As cryptocurrency and blockchain technology are becoming increasingly commonplace, several projects are at the forefront of integrating this revolutionary technology into economies, markets and industries around the world. As international conglomerates, financial institutions and national governments begin to incorporate blockchains, it is likely that this merger will only grow.
ICON (ICX), a South Korea project to "hyperconnect the world", is one of those cryptocurrencies that has already been adopted in a number of major industries. To date, ICON's infrastructure is currently used by a number of banks, hospitals, universities, insurance providers and investment firms throughout South Korea.
ICX is a new project whose mainnet was launched last week, January 24th. Until recently, exactly what ICX was doing was unclear. However, on January 30, the ICON white paper was released, and it left readers stunned and extremely optimistic about the future of this cryptocurrency.
What the white paper says
Essentially, the ICON framework is a blockchain of blockchains. In the ICX ecosystem, communities such as universities, hospitals or banks can create their own blockchains. Each blockchain running under ICX, while independent of each other, connects to the overall system of the ICX blockchain. ICX invented the "ICON Nexus", using specific nodes that act as links between individual blockchains and the Nexus.
Each community blockchain is independent of each other, but all communicate with the same global Nexus blockchain.
All this is made possible thanks to the loopchain technology incorporated by ICON. With the loop chain, community created custom block chains can be created through a multi-channel, individualized approach through the use of smart contracts to meet the exact needs of each community's speed and utility. This is a very powerful blockchain implementation with near-instant transactions of up to 9,000 transactions per second (GST), according to the white paper.
An example of the community blockchain currently used by South Korean hospitals, where each participant acts as a node and exchange relevant information defined by the specialized intelligent contract.
ICON differentiates itself from its competitors by the realities and capacities of its network. While many other projects plan to develop their technology for widespread and widespread use, and others are also considering penetrating a number of major industries, only ICON provides a blockchain protocol that is already scalable for global adoption and is currently used by a number of institutions, companies and industries.
As current ICON users expand their networks and the use of cryptocurrency, it is likely that other industries and businesses will follow suit. While ICON may appear to have a huge valuation with a market capitalization of 2.7 billion dollars, the potential of this currency suggests that its future market capitalization could easily compete with that of the best competitors such as NEO or Ethereum (ETH) . At current prices, ICX's market capitalization would require more than 3,000% growth to match Ethereum's market capitalization.