In an environment overloaded with business leaders performing magic tricks to pump their inept project’s prices, tweeting countdowns and giveaways, announcing a new frivolous partnership every day, ICON (ICX) is effortlessly showing their sober business project, and convincing us, with clarity and using only a few words, that they are exceptionally run by adults. That’s what they’ve just done again with this announcement. They, of course, update their followers about what’s important that’s happening with their project eventually, but they will never shove it your face to make it seem more important than it really is. You can see their list of functioning dApps, partnerships and everything else they think is smart to make public on their Medium. Their goal is to create a powerful tool, not a phenomenon, and that’s what they’re effectively doing.
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InvestInBlockchain.com deservedly rated them #2 on the top 5 cryptocurrencies to watch in May list, praising their strategic partnerships, like the one with Kyber Network (a very powerful partnership, the kind we wish we saw more in other blockchain platforms; with this they can integrate Kyber’s token conversion system to ICON’s inter-blockchain network) and scalability functions.
Their key partnerships provide distinct, real-world use-cases. Korea Financial Investment Association (KOFIA) is the single self-regulatory organization for the South Korean financial industry. Their partner with KOFIA means that every institution associated with them has ICON’s Chain ID enabled, which allows them to share certificates generated by the blockchain technology with each other without the need of a central authority. Without going into detail, they have partnerships with insurance and healthcare services (all major hospital in Seoul announced that they are going to connect to ICON’s network; their healthcare system already makes use of a blockchain tool which is to be included in the ICON environment), universities, business, and dApps developed in their system.
Introduction to the ICON Platform
For those who are not familiar with the blockchain platform, they just launched their Mainnet at the beginning of this year. Regarded as “the internet of blockchains” (if the World Wide Web connects several clients around the world, ICON wants to (hyper)connect several blockchains – and any other kind of automated system to each other). For this to work, they have to be connected to the Nexus, using the loopchain, which is ICON’s native blockchain technology developed by their team, but each connected “community” can independently adopt their own governance and authentication mechanisms. Representants from the communities (which can, for example, be a community of Credit Score Calculation companies) will elect a representative (or more than one) to set up the governance, verification of transactions and how and when interaction with the Nexus happens.
The Nexus Is also community governed, where elected individuals (voted by “citizens”, which are every node on the chain) can tune many aspects of the network, unlike most other Blockchain platforms, where those decisions are centralized.
By doing this, ICON can integrate the potential that every blockchain operation has to offer, and maybe finally allow the overall society to see themselves interacting with real-world blockchain-powered solutions, many of them providing powerful features by themselves but which can expand their action exponentially if they eventually join the World Wide Web of Blockchains.
ICX as an investment
By acting like professionals should do instead of going for the hype path, their team prove themselves as serious, committed businesspeople. Additionally, they are organizing a team to work on transparency issues, so they can perfectly tune what they should and what they shouldn’t be sharing.
ICX is already the #20 coin in market cap, so, despite their being very discreet, they are nothing new to the market, already making an impact both financially and with real-world use-cases.
As to whether one should invest in the coin, it can be said that it’s a solid asset by now, particularly accredited by their investors (and that almost doubled its price since the beginning of April). Compared to other cryptocurrencies, ICON’s soberer and less flashy aspect makes it potentially less likely to fluctuate compared to the showy ones, like TRON. One thing we can predict is that ICON’s platform adoption will happen a bit sooner than the others, as it’s already happening. This usually means good things in relation to the coin’s appreciation, but, at the end of the day, ICX is just a tool to make ICON work, not a plain cryptocurrency.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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