Headquartered in South Korea, ICON is a blockchain technology firm that acts as a platform where smart contracts and decentralized apps (dapps) are built on. ICON is here to solve real-life issues that plague the cryptocurrency space today.
The ICON blockchain is highly unique as it interlinks different blockchains together, forming a communication system. The bridge between fiat currency, cryptocurrency, and the real world might be removed one day due to the ICON project.
How Does ICON Work?
This cryptocurrency is uniquely designed. Once a dapp is set on the network, people are able to interact freely with other communities and dapps. This is the reason why this crypto is termed as a giant network which enables users to communicate automatically and instantly. To facilitate these interactions, the ICX token is used.
For instance, an insurance company can send payments to a car dealership on the network. Such a transaction would be overseen by the ICON Republic and the fee is paid in ICX.
The ICON network can interact with all the altcoins available in the market. This network of information can be accessed quickly and without compromising safety and privacy.
Loopchain
ICON looks like a natural evolution of the thriving blockchain ecosystem, as well as a solution to meet the needs of bridging disparate blockchain communities. Currently, their loopchain technology is being implemented in various industry communities which include capital markets, reputable institutions, university, healthcare, and insurance.
Using loopchain allows these communities to solve existing inefficiencies, as well as allow them to connect with each other and grow into different business areas.
ICON Communities
An ICON community is a single blockchain community with its own governing system. It uses Community Nodes (C-Nodes) to govern itself; each community is self-governing and operates independently from the ICON network.
There’s an elected Community Representative (C-Rep) for each community. C-Reps help connect their community to a wider network (called a Nexus), and they also handle matters within the ICON Republic, such as transaction verification. They are compensated with ICX tokens.
Apart from being a store of value, the ICX token has three primary functions. They can be used digitally to verify identifications through ICON blockchain ID, to exchange money or assets of value across multiple blockchains and as a vehicle for processing smart contracts.
Why Keep an Eye on ICON?
Quickly Gaining Adoption in South Korea
The success or failure of a cryptocurrency can depend on its acceptance in Asia, as China, Japan, and South Korea are the global leaders of the crypto market.
These days ICON, as a coin, is on the move. Several South Korean corporations have already adopted this coin. Because of such adoptions, investor interest will likely move towards this coin. Ultimately, the value of ICX will grow significantly as the technology and adoption continues.
Despite the fact that the overall market sentiment in crypto is neutral, the trading volume for ICX is already on the rise. This signifies that people are taking a keen interest in this coin.
The ICON Mainnet 1.0 Was Launched in January 2018
With the launch of its mainnet, ICON is a one step closer towards achieving their goal of hyper connecting the world. It’s now possible to develop dapps on ICON Network.
ICON’s first annual summit, The Genesis, was held in January as well. At the event, they shared updates on the mainnet as well as details on their roadmap. Other highlights include information on new dapps and partnerships for the project.
As of late, this cryptocurrency has been struggling with valuation, but when we look deeper into the technical aspects, it appears like things might turn around soon. With a market capitalization of just over $1 billion and a 24-hour trading volume of $52 million, this coin still sits at 22nd in the cryptocurrency ranking as it patiently sits to strike.
The Performance of ICX
The ICX token was launched in late 2017. At that time, it commanded a price of $0.40. The price of the coin had steadily risen to $7 by December 26, 2017 and on January 9, 2018, touched a high of $12.64 before the market started to cave in on itself.
Over the last several months, with the crypto markets trading down to sideways, ICON has tumbled down and is currently trading at a deep discount of $2.75 (at the time of writing). This could be a sweet spot for investors to scoop up the interlinking asset.
The Future of ICON
If ICON can stay on track, it could be the next big cryptocurrency. It’s likely that ICON could experience massive success as the interoperability of cryptocurrencies would create the “network effect,” which is a phenomenon where increased numbers of people or participants improve the value of a good or service.
Currently, each blockchain is operating as its own entity, without the ability to communicate with other blockchains. For example, you cannot move data from Ethereum to Stellar or vice versa. However, the ability for blockchains to connect with one another and create a “network effect” is not far away, and once it happens, everything will change — the ICON interlinking system could just the project to do it.
If the ICX token becomes the standard unit of exchange even for a single industry in the ICON Republic, then it would be unsurprising that ICX could gain huge value. If adopted by key South Korean sectors like hospitals, insurance carries, and other industries, then its potential will skyrocket and a considerable return may be closer than most expect.
Chris is the founder of training and research center CryptoInvestingInsider.com.
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