Connect with us

ICON- Project that belongs in the leagues of Ethereum and NEO

ICON project has been surprisingly under the radar for some time now.  This became evident when Bloomberg reporter asks Pantera’s CEO during an interview “what is ICON?”

While there are 100s of articles explaining what ICON is, QRIP group being a big fan of ICON, it made logical sense for us to write a comprehensive review on ICON.

What makes ICON different?

ICON is the blockchain platform developed by theloop. Unlike other blockchain platforms, ICON does not want to compete or replace any existing blockchain technology.  Rather, ICON aims to build a network of blockchains with ICON platform acting as connecting link.

There are no conditions or rules imposed on other blockchains to use ICON’s native currency, ICX.  Projects are free to use whatever medium of cryptocurrency they want to use.  ICON wants to be the facilitator of an unbroken and widely spread out blockchain ecosystem that not only connects various blockchain technologies but also connects various industries.

To learn about ICON and why it is a big deal in the crypto space, we have to understand various aspects.

i) ICON Team and advisors

ii) Existing partnerships and collaborations

iii) Interoperability Alliance

iv) ICONex wallet

v) ICONest – ICO Platform

vi) DeBlock – An Incubator program that aims to launch (and support) 300 new DApps on ICON network

vii) ICONick

viii) IISS (ICON Incentive Scoring System)

Let us dissect each aspect in detail to understand ICON better.

i) ICON Team

From the get go, ICON team has been talk of the crypto-space.  Until ICON introduced their ICO, crypto-space was used to 3 to 5 member projects.  ICON is different.   They have dedicated teams of blockchain developers, blockchain department for businesses, AI specialists, design, communications and security.

What sets this team apart from any other big team is that they were already working on blockchain for businesses for 2 years before getting into ICO.

NEO ICON team

NEO ICON

Their advisory group is made up of Dan Tapscott and others.  Dan Tapscott is a visionary and author of Blockchain Revolution.  Dan’s son, Alex, is the founder of AION blockchain project which is part of interoperability alliance (we will discuss that later).

The strength of the ICON team, advisory board and their connections have helped them form strategic partnerships and this is key to ensuring the success of ICON and blockchain technology itself.  

ii) Existing partnerships and collaborations

ICON has one of the most impressive line-up of partnerships and collaborations.

  1. Korea Financial Investment Association (KOFIA), a network of 26 financial institutions with theloop as exclusive technology partner
  2. SBI-Ripple Asia, a joint venture between Ripple and SBI Holdings to facilitate cross-border transactions
  3. Woori bank, which plans to facilitate Govt. issued digital currency for Korea
  4. Kyobo Life Insurance to facilitate automatic insurance payouts on the blockchain
  5. HealthCare consortium with major hospitals including University Medical Center, Severance Hospital and Gacheon University Gil Medical Center
  6. U-Coin (University Coin) with Korea University, Sogang University and Sohang University of Science and Technology
  7. Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, cryptocurrency, and crypto assets.
  8. Kenetic Capital is an Hong Kong-based investor in online and offline blockchain communities since 2014. Fosters growth of innovative blockchain business models
  9. Token as a service (taas) is the last-generation tokenized closed-end fund actively contributing to the development of the blockchain ecosystem
  10. Coinsilium provides seed capital to developers of blockchain technology and fintech businesses. Coinsilium engages in partnerships with industry leaders in the smart contract and token space
  11. CM Crypto Capital (CMCC) is one of the leading blockchain focused investment funds with presence in Hong Kong and Toronto
  12. Mind Fund is a venture capital company that was established to provide hands on support and investment to entrepreneurs and innovators at all stages of their development from Start-up to an Initial Public Offering
  13. Hashed is a network of South Korean blockchain industry professionals; partnership of engineers, investors, attorneys, and business developers
  14. Crypto Bazaar is one of the largest blockchain communties in Russian-speaking countries (top blockchain developers, largest events, industry media network, venture crypto fund investing in ICOs)
  15. MOU between theloop & Cyberdigm and Raonsecure
  16. MME is a professional business advisory firm for Swiss legal and tax issues
  17. MOU with E4Net.net, a company with 20 years experience in banking and card companies space
  18. Partnership with Japan’s first crypto fund B-Cryptos which is backed by B Dash Venture Capital and Japan’s leading crypto exchange Quoine.

If above list seems long, you will notice that it does not cover all from looking at this picture summary (Spec-Rationility creation, check their site for a great overview).

NEO ICON Blockchain platform

Apart from above, ICON has also entered into MOU with AD4th and Nonghyup Bank.  Most importantly ICON entered into a strategic partnership with Kyber Network “to closely work together to help employ scalable protocol of KyberNetwork’s token exchange services and interconnect with other blockchains participating in the ICON network.”

Ironically, two collaborations (E4net and B-Cryptos) were announced during the time we were putting this article together.  That is just a testament at the speed at which ICON is spreading its wings.

iii)  Interoperability Alliance

ICON wants to be the blockchain network of blockchains of the world.  It cannot achieve this goal without help.  Forming interoperability alliance with AION and Wanchain, both successful in their own right, was part of giving shape to the long-term goals of ICON project.

AION will form the connecting bridge between blockchains with a focus on Western world while Wanchain will help transfer of digital assets across multiple blockchain platforms.

As there is no restriction or condition to using ICON currency, Wanchain will help transfer digital assets across multiple blockchain platforms that form part of ICON network.

iv) ICONex wallet

“ICONex is ICON’s Wallet supporting ICX and various cryptocurrencies.  ICONex boasts faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI.”

ICON has set aside tokens specifically for the use of ICON’s DEx platform.  DEx are going to be vital part of crypto space in future to facilitate trust and security.

v) ICONest – ICO Platform

ICONest is the ICO platform of ICON project which provides platform to launch your own DApp projects.  The platform boasts features like whitelist, refund/unlock and contribution cap.  The first DApp, Blue Whale, is launching on ICONest and allows for users to participate in the ICO using ICON and Ethereum.

Below ICOs are already confirmed:

  • Sentinel Protocol:   Sentinel Protocol can be described as security intelligence platform for blockchain (SIPB), this includes a wide variety of security features, from anti-theft, malformed transaction prevention, unknown threat prevention, transaction traceability etc.
  • Blue Whale: Blue Whale is building a decentralized ecosystem for the sharing economy on the blockchain, tackling several key downsides of traditional sharing economy.
  • SmileGate Stove: SmileGate’s objective is to develop timeless-classic games that can be enjoyed by any generation and to continually expand our business to allow greater audience to experience all that Smilegate has to offer.
  • Tink: is a an application that lets your friends add credence to your social profile.
  • Silk Road: is a platform that supports transparent history  management and purchasing by reforming the semiconductor supply chain and SCM into a blockchain-based decentralized system.
  • UPPSALA: is a Security Intelligence Platform for Blockchain (SIPB) which aims to overcome the disadvantage of decentralization by turning it into an advantage of security.
  • AD4th: is a decentralized advertising platform with real-time P2P reward system.

In addition, Nucleus Vision that facilitates IoT based contactless identification system for retailers and customers has also joined forces with ICON.

As more and more DApps are built on ICON, we will see synergies that will propel the demand for ICON tokens and its technology.

Check their platform view, it is just as simple as it is beautiful.

vi) DeBlock – An Incubator program that aims to launch (and support) 300 new DApps on ICON network

ICON and AD4TH  joined hands to form the DeBlock.  Deblock’s mission is to discover and nurture entrepreneurs and great talent. Deblock supports various projects to develop new breeds of decentralized applications running on ICON. Deblock’s entrepreneurs will get full support from ICON Foundation to co-build global-scale projects.

vii) ICONick

ICONick is a convenient ‘wallet ID’ used in the ICON network.  Use your own unique nickname to replace the long and complicated default wallet address to conveniently transfer or exchange ICX.

Article Begins

You may be surprised to see that the article actually begins after so much scrolling.  Yes, it reflects just how big ICON is (and will be in future).  It took us this long just to describe what ICON has accomplished so far since it’s ICO that happened only 7 months back.

Do not just skim through that paragraph.  Read it again.

  • ICONs team is amazing.
  • ICONs partnerships are outstanding.
  • ICONs interoperability alliance speaks of long term vision.
  • ICONs ICO platform is going to change the landscape, initially in South Korea and then elsewhere in the days to come.
  • ICONs DeBlock initiative is going to create a wave of innovations and crazy ideas taking shape in real world which will help boost a new wave of jobs in the blockchain industry and wide range acceptance of ICON platform.

Perhaps, ICONs greatest strength doesn’t lie in its strengths at all.  It is in its humble approach to the market.  They could declare that they are the greatest blockchain companies with real world business blockchains currently running (which is true) and try to capture the market that way.  But the path they have chosen is the one that not only enables ICON for wide acceptance but it also helps other blockchain projects and thus enabling the adoption of blockchain technology in the mainstream.

Price action

Crypto space is at its infancy.  People still fall for ‘promise’ rather than ‘execution’.  For example, right at this time there are projects that promise 700,000 to million or more transactions per second (TPS).  TPS is the current buzz word in crypto space.

What good is TPS going to do if you have zero business connections? Zero adoption?  Zero long-term vision?  And a below average team to execute on the project?

If you google alternatives to ‘word processor’ you will find many options, some better than MS Word but we all know what businesses use.  It is a similar story with blockchain platforms.  You might have million TPS and lightning speed, but if there is no business adoption of the said technology, you will eventually be wiped out.

Reason for this is simple, running a business is very hard.  Creating hype on the other hand is very easy, in the short-term.

Because people in crypto space are still learning the difference between a high that comes from short-term hype to long-term success, ICON has been lagging in price action compared to its more hyped purported competition.

As the title of this article suggests, ICON will be in the leagues of Ethereum and NEO.  It took Ethereum good number of years before it broke the ceiling.   NEO was a similar story.

When more and more partnerships ensue, ICOs start launching on ICON platform, more exchange additions (Bittrex/Quoine, etc.) take place, DeBlock projects start taking shape and more blockchains join the alliance of interoperability and when South Korea realizes the potential of its own home grown mammoth, these events, in no particular order, are going to act as catalyst in pushing ICON into top 10 space of market cap.

We are confident that before the end of this year, ICON will break its own all-time highs and set new records.

Future of ICON

If ICON forges ahead like the way they have been so far, there is no stopping their success.  We will be watching ICON closely, and you should too if you are interested in a quality project that has potential to be around in the next decade.

Update 1: May 10th: MOU with aSSIST, this furthers the nexus of ICON in the Universities (education industry) space

Update 2: May 11th: “MOU with Samsung Electronics to incorporate CHAIN ID in Samsung’s ‘Samsung Pass’ service.”

Whitepaper: https://icon.foundation/resources/whitepaper/ICON-Whitepaper-EN-Draft.pdf

Buy upto price: Available at QRIP.  Access FB group to view.

The HODL period:  Available at QRIP.  Access FB group to view.

Anticipated gains: Available at QRIP. Access FB group to view.

CryptoTapas is an initiative of creators of QRIP group.  QRIP group is FREE to join.

Do your own research before investing. Crypto space is very volatile, don’t invest more than what you can afford to lose.  Opinion, not an advice.

Stay in touch with us at: | |

Sources:

NOTE: We have borrowed some of the descriptions of projects from official sources. All sources are included below.

https://icon.foundation/contents/team/partners?lang=en

https://medium.com/helloiconworld/icon-partners-with-kybernetwork-a135e91af327

https://medium.com/helloiconworld/icon-annual-summit-the-genesis-a-quick-summary-448d3e5d7016

http://spec-rationality.com/icon/

http://dapps.icon.support/

http://www.deblock.co.kr/

https://icon.foundation/contents/icon/iconick?lang=en

 

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

TRENDING