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What is ICON?
Founded in May 2016 by Dayli Financial Group, a group that owns the Korean exchange Coinone, among others, ICONLOOP is a Tech company based in Seoul, South Korea.
The company specializes in the design and implementation of products with blockchain technology. Among other things, it has developed “loopchain” its own blockchain ecosystem on which it bases a wide range of services.
Most of its projects are private blockchain networks, i.e. blockchains built for professional customers, often private companies.
However, one of ICONLOOP’s projects is a network of public blockchains. ICONLOOP provides all the technical support to the project. The development of the project is supervised by the Swiss-based ICON Foundation and the ICON Council.
With the ICON project, the objective is to “hyperconnect” the planet by creating one of the largest decentralized networks in the world. To do this, the ICON team is building a huge platform that will allow several blockchains to interact with each other through smart contracts (icx price prediction).
Existing in parallel with what developers call the ICON Republic, these different communities will connect with each other using loopchain technology. ICX’s goal is to connect on a single network actors from finance, security, insurance, health, education, trade, etc.
The ICX token therefore acts as a link between all components of the ICON ecosystem. For the anecdote, the ICX is nicknamed the Korean Ethereum.
The ICON and ICX ecosystem
Through its loopchain platform, ICX connects an ecosystem of blockchain communities using its ICON Republic. As its name suggests, the functions of the ICON Republic are to govern a federation of other independent blockchains. The ICON Republic can be considered as the European Union and each European state as an ICON community.
Thus, communities are linked to the ICON Republic through community representatives (C-Reps) who connect to the Nexus: the loopchain blockchain that is located at the ICON Republic level. C-Reps interact with the Nexus and therefore by extension with other communities across the ICON Republic. Blockchains that use ICON can exchange their currencies using the project’s internal decentralized exchange platform (DEX).
- The development team is probably the largest in operation at the moment. In addition, they are still looking to recruit names in each of the fields in which they operate.
- Many partnerships are already concluded and some are already operational.
- The system of communities, C-Reps, Republic, voting, etc. is original and innovative.
- The token has real use and is important for operating various crucial points of the ICON Republic.
- A blockchain tries to unify all the others by linking different blockchains each evolving in a specific field.
- The sauce already seems to have taken well in South Korea and the project is starting to expand to Japan. Therefore, other governments and countries may also start using ICON (ICX).
- The token was at the ICO an ERC-20 token. Now it’s a token with its own blockchain.
- The project is complex to understand for a beginner. It is probably one of the most complicated to master in the world of cryptocurrencies (safemoon price prediction 2030).
- They have had several delays compared to the dates set to achieve the objectives set out in their whitepaper.
- In 2018, the ICX token lost up to 95% of its value, which means that investors may have lost confidence in the project.