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In this article we will explain what ICON is, how it tries to connect the world and give you our opinion on the project. As always advises Bitcoin News.One caution before making cryptocurrency investments and we encourage you to do your own research.
What is ICON?
Blockchain is one of the most promising technologies since the invention of the Internet. More and more companies and governments are adopting the technology. However, there are two challenges that technology must overcome in order to be useful and widespread worldwide:
- Our current centralized systems do not allow the connectivity of the blockchain.
- App developers build on various blockchains. There is no connection to allow these different blockchains to communicate with one another.
The ICON project is about improving connectivity between different blockchains. This should make the use of blockchain 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 save and transfer relevant data. ICON's connectivity enables these industries to communicate with other industry blockchains on the network. This means that the hospitals' blockchain could communicate with the insurance company. When it comes to health insurance, such a link would be extremely useful.
Although ICX is a decentralized network, it aims to break the boundaries of the centralized world. Isn't it absurd that an investor anywhere in the world would not be able to trade stocks in real time with a US investor? ICON wants to overcome these boundaries and create a network that is not restricted by national borders or rules of centralized powers.
What are the connections ICON wants to make?
There are many amazing crypto projects out there, but many of them are built on different blockchains. Decentralized developer application platforms such as EOS and Ethereum currently cannot communicate with each other. This means that a decentralized application based on EOS cannot communicate with an Ethereum based application. ICON aims to change that and enable these different blockchains to communicate with each other. The amazing thing is that all the blockchains connected to the ICON network continue to function with their own systems and regulations.
There are also ambitious crypto projects like Steemthat connect the crypto world with the real world. Steem managed to achieve this using social media. However, there are many other industries that are still struggling at the moment, and ICX aims to help overcome those issues and connect the crypto world to the real world.
The ICON network creates different blockchains for different industries and enables them to connect to each other. Through ICX, these different industries will be able to communicate with each other, and this system should encourage further blockchain adoption and business advantage.
Different industries have their own blockchains and, with the help of ICON, can use a Smart Contract communicate with each other.
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 uses in the ICON system:
- It is a transfer currency for network transactions. For example, if a user sends Bitcoin and the recipient wants Ethereum, then the transaction will go 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 on their network. For this reason, many specialists refer to ICON as the "Ethereum of Korea".
Which industries does ICON want to connect?
The idea is that every industry should have their own blockchain on the ICON network. This includes industries like banking, e-commerce, hospitals, insurance, universities, securities, and more. Each industry almost never works independently and therefore transferring data or services to organizations in other industries is necessary. The ICON network enables this thanks to the technology of the blockchain, in a single system.
For example, the healthcare sector currently operates and communicates mainly with other organizations in the same industry. However, there may be a patient who needs an insurance claim. This requires healthcare providers to submit data to an insurance company. On ICON, the two sectors and their blockchains 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 blockchain technology. This includes:
Blockchain identity card: Enables various industries on ICON to verify identity 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 payor and verify your identity. Over time, normal people will build up their ID cards (through verification from service providers). This identity card can then be passed on to various industries in the ICON system.
Blockchain ID cards can really be revolutionary. Imagine that if you were part of the education blockchain (i.e. you are studying), a company on the ecommerce blockchain can now verify that you are really a student. Smart 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 banking, securities, insurance, and a variety of other industries.
Artificial intelligence: Most blockchain platforms do not support artificial intelligence. ICON supports AI and has its own solution for artificial intelligence called DAVinCI.
Scalable: ICON not only connects to traditional blockchains like Ethereum, but also 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. Much has been written in the media about how great blockchain technology can be. However, at the moment there are still many problems in the real world that prevent the idea of blockchain from being useful. ICX solves these problems and therefore it could be one of the most influential crypto projects out there. The key to ICON's success is the team. This is just a quick summary (to do the team justice we could have written an entire article about it):
- 8 consultants: This includes key people in the crypto space like Paul Veradittakit, who is a partner at Pantera Capital. Jason Best advises ICON and was supported by Forbes.com named one of the top 10 most influential people in crowdfunding.
- ICON Foundation Council: 6 members. Min Kim is the CEO of ICON and the 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 other team members.
ICX has one of the largest teams in the cryptocurrency space. It is clear that they have already scaled up and started their ICO-Crowdfunding measures to be used sensibly. We encourage you to take a closer look at the team members yourself.
The future of ICX
ICON is already among the top 20 cryptocurrency projects. Given the scale of their ambitions and the team that supports them, it may be surprising that they don't have a larger market cap. 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 of Korea and whether it can build a truly global system.
ICX is committed to solving perhaps the biggest problem in the blockchain space. It is widely reported that blockchain 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 ICX ICO was held on September 20, 2017 with the aim of raising $ 42,8 million. The ICO was hit quickly, although investors from China, Singapore and the US were barred from participating. The strong support for the ICON project continued after the ICO and the cryptocurrency is now an established top 20 cryptocurrency.
Should I Invest in ICX?
- ICON understands that a big vision requires a large, experienced team. They have one of the largest and most impressive teams in the crypto space.
- There is a great need for blockchain technology in traditional companies. ICX solves the problems that prevent this corporate takeover. Because of this, Bitcoin-News.one believes that ICX can become one of the most successful cryptocurrencies.
- Companies take artificial intelligence incredibly seriously. The fact that ICX supports AI is a massive bonus.
- ICON can essentially do what Ethereum can and more. Many refer to it as the Ethereum of Korea.
- In order for the ICON system to be truly valuable, it takes 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 properly implemented.
- There are other crypto projects trying to solve the blockchain connectivity problem. ICX is still in its infancy and it is entirely possible that the project will be taken over by a competitor.
How do you trade ICON coins?
In order to explain to you as best as possible how to trade the ICX-Coin, we have one eToro guide for you written. However, if you prefer to trade the Platform Plus500, you can also use our Plus 500 instructions read through. You can find valuable information in both articles.
ICON is a super ambitious project that tries to connect the world via a hyperlink. The ability to have different blockchains communicate with each other is a really fascinating technology. It is the technology that should significantly increase the adoption of blockchain in companies.
ICON is also a member of Interoperability Alliance, along with Aion and Wanchain. The joint research between these three top 100 crypto projects should help accelerate its growth.
The ICON system is still very young and takes time to include 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 surely follow it closely for the next months and years.