What is ICON?
The ICON Project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. It's goal is to hyperconnect the world.
ICON intends to be a community of communities or a blockchain of blockchains. ICON will provide all necessary infrastructure so that communities can form on their own blockchain while still being able to communicate and transact with other communities or blockchains. For example, you might have an insurance blockchain and a medical blockchain. When you go to the doctor, your doctor not only needs to access your data on the medical blockchain, but he also needs to communicate with the insurance blockchain to verify your health insurance.
Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds, or blockchain multiverse.
It is South Korea's first ICO, a region which has been investing a lot of money in the cryptocurrency market in recent times.
ICON already has a functioning product and is already working with many companies and institutions (security firms, hospitals, universities and banks). So it already has adoption prior to the ICO, something we do not see very often.
What happened with today's ICO Pre-Sale?
The ICO Pre-Sale started today (Sep 20) at 1 PM (UTC+9) which was midnight EDT. The ICO target was 150000 ETH which totals to 3.75 million tokens at a rate of 1 ETH equals 2500 ICX tokens. That means that 1 token equals 0.0004 ETH. The ICO Pre-Sale was very successful as it hit its target after about 5 and a half hours.
Unfortunately I was not able to participate in the ICO, because I missed it by a few minutes. I logged in at about 5 and a half hours into the ICO. I then saw that there were still tokens available. I entered the data to buy the tokens. Then I opened my Ethereum wallet, which took about 2-3 minutes. Once I was all set to send the Ethereum, I saw that no more tokens were available.
The official token sale will launch on October 20th. I hope I will be able to acquire some tokens then.