of any company’s equity,^[85] Joseon will be self-restricted to making convertible debt^[86] investments into companies domiciled in Joseon. If a company is unable to satisfy its debt, Joseon will convert such debt into the equity of said company upon which the Ministry of Sovereign Wealth will assume control of the investment, and thereafter manage the investment with a mandate to maximize ROI with a secondary priority of divestment. This permutation will be our initial model but may be subject to change with the purpose of better achieving the goal of equality through entrepreneurship.

In the aftermath of all the societal and economic devastation suffered by Koreans in the last two centuries, a lack of unbiased opportunities relegated the majority of people to restarting their lives essentially from zero. Having suffered a generation of trauma, the people of the Korean Peninsula have continually pleaded for reparations to be paid by the hands^[87] of those responsible.^[88] However, the original perpetrators of the wrongs inflicted upon what was once the Joseon Empire and its people are no longer of this world, with most being deceased. In fact, victims and their descendants have even immigrated to the perpetrating nations.^[89], ^[90] As a result, awarding reparations to victims will cause harm to the compensators, as the compensators would not be the perpetrators that engaged in the original actions. More importantly, in order to effectuate the philosophy of putting people first, we must practice absolute pacifism. Despite the magnitude of the harm suffered by the Korean people, this case is no exception.

As part of its good offices mission to honor the descendants of the Joseon Empire, regardless of where they presently reside, the administration of Joseon has determined that half of a whole, due to the divide at the 38th parallel and tremendous losses incurred, or fifty-percent (50%) of investments made by the Ministries of Patronage and Sovereign Wealth will be made in Joseon Companies with credible and attractive business plans, and whose majority ownership is held by Denizens whose single physical shareholders pass a Korean language proficiency test, called “Gwageo” or “과거,” the name of the traditional test our predecessor state administered to provide access to upward mobility. This language proficiency is in honor of King Sejong’s efforts to increase opportunity through literacy in the Joseon Empire. The remaining fifty-percent (50%) of the investments made by the Ministries of Patronage and Sovereign Wealth will be made in Joseon Companies with credible and attractive business plans, regardless of ownership structure, proficiency with specific languages, specific descendancy or location thereof.

9. Closing Remarks

The integrity, security and safe-guarding features of the Joseon cyber dominion allows entrepreneurs and investors to confidently build and invest in business endeavors in which they wish to pursue and to freely participate in Joseon jurisdiction capital markets. Ultimately, Joseon is intended to be a meritocratic society rather than one where success is determined by nepotism or access to privileged individuals.

It should be clearly noted that as of this writing, Joseon is a cyber nation-state with limited economic activity. However, Joseon firmly believes that aggressively pursuing acts and legislation which address various impediments to the growth of entrepreneurship will result in a dramatic increase in businesses domiciled in Joseon. It is our hope that increased economic activity among the Joseon Denizenry will help to meaningfully close the wealth gap between the rich and poor.

The Denizens of and businesses domiciled in Joseon can rest assured that as additional acts of legislation are contemplated, developed and enacted, Joseon will maintain an absolute crypto-friendly^[91] and entrepreneur-friendly perspective.

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[2] Zaborszky, Pete. “An Interview with Private Internet Access Founder Andrew Lee.” Pro Privacy, August 21, 2013, https://proprivacy.com/privacy-news/an-interview-with-private-internet-access-founder-andrew-lee

[3] Lee, Andrew. “Why I Hired Mt. Gox ex-CEO Mark Karpeles as CTO of London Trust Media.” Privacy Online News, April 24, 2018, https://www.privateinternetaccess.com/blog/why-i-hired-mt-gox-ex-ceo-mark-karpeles-as-cto-of-london-trust-media/

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[5] Smith, Nicola. “Korea’s unexpected prince aims to be a kingmaker for startups.” The Sunday Telegraph, December 30, 2018, https://www.pressreader.com/uk/the-sunday-telegraph/20181230/281883004463900

[6] Srinivasan, Balaji. “The Network State.” 2022. https://www.amazon.com/dp/B09VPKZR3G.

[7] Griffis, W. (2015). Corea, the Hermit Nation (Cambridge Library Collection - East and South-East Asian History). Cambridge: Cambridge University Press. doi:10.1017/CBO9781316134443

[11] U.S. Government. "Expressing the sense of the Senate regarding the 125th anniversary of the 1882 Treaty of Peace, Amity, Commerce and Navigation between the Kingdom of Chosun (Korea) and the United States." https://www.govinfo.gov/content/pkg/BILLS-110sres279is/html/BILLS-110sres279is.htm

[12] Wilz, John Edward. “Did the United States Betray Korea in 1905?” Pacific Historical Review 54, no. 3 (1985): 243–70. https://doi.org/10.2307/3639632. Page 8.

[13] Wilz, John Edward. “Did the United States Betray Korea in 1905?” Pacific Historical Review 54, no. 3 (1985): 243–70. https://doi.org/10.2307/3639632. Page 14.

[14] Kim, Ki-Seok. “Emperor Gwangmu’s Diplomatic Struggles to Protect His Sovereignty before and after 1905.” https://kj.accesson.kr/assets/pdf/8120/journal-46-2-233.pdf

[17] This Treaty was neither endorsed or signed by the King and was eventually found to be null and void by the Treaty on Basic Relations of 1965 (see footnote 60).

[18] Wilz, John Edward. “Did the United States Betray Korea in 1905?” Pacific Historical Review 54, no. 3 (1985): 243–70. https://doi.org/10.2307/3639632. Page 20.

[19] Bradley, James. “The Imperial Cruise: A Secret History of Empire and War.” https://erenow.net/ww/the-imperial-cruise/12.php.

[20] Métraux, Daniel A. “George Kennan’s Influential 1905 Depiction of Korea as a ‘Degenerate State’ and Japan as its Gracious Savior.” 2016. https://asian.fiu.edu/projects-and-grants/japan-studies-review/journal-archive/volume-xx-2016/metraux-daniel-kennan-and-korea-for-jsr-2.pdf

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[25] Schnabel, James F., Chief Historian of the US Military. “UNITED STATES ARMY IN THE KOREAN WAR.” https://apps.dtic.mil/sti/pdfs/ADA353574.pdf. Page 20.

[26] Stueck, William and Yi, Boram. “‘An Alliance Forged in Blood’: The American Occupation of Korea, the Korean War, and the US–South Korean Alliance.” The Journal of Strategic Studies (2010) , 33:2, 177-209, DOI: 10.1080/01402391003590200. Page 183

[27] Wilz, John Edward. “United States Policy vis-a-vis Korea.” 1992. https://www.usafa.edu/app/uploads/Harmon35.pdf. Page 5.

[28] Rummel, R.J. “Statistics of Democide: Genocide and Mass Murder Since 1900.” Charlottesville, Virginia, Center for National Security Law, School of Law, University of Virginia, 1997; and Transaction Publishers, Rutgers University. Chapter 3.

[29] Jung, Chang-hyun. “Assassin of Kim Gu Had Links Both to U.S. and to Terror Unit.” Korea Joong Ang Daily https://koreajoongangdaily.joins.com/news/article/article.aspx?aid=1894423

[31] Kim, Hakjoon. “THE AMERICAN MILITARY GOVERNMENT IN SOUTH KOREA, 1945-1948: ITS FORMATION, POLICIES, AND LEGACIES.” Asian Perspective, vol. 12, no. 1, 1988, pp. 51–83. JSTOR, http://www.jstor.org/stable/42703907.

[33] Matray, James I. “Development Delayed: U.S. Economic Policy in Occupied Korea, 1945—1948.” The Journal of American-East Asian Relations, vol. 10, no. 1/2, 2001, pp. 29–52. JSTOR, http://www.jstor.org/stable/23613032.

[37] Wilz, John Edward. “United States Policy vis-a-vis Korea.” 1992. https://www.usafa.edu/app/uploads/Harmon35.pdf. Page 8.

[39] To be clear, this was the fifth complete rewrite of the Constitution of the Republic of Korea.

[40] Robertson, Jeffery S. “Anti-Americanism in South Korea and the Future of the U.S. Presence.” JOURNAL OF INTERNATIONAL AND AREA STUDIES Volume 9, Number 2, 2002, pp. 87-103.

[41] Botto, Kathryn. “Why Doesn’t South Korea Have Full Control Over Its Military?” Carnegie Endowment for International Peace. https://carnegieendowment.org/2019/08/21/why-doesn-t-south-korea-have-full-control-over-its-military-pub-79702

[42] Bandow, Doug. “South Korea: Forever Dependent on America.” Cato Institute. https://www.cato.org/commentary/south-korea-forever-dependent-america

[43] Robertson, Jeffery S. “Anti-Americanism in South Korea and the Future of the U.S. Presence.” JOURNAL OF INTERNATIONAL AND AREA STUDIES Volume 9, Number 2, 2002, pp. 87-103.

[44] Choe, Sang-Hun. “Ex-Prostitutes Say South Korea and U.S. Enabled Sex Trade Near Bases.” https://www.nytimes.com/2009/01/08/world/asia/08korea.html

[46] Sohn, Jie Ae. “Heat's on U.S. military in Korea, too.” CNN. http://edition.cnn.com/WORLD/9510/skorea_usforces/index.html

[47] Choe, Kil-song. “The Origins of the US Army’s Korean Comfort Women.” https://www.sdh-fact.com/book-article/597/

[48] Brown, Lee. “US serviceman in South Korea arrested for allegedly raping woman.” New York Post. 2020. https://nypost.com/2020/10/15/us-serviceman-in-south-korea-arrested-for-raping-woman/

[49] Kim, Gamel and Yoo, Kyong Chang. “US soldier accused of sexually assaulting woman in South Korea.” Stars and Stripes. 2017. https://www.stripes.com/theaters/us-soldier-accused-of-sexually-assaulting-woman-in-south-korea-1.455351

[50] Kim, Gamel and Yoo, Kyong Chang. “Crash involving US armored vehicle kills four South Koreans, prompts military to suspend training near northern range.” Stars and Stripes. 2020. https://www.stripes.com/theaters/asia_pacific/crash-involving-us-armored-vehicle-kills-four-south-koreans-prompts-military-to-suspend-training-near-northern-range-1.643265

[51] Jin, Myeong-seon. “Tenth anniversary of girls killed by US military armored vehicle.” Hankyoreh. 2012. https://english.hani.co.kr/arti/english_edition/e_international/537291.html

[52] Tertitski, Konstantin. “The Personal File of Jin Richeng (Kim Il-sung): New Information on the Early Years of the First Ruler of North Korea.” https://muse.jhu.edu/article/756413

[54] Kim, Joseph. “North Korea Should Not Repeat the 1990s Famine Response.” George W. Bush Institute. https://www.bushcenter.org/publications/north-korea-should-not-repeat-the-1990s-famine-response

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[56] House Hearing, 115 Congress. “ EMPTY THREAT OR SERIOUS DANGER: ASSESSING NORTH KOREA'S RISK TO THE HOMELAND.” https://www.govinfo.gov/content/pkg/CHRG-115hhrg28820/html/CHRG-115hhrg28820.htm

[57] Bush, George W. 43rd President of the USA. “Text of President Bush's 2002 State of the Union Address.” Washington Post. 2002. https://www.washingtonpost.com/wp-srv/onpolitics/transcripts/sou012902.htm

[58] “U.S. angers Koreans as reunification stalls; `axis of evil' rhetoric, Bush's pro-war policies blamed for chill in talks. (World)..” The Free Library. 2003 National Catholic Reporter 24 Feb. 2023 https://www.thefreelibrary.com/U.S.+angers+Koreans+as+reunification+stalls%3b+%60axis+of+evil%27+rhetoric%2c...-a098541111

[59] Schnabel, James F., Chief Historian of the US Military. “UNITED STATES ARMY IN THE KOREAN WAR.” https://apps.dtic.mil/sti/pdfs/ADA353574.pdf. Page 16.

[61] Ben-Porath, Sigal R. and Smith, Rogers M. “Introduction to Varieties of Sovereignty and Citizenship.” University of Pennsylvania, 2012, https://repository.upenn.edu/cgi/viewcontent.cgi?article=1413&context=gse_pubs

[63] Hughes, Eric. “The Cypherpunk Manifesto.” Activism.net, March 9, 1993, https://www.activism.net/cypherpunk/manifesto.html

[65] Tsagourias, N. “Law, borders and the territorialisation of cyberspace.” Indonesian Journal of International Law (2018), 18 (4). ISSN 1693-5594. Page 527.

[66] Tsagourias, N. “Law, borders and the territorialisation of cyberspace.” Indonesian Journal of International Law (2018), 18 (4). ISSN 1693-5594. Page 526.

[68] Onmun can generally be learned in less than an hour. It has also been called Hangul and Joseongul.

[71] Federal Deposit Insurance Corporation (FDIC). “2021 FDIC National Survey of Unbanked and Underbanked Households.” November 14, 2022, https://www.fdic.gov/analysis/household-survey/index.html

[72] Backman, Maurie. “The Percentage of Americans With Less Than $1,000 in Savings is Shocking.” The Motley Fool, December 1, 2020, https://www.fool.com/retirement/2019/12/18/the-percentage-of-americans-with-less-than-1000-in/

[73] Russo, Frank. “How Much Does the Average American Make in 2022?” First Republic Bank, December 7, 2022, https://www.firstrepublic.com/insights-education/how-much-does-the-average-american-make

[75] Lecuna, Antonio. “Income inequality and entrepreneurship, Economic Research-Ekonomska Istraživanja.” (2020), 33:1, 2269-2285, DOI: 10.1080/1331677X.2019.1663545

[76] Edwards, Chris. “Entrepreneurs and Regulations: Removing State and Local Barriers to New Businesses.” Cato Institute, May 5, 2021, https://www.cato.org/policy-analysis/entrepreneurs-regulations-removing-state-local-barriers-new-businesses

[77] Nakamoto, Satoshi. “Bitcoin: A Peer to Peer Electronic Cash System.” 2009, https://bitcoin.org/bitcoin.pdf

[79] Muradzikwa, Tinotenda. “A Look at How Asset Tokenization is Revolutionizing the Securities Market.” https://www.plugandplaytechcenter.com/resources/asset-tokenization-securities-market/

[81] OECD. "Glossary of Statistical Terms, Pareto Efficiency." January 3, 2002, https://stats.oecd.org/glossary/detail.asp?ID=3275

[82] OECD. “Glossary of Statistical Terms, Pareto Efficiency.” January 3, 2002, https://stats.oecd.org/glossary/detail.asp?ID=3275

[83] According to the Mundell-Fleming trilemma model, attempting to maintain a fixed exchange rate for Mun while pursuing both free capital flow and independent monetary policy is an impossibility.

[84] Kennan, George. 1st Director of Policy Planning, US Department of State. “Report by the Policy Planning Staff.” FOREIGN RELATIONS OF THE UNITED STATES, 1948, GENERAL; THE UNITED NATIONS, VOLUME I, PART 2. https://history.state.gov/historicaldocuments/frus1948v01p2/d4

[85] Kahan, Marcel and Rock, Edward B. "When the Government is the Controlling Shareholder." University of Pennsylvania, May 1, 2011, https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1315&context=faculty_scholarship

[87] Choe, Sang-Hun. “U.S. Massacre of Civilians in Korean War Described.” Washington Post. https://www.washingtonpost.com/wp-srv/inatl/daily/sept99/skorea30.htm

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[89] Min, Anaïs. “THE THIRD WAVE OF KOREAN IMMIGRATION IN THE UNITED STATES : IMMIGRATION PATTERNS. ( 1965 - RECENT ).” University of Gothenburg. https://canvas.gu.se/files/1490774/download?download_frd=1

[90] Moon, Rennie. “Koreans in Japan.” Stanford University. https://spice.fsi.stanford.edu/docs/koreans_in_japan

[92] World is defined as the totality of all space and time, all that is, has been and will be; it stems from the root Germanic proto words weraz (“man”) and aldiz (“age”). Thus, the “world” is the age of man or, more broadly, the domain of man.

Wikipedia. “World.” https://en.wikipedia.org/wiki/World

[93] Enlightenment is “a conscious and deliberate attempt by thinkers better to understand humanity—and the world in which humans live—in order to promote happiness.” – Ritchie Robertson.

From Robertson, Ritchie. “The Enlightenment: The Pursuit of Happiness, 1680-1790.”

Hankin James. “The Enlightenment’s How of Happiness.” https://lawliberty.org/book-review/the-enlightenments-how-of-happiness/

20% Joseon Government	The Joseon Government will continue to work for the benefit of its Denizenry and Joseon’s legacy. As such, 20% of the total coin supply will be held directly by the government for administering Joseon.
5% Joseon Officials	Joseon Government Officials have put in their time, resources and additional efforts, and will continue to do so long into the future. They will be allocated a total of 5% of the total coins in recognition of their immense contributions.
10% Coin Issuance	10% of the total Mun coins will be made available to Joseon Denizens to purchase for the use of commerce, investment into Joseon companies and Joseon business registrations.
65% Joseon Ministry of Patronage	The Joseon Ministry of Patronage will provide funding to companies domiciled in Joseon upon evaluation by both the Ministry of Patronage and the Ministry of Sovereign Wealth. Fifty-percent of these coins or approximately one-third of the total coin supply will be dedicated to companies with majority ownership by Denizens whose single physical shareholders pass a Korean language proficiency test. The other 50% of these coins will be dedicated to any and all companies domiciled in Joseon upon evaluation by both the Ministry of Patronage and the Ministry of Sovereign Wealth.