ICONX Wiki ▷ What is ICX? Crypto currency & more!
In this article we explain what ICON is, how it tries to connect the world and give you our opinion on the project. As always, Bitcoin-News.One advises caution before making any crypto-currency investments, and we encourage you to do your own research.
Blockchain is one of the most promising technologies since the invention of the Internet. More and more companies and governments are using the technology. However, there are two challenges that the technology must overcome in order to be useful and globally distributed:
- Our current centralized systems do not allow for the effectiveness of the block chain.
- App developers build on different blockchains. A connection to let these different blockchains communicate with each other is missing.
The ICON project is concerned with improving connectivity between different block chains. This should make the use of block chains easier and enable companies to continue using this technology.
The idea of ICX is to build a network of different blockchains for different industries. Industries such as insurance, capital markets, universities and hospitals all have their own industry blockchains in the ICON network and can store and transmit relevant data. ICON's connectivity enables these industries to communicate with other industry blockchains in the network. This means that the hospital block chain could communicate with the insurance company. When it comes to a health insurance claim, such a connection would be extremely useful.
Although ICX is a decentralized network, it aims to break down the barriers of the centralized world. Isn't it absurd that somewhere in the world an investor is unable to trade stocks in real time together with a US investor? ICON wants to break through these boundaries and create a network that is not limited by national borders or rules of centralized powers.
What are the connections that ICON wants to make?
There are many amazing crypto projects, but many of them are built on different blockchains. Decentralized developer application platforms like EOS and Ethereum are currently unable to communicate with each other. This means that a decentralized application based on EOS cannot communicate with an application based on Ethereum. ICON aims to change this and enable these different blockchains to communicate with each other. The amazing thing is that all block chains connected to the ICON network continue to work with their own systems and rules.
There are also ambitious crypto projects like Steem that connect the crypto world with the real world. Steem has succeeded in achieving this with social media. However, there are many other industries that are currently experiencing problems, and ICX wants to help overcome these problems and connect the crypto world with the real world.
The ICON network creates different blockchains for different industries and allows them to connect to each other. Through ICX, these different industries will be able to communicate with each other, and this system should promote further block chain acceptance and business benefits.
Different industries have their own block chains and can communicate with each other via a smart contract with the help of ICON.
In addition, ICX enables the development of applications based on the ICON network, which means that further crypto projects can be started in the ICON network.
What is the purpose of the ICX currency in the ICON system?
The ICON currency has important application purposes in the ICON system:
- It is a transfer currency for transactions on the network. For example, if a user sends Bitcoin and the recipient wants Ethereum, then the transaction will work like this: Bitcoin > ICX > Ethereum.
- ICX is used to pay transaction fees on the ICON network.
- The coin is used by decentralized applications based on the ICON network.
These last two use cases are exactly the same as Ethereum in their network. This is why many specialists refer to ICON as the "Ethereum of Korea".
What industries does ICON want to connect?
The idea is that each industry should have its own block chain in the ICON network. This includes industries such as banking, e-commerce, hospitals, insurance, universities, securities and more. Each industry almost never works independently and therefore it is necessary to transfer data or services to organizations in other industries. The ICON network makes this possible due to the technology of the block chain, in a single system.
At present, for example, the health care sector mainly acts and communicates with other organisations in the same industry. However, there may be a patient who needs insurance coverage. This requires the healthcare system to transfer data to an insurance company. On ICON, the two sectors and their block chains can communicate with each other and automate an insurance claim.
There are almost endless scenarios in which the ICON system can add value and connect different companies and industries.
How else can the ICX system help companies?
The ICON network offers many features that are very attractive to companies and help promote the institutional adoption of block chain technology. These include:
Block chain ID card: Allows various industries at ICON to verify ID cards for individuals. For example, if you need to verify your identity with a healthcare provider, the ICON network can connect the healthcare provider to the payer and verify your identity. Over time, normal people will build their ID cards (by verifying service providers). This ID card can then be passed on to different industries in the ICON system.
Blockchain ID cards can be truly revolutionary. Imagine that, if you were part of the educational block chain (i.e. you are studying), a company on the e-commerce block chain can now verify that you are really a student. An intelligent use of this information could be to send you student discounts.
Decentralized exchange: You can transfer, withdraw and exchange currencies in real time on the exchange. This is particularly useful for integrating banks, securities, insurance companies and a variety of other industries.
Artificial intelligence: Most block chain platforms do not support artificial intelligence. ICON supports AI and has its own artificial intelligence solution called DAVinCI.
Scalable: ICON connects not only to traditional blockchains like Ethereum, but also to other blockchains that are connected to the real world. This opens up almost unlimited business opportunities.
The ICX Team
The ICON project is a very ambitious project that aims to solve a real problem. A lot has been written in the media about how great block chain technology can be. However, at the moment there are still many problems in the real world that prevent the idea of the block chain from being useful. ICX solves these problems and therefore it could be one of the most influential crypto projects. The key to ICON's success is the team. This is just a short summary (to do justice to the team, we could have written a full article about it):
- 8 Advisors: These include key crypto professionals such as Paul Veradittakit, who is a partner at Pantera Capital. Jason Best advises ICON and was named one of the top 10 most influential people in crowdfunding by Forbes.com.
- ICON Foundation Council: 6 members. Min Kim is CEO of ICON and DAYLI Financial Group, which is one of the largest FinTech companies in South Korea. Min's business relationships have resulted in many real partnerships with Korean educational institutions, hospitals and financial institutions.
- Blockchain development department: 19 members.
- Blockchain Business Team: 11 members.
- Artificial intelligence team: 8 members.
- Design, communication and security: 8 additional team members.
ICX has one of the largest teams in the field of crypto currency. It is clear that they have already scaled up and begun to make good use of their ICO crowdfunding efforts. We recommend that you take a closer look at the team members themselves.
The future of ICX
ICON is already among the top 20 crypto currency projects. Given the scale of their ambitions and the team that supports them, it is perhaps surprising that they do not have a larger market capitalization. The success of the project depends heavily on the number of companies using the ICON network. It will also be interesting to see how the project develops outside Korea and whether it can build a truly global system.
ICX strives to solve perhaps the biggest problem in the block chain area. It is generally reported that the block chain technology is being enthusiastically received by many large companies. ICON is a project that can certainly increase the adoption of the technology in companies.
The ICO from ICON
The ICX ICO took place on 20 September 2017 with the aim of raising $42.8 million. The ICO was quickly achieved, although investors from China, Singapore and the USA were excluded from participation. The strong support for the ICON project continued after the ICO and the crypto currency is now an established top 20 crypto currency.
Should I invest in ICX?
- ICON understands that a great vision requires a large, experienced team. You have one of the largest and most impressive teams in the crypto field.
- In traditional companies there is a great demand for block chain technology. ICX solves the problems that prevent this company takeover. For this reason Bitcoin-News.one believes that ICX can become one of the most successful crypto currencies.
- Artificial intelligence is taken incredibly seriously by companies. The fact that ICX supports AI is a massive bonus.
- ICON can essentially do what Ethereum can do and more. Many call it the Ethereum of Korea.
- For the ICON system to be truly valuable, it requires a large number of industries to interact with the ICON network. The idea is fantastic, but it remains to be seen whether this vision can be implemented properly.
- There are other crypto projects that try to solve the block chain connection problem. ICX is still in its infancy and it is quite possible that the project will be taken over by a competitor.
How do you trade ICON Coins?
To best explain how to trade the ICX coin we have written an eToro guide for you. However, if you prefer the Platform Plus500 for trading you can also read our Plus 500 guide. In both articles you will find valuable information.
ICON is a super ambitious project that tries to connect the world via a hyperlink. The ability to let different blockchains communicate with each other is a really fascinating technology. It is the technology that should significantly increase the acceptance of the block chain in companies.
ICON is also a member of the Interoperability Alliance, along with Aion and Wanchain. Joint research between these three top 100 crypto projects should help accelerate growth.
The ICON system is still very young and takes time to incorporate traditional companies. It remains to be seen whether the project can meet its high standards. Bitcoin-News.one remains optimistic about this project and will certainly follow it closely in the coming months and years.