It is not a secret that we are a fan of the ICON project. We have been following this project closely since their ICO. You can catch our ICO review, ICON Staking update, detailed project review and top projects to pay attention for 2019 by following the links.
A lot has happened since our last update on ICON. In this article, we will catch all the hot stuff going on with ICON.
First of all, ICON and Loop (the parent company) have sent a clear message to the community as to the seriousness around the ICON project by merging the company name into one, ICONLoop.
HOTTEST of all
Only those businesses that adapt survive. ICONs addition of Security Token Offerings (STOs) and use of Stable Coins in their roadmap to facilitate STOs (and other services) is a testament to their nimbleness.
Both STOs and Stable Coins are in the research and designing phase, which is timely as we believe STOs are going to explode in the crypto space in 2019.
As we have talked earlier, STOs are going to be massive, much bigger than ICOs ever dreamed of. Projects that stay rigid to only accommodate traditional crypto transactions will be wiped out. ICONs move to study and facilitate STOs is a great step at being a relevant player in 2019 and forward.
Gearing up the ‘ICON staking’
ICONists have been waiting for the staking reward updates for a long time. ICONLOOP recently released the Yellow Paper where they talked about how the icon staking system will work.
While the actual icon staking rates are to be determined, ICON has hinted a similar methodology to that of Federal Reserve system, where icon staking rates will be higher at the beginning to encourage onboarding and early adoption. Once the network stabilizes, staking rates are going to be reduced to encourage spending.
More details will be released soon.
It’s raining collaborations
Since our last update in May 2018, ICON has been busy forging new partnerships to make its mission of hyper-connecting the world a reality.
ICONLoop won the Korean Minister of Science and ICT Award for its work in the Blockchain space in Korea.
ICON Station announced a partnership with Tribe Accelerator in Singapore, first ever to be backed by Enterprise Singapore.
ICON made it clear from the beginning that for grassroots adoption and development, students play a key role. It had partnered with Universities in Korea to bring about awareness about Blockchain in students. It also launched a course about Blockchain in collaboration with POSTECH GSIT.
ICONLOOP launched its Development Network on Amazon Web Services (AWS) to facilitate developers to run ICON Blockchain Network through AWS platform.
MOUs continue to emerge with ICON. An MOU has been forged between ICON and SK Planet, ICON and W Foundation, ICONLOOP and Kyobo Life Insurance, ICON and Deloitte, ICON and aSSIST Business School.
Strategic Partnership has been entered between ICON and Bodhi, ICON and Carboneum, ICON and Trive. ICON and CertiK entered into a strategic partnership to test and verify the security standards on ICON network using CertiK smart contract audit services.
Of course, everyone following the ICON project knows about the joint venture with LINE.
Marketing, it’s gotten great
Only fake businesses bolster about being perfect. Genuine companies admit what’s wrong and take steps to fix them. ICONLOOP has taken the high road of admitting that their marketing and communication sucked and has taken measures to rectify it.
Some may say it overcorrected, but that’s not a bad thing. At one point it was overwhelming to keep up with all the updates coming at us.
No Price speculations here
Even the best companies in the Blockchain and Crypto space have made the mistake of talking about price and ranking speculations.
Not an ICON.
We have never heard the ICON team talk about price or ranking speculations. They are just busy ploughing through what needs to be done to make ICON truly a world-class organization in the Blockchain space.
While no one knows where the prices will land – we think as a company ICON will go farther and longer than most companies in the Blockchain space.
Covering extensive ground
ICONLOOP’s partnerships have been strategic, covering extensive ground across multiple industries. For instance, MOU with Smilegate in the gaming ecosystem. Joint Venture with LINE to tap the 200 million online users to use crypto through messaging. W Foundation MOU to encourage not-for-profit side of things.
Universities and education to bring awareness and grass root adoption of Blockchain technology on ICONLOOP platform.
Kyobo to cover the Insurance/health sector.
Raonsecure MOU to cover the Biometrics and Digital identity space, which we know will be a huge game changer facilitated by Blockchain technology.
The list goes on.
Every single Partnership, MOU, Joint Venture is gearing toward covering extensive ground for grassroots adoption of Blockchain technology, more importantly, adoption of ICON platform to hyper-connect the world of Blockchains.
A lot to look forward
We wish ICONists and ICONLOOP a very Happy New Year and exciting adventure as we enter 2019. We are eager to see what’s in store for ICON including STO platform launch.
Thank you for reading this article.
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Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.
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About the author
RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.
RK Reddy is an ardent fan of Blockchain and Cryptocurrencies. You can see the excitement about this new technology in every article on Cryptotapas.com. Sometimes this excitement leads to an overly optimistic view. Guilty as charged. RK Reddy says “what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to a similar frame of reference.” Of course, that is just his opinion.