About ICON (ICX)
Ever active in matters crypto, South Korea has again given rise to a blockchain project in ICON. A different and unique blockchain construct, ICON is aimed at generating or rather servicing an inevitably huge scale ecosystem.
In allowing various blockchain platforms to connect, ICON enters the cryptosphere as a huge enabler both for existing businesses and other entities, as well as for developers. Now individual projects built at universities or banks, hospitals and other private blockchain projects can share information via the ICON project.
Acting as a bridge between any public or private blockchain – think Bitcoin, Ethereum, Neo and also the WHO, national government institutions and massive concerns like academic hospitals – ICON has a very specific focus. In a nutshell, what makes the ICON altcoin unique is its “Loop Fault Tolerant” consensus algorithm.
An online ledger that eliminates intermediaries, the project lacks the individual limitations of almost all other digital currencies to transact across platforms in many meaningful ways. As opposed to isolating protocols, ICON seeks to become a friend to all, seamlessly providing comms between any blockchain platform so far developed.
ICON Coin Technical Pros And Cons
Decidedly a different cryptocurrency and utility coin all in one, a very different set of blockchain protocols are at play in the project build. Employing a proprietary LFT algorithm enables the coin to flit happily across platforms as users desire. Although dedicated coders have nitpicked at some aspects of the altcoins protocols, the fundamental aim has been successfully met by building with LFT.
The Loop Fault Tolerance algorithm employed by the project is essentially an improved Byzantine Fault Tolerance (BFT) algorithm that enables far faster transaction speeds. It also concludes transactions with almost random autonomy across nodes and eliminating the possibility of forks emerging from within the network.
Since blockchain consensus is the primary input into transaction speeds, by employing a better, faster protocol, ICON users enjoy much quicker transacting and it also opens the door to a host of potential app development.
By creating a group among trusted nodes, the LFT protocol marries various consensus protocols by empowering the nodes to determine vote numbers. A part of the build is the virtually complete independence of communities that the company sees as essential to build the potentially infinite cryptosphere.
Although the white paper exudes a globalist ethos, the reality is that the project is rather a system of highly autonomous communities, and each community can determine its own rules and protocols, including its own consensus algorithm.
An immediate benefit of the coin is apparent in these times of regulatory inspection, as it allows participants in different countries with often differing laws and other regulations to transact freely. The decentralized ICON Republic blockchain employs a token (ICX) that allows almost any development to be as private or constantly shared as users desire.
Third party dapps for broad or entirely targeted deployment are also enabled by the project, and the coin is also not needed within active communities. The token is employed only when communities interact with each other or ICON Republic, when they interact with a dapp, or when dapps interact with one another.
Where Did ICON Begin?
ICON began when Theloop began partnering with certain key financial institutions, pitching its services of authentication and settlement systems that eliminated intermediaries. The company also offered trading systems with real-time trade matching.
Loopchain was already established as a reputable supplier of automated settlement and other solutions to the insurance industry. A divergent yet wholly symbiotic project, Theloop released ICON almost two years ago, billed as a distributed ledger providing industry-specific blockchain solutions.
Ultimately owned by the Dayli Financial Group, a large South Korean fintech company that has interests in various industries, ICON has enjoyed corporate backing. interestingly, Dayli is also the owner of Coinone, one of the biggest South Korean crypto exchanges. That ICON thus has easy access to a large exchange, where Bitcoin, Ethereum and others are traded makes the addition of the token likely to contribute to the coin’s popularity.
Korean investors remain extremely enthusiastic and active in the cryptosphere, accounting for between 20 and 40 percent of the global volume each year. South Koreans have a national bent towards seeing cryptocurrencies as investment assets rather than as currencies or payment solutions.
ICON’s Future Bright
ICON also runs a ICX-focused decentralized exchange (DEX) that sees ICX paired and traded. In a move that is reminiscent of backed cryptocurrencies, the ICON DEX also maintains currency reserves for individual ICON blockchain communities so that they can exchange real-time value via the ICON Republic. This establishes a further gateway through which ICON’s communities can connect with the ICON Republic.
ICON’s DEX has a core focus on currency value and transfer. All blockchain projects connected to the ICON Republic can trade and transact freely across the platform. Employing AI, the exchange sets exchange rates that govern transactions. The ICON coin (ICX) is used as an intermediary currency on the exchange, utilized in trading pairs.
With South Korea boasting the world’ 11th largest economy and ranked in the top five Information and Communication Technologies (ICT) counties, the fundamental platform of ICON is finding fertile home ground and user numbers have been climbing as the project becomes known. Adding the word “local” to “cryptocurrency” makes for a popular coin in Asia overall, but China and South Korea have always led the locally enthusiastic crowd.
ICON ICX Conclusion
Hard-capped at 150,000 ETH, the token’s ICO was successful although not extravagant, raising over $40 million. The ICO issued 50 percent of the total token supply, with the remainder being allocated to the development team, various partners and the foundation itself. Viewed as a going concern, the project has a remarkably high number of dedicated developers, employing around 30 designers and engineers who continue to optimize the project.
Unashamedly ambitious, seeking to “hyperconnect” the world, ICON aims at becoming one of the biggest if not the absolutely biggest blockchain in the world. Positioned with partnerships that include Coinone and Ripple, the company has the benefit of the financial clout to make these dreams come true.
It is obligatory for any startup to be wildly enthusiastic about changing the world. The difference with ICON is that it has come through a process of corporate planning and budgeting, and is thus a highly respectable token that has a voice investors can hear and understand. Technical fundis have complained about ICON’s employment of the Bancor protocol in its smart contracts. The Bancor protocol has long been known to contain a flawed pricing equation.
Through a convoluted chain, fluctuations in the price of Ether can impact ICX users. By virtue of the flawed Bancor protocol deployment in the build, contracts can become suddenly more valuable than ICX itself, so theoretically all humans and bots will sell the coins back to the contract, eliminating coins en masse.
That said, the developers have defended their build as essentially to facilitate overarching imperatives. With loads of top-tier connections and solid corporate backing, ICON is a project that should fly into the future, trading particularly on a strong local support base.