ICON Review: Beginners guide
ICON (ICX): A blockchain-unification platform
Industry type: Decentralised applications.
What is ICON?
ICON is a Korean-based decentralised applications (dApp) network that is built to ‘hyperconnect the world’ and serve as an intermediary between different blockchains and the applications built upon them. Through ICON, different industries such as e-commerce, banks, universities, securities, and hospitals can exchange fast and frictionless data despite their differing governance and disparate networks.
What gives it value?
- It connects blockchain networks together.
- dApp developers can service users and industries simultaneously.
- It has unique and innovative technology.
- It is one of the largest blockchain networks in the world.
- Its core technology is called Loopchain, which is a blockchain built to communicate with other blockchains and provide real-time transactions between enterprises through the use of smart contracts built on reliable environments (SCORE) and blockchain signature infrastructure (BSI).
- The Loop Fault Tolerance consensus algorithm is used by the Loopchain to create consensus on the network faster than other common consensus algorithms.
- Nexus is the central platform that each participating blockchain is connected too. It acts as an indirect-democracy where representatives of each blockchain cast votes and propose policies for the parent-network. It is similar to the internet, as a ‘network of networks’ it grants independent governance to different blockchains and provides mutual connections when needed.
- A proof of stake algorithm allows ICX token holders to stake their tokens to earn a passive income as well as vote for representatives that will in turn vote for network decisions on their behalf.
- ChainID is the world’s first blockchain-based joint authentication service based on ICON’s Loopchain to build a better digital identification system.
- Jay Park is the Chief Technology Officer for ICON. Park has developed software for eye examination equipment, A.I.-based smart factories, and Korean cable television. Jay leads the development of coupling blockchain with artificial technology at ICON.
- Henry Hyunil Lee leads ICON’s global business and is responsible for its global strategy, investor relations, and partnerships. Lee previously worked at J.P. Morgan and the Deutsche Bank in investment banking.
- Sunghwan Kim is the A.I. department leader for ICON. Kim has over 10 years experience in data analysis and development with embedded systems, IoT, autonomous vehicles, and simulation systems.
- Top-tier insurance companies have launched an automated insurance-claiming service using Loopchain.
- Japan’s largest social media messaging app, Line, is working with ICON on a project called Unchain, for its 200 million users to interact with the blockchain
- Samsung is working with ICON on its new identity management project ‘Samsung Pass’.
- TRIVE VC is creating an ICON-focused curriculum at TRIVE’s programming schools in Southeast Asia.
- DAYLI Intelligence provides an artificial intelligence solution for the ICON network to establish optimal distribution policies.
ICON Review: The Good
- It is scalable and built to accommodate mass adoption.
- It works seamlessly with other third-party blockchain networks.
- It has strong institutional support.
- It has a large expert team.
- It has its own mainnet and working products.
ICON Review: The Not So Good
- It has a lot of competitors in interoperability networks including Aion, Interledger, and Ark.
- It is restricted by Korean regulations.
- For all of its achievements, it is still young and in development.
- The Deblock project will work on the ICON network to develop over 300 new projects on the blockchain during the course of 3 years.
In my opinion, despite the legal restrictions imposed by the South Korean government, ICON has the strong foundations needed to potentially become a successful project. However, as it is still developing and has notable competition, only time will only tell how well it will really perform.
The current ICON price, market cap and charts.
Where to buy:
Where to store this crypto:
Hardware wallet: www.bitgear.com.au
Desktop wallet: https://icon.foundation/contents/icx/iconex?lang=en
Mobile wallet: https://icon.foundation/contents/icx/iconex?lang=en
Aion (AION) – A multi-chain network.
Wanchain (WAN) – Cross-blockchain network.
Ark (ARK) – An interoperable blockchain network.