This is a big and really interesting project. They are a decentralised network that wants to connect blockchains with different governance (very similar to AION).
So you have a bunch of different blockchains doing different things around the world, and ICON wants to sit in the middle and be the thing that lets them all communicate with each other. It will allow them to trade information & transactions etc.
ICON have ties to South Korean fintech and blockchain tech companies, which gives them experience in these worlds. ICON was released as and Ethereum ERC20 token back in 2017, but then they later launched their own Main net on the 24th January 2018.
It is based on loopchain, a propriety blockchain tech created and deployed BY the loop. LFT (Loop Fault Tolerance) is a new consensus algorithm, kinda similar to NEO's PBFT algorithm but with a few tweeks that they say is better for their use case.
So what are the use cases for ICX?
It can be an intermediary cryptocurrency within their whole blockchain network. You can use it within DApps built on the ICON platform, or for ICOs, kinda like using Ethereum to buy ERC20 ICOs and NEO for NEO ICOs.
Why do I like this project?
It is an infrastructure level project in this crypto world, which in my opinion are the real winners in this space because they are solving problems that need to be solved, as long as the crypto world exists.
They have signed many partnerships, including banking, healthcare, insurance, universities etc. I won't list them all, just take a look at their website, they have loads!
You may keep seeing the worlds 'Blockchain Interoperability Alliance' in news articles or in interviews, and ICON created this. It involves two other projects, AION and WAN, they are not competing against them, they are trying to work with them to create an industry wide standard and help each other grow and be used, so that whole crypto world can benefit from this interoperability.
ICON get a lot of national support, because they were the first home-grown project in Korea, kinda like NEO, that has a lot of support from China. Korea is a country that has a lot of retail interest in crypto, so…you do the maths.
Dramas:
Like a lot of other projects, they had a delay in their Main net launch, and they were not updating their token holders with what was going on. This reminds me of SALT, they need to communicate with what the f is going on.
They do have some strong competition in the space:
AION
ARK
COSMOS
INTERLEDGER
POLKADOT
So ICON, with all its promises, has a lot of work in front of it to rise above the rest and dominate the space.
The ICO ban in Korea has created a lot of uncertainty, and although long term Korea is likely to be great for crypto, in the short and mid term there is still a lot of uncertainly that can squash its full potential.
ALL IN ALL, I LOVE THE PROJECT. A COUPLE OF OTHER WELL KNOWN INVESTORS IN THIS PROJECT INCLUDE DAN MOREHEAD OF PANTERA CAPITAL AND MIKE NOVOGRATZ OF GALAXY DIGITAL.
Prices:
Currently ranked number #40 in market cap.
The current ICON price $0.29 is a 97.54% decrease from it's all time high price 11 months ago.
ICON's highest price was $12.04 this was achieved on Wednesday, January 10th 2018.
I will be topping up on my ICX tokens very soon, I just think this RIDICULOUS sell-off has further to go.
DISCLAIMER: This post is not financial advice. This is just my opinions. I am not responsible for any investment decisions you make.
I have also not plagiarised any content, it is all my own unless I use quotes.
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