- ICON Cryptocurrency – ICX
- This could be huge.
- Paradigm fund
- ICON Token
- About ICON
- ICON Statistics
- ICON Team
- ICON Verdict
- Growth Potential
- ICON $ICX CryptoCurrency Price Analysis
- Cryptocurrency ICX Claims Forbes and Bloomberg as Two New Partners
- Investment Details
- ICO Analysis: ICON (ICX)
ICON Cryptocurrency – ICX
ICON is another project that aims to interlink various blockchains, and allow for transactions to be hyperconnected between said blockchains. This is the primary purpose of it, but it can serve other purposes, including identity verification through the blockchain and payment rails.
ICON will be one more effort at making the blockchain as easy as possible for new people coming in, and we believe there is no shortage of room for such projects.
From the top, we like the presentation of ICON, we think it will probably be an interesting offering over time. Nevertheless, it requires an intrepid investigation before we can say whether something is worth investing in or not.
ICON is inspired by Gilles Deleuze and Felix Guattari’s rhizome –“the world with no center point and the world where any point is a mere connection to other points.” ICON is a connector of disparate cryptocurrencies with different blockchain governances, and furthermore, a connector of the crypto world to our real world.
ICON embraces the new and the unfamiliar,the principle of radical inclusion –accept new ideas and decisions made by the new republic established by ever-changing crypto-to-real world connections.
There will be five components of the ICON network:
- Community Node (C-Node)
- Community Representative (C-Rep)
- ICON Republic
- Citizen Node
All of these elements will work together to enable essentially seamless use of the blockchain.
In practice this will mean that in some cases, people will have no knowledge or need of knowledge of which blockchain they’re actually interacting with.
The ICON Project began with the goal to enrich our everyday lives through “connection”. The history of mankind’s technological innovation is related to our history of connection.
The creation of postal service made it possible to connect each other’s thoughts without having to physically meet. Telephones made it possible to connect each other in real time regardless of the distance, and wireless communication added freedom of mobility.
This could be huge.
And with the advent of the Internet, real-time connection to everything, not just people, has become possible anywhere in the world. Despite these breakthrough innovations, today’s level of connection is still not perfect. With the ICON Project, we are now moving closer to a more seamless connection.
A lot of complex terminology is used in the whitepaper, but what it adds up to is a form of atomic cross-chain blockchain interactivity with some added benefits.
As a side benefit to this functionality, blockchain identification across chains would also be possible. This is an interesting offering, and may prove to have some utility regardless of the rest of the project.
ICON Republic is supported by loopchain.
ICON Republic is designed to connect various communities both in the real world and crypto world, so that it adopts the consensus algorithm that allows real-time transaction processing.
ICON Republic has governance which is different from that of each community, and operates on LFT (Loop Fault Tolerance) consensus algorithm.
Some cursory research revealed that Loopchain is a “high-performance blockchain” which:
[blockquote] supports quick, fork-less consensus through LFT,Loop Fault Tolerance , which supports BFT, Byzantine Fault Tolerance. In addition, faster consensus becomes possible by putting multiple nodes with mutual trust into one group based on LFT.
It is also possible to freely set the number of votes allocated for such group/node, which allows the establishment of various consensus system.
ICON uses a Bancor-like function to guarantee the liquidity of transactions:
DEX sets currency reservesto provide exchange ratio in Community and ICON Republic in order to facilitate exchange values in real time based on that ratio. When it comes to the connection of Community that cannot reach a consensus in real time (e.g.
Bitcoin, Ethereum, and Ethereum-based Cryptocurrency), the agreement within ICON Republic issuspended until consensus is completed.
ICON is far from the first project to seek to do what it is doing, but as we’ve said multiple times in this column, we believe there is room for many projects to flourish in the blockchain revolution.
So while Chainlink may perform some of the same functions that ICON could be, and others may perform all of the functions of both in the future, we think they’ll all do just fine in spite of each other.
The token will be called ICX and it will be one of many that can be transacted in the system.
If the reader is interested in the detailed complexities of the ecosystem, they’ll have to consult the whitepaper themselves. This analysis is meant to assess the potential profitability of investing in this token and ICO.
Token holders who actively participate in the ICON system will be able to earn more tokens as a reward for more participation.
The token will be necessary to perform various types of transactions within the network, like most of the token schemes that will work. The work required to actually earn more tokens may be more than most traders would be willing to invest, so we then must calculate on the actual base demand for the tokens.
About 50% of 400,230,000 ICX will be released to the public, with 16% held in reserve and another 34% being distributed among the team.
We don’t like both the high distribution for a highly technical concept as well as the high number of tokens held back. Additionally, we feel that a target of roughly 150,000 Ethereum is not very high.
150,000 / 200,115,000 = around .00075 Ether per token to start with. This means that the savvy trader would have to time his exit perfectly to safely trade here. We’re not sure it will work out for anyone, but we can see the token’s potential growth.
We think there is a great deal of learning involved in full network participation, and that this can be a problem.
One thing that ICON has going for it is a large team, and a wide range of advisors, presumably each with a range of connections which will be helpful in getting the technology out into the world.
A predominantly Asian team, product development is lead by YG Lim, whose biography says he is working on a number of other blockchain projects as well.
We think that what ICON’s team lacks in name recognition, it makes up for in numbers.
We think they’ll be able to carry it off, and that more talent will be attracted to the technically large ambitions of the project.
Ultimately, we think that big ideas like ICON will have to fund somehow, but that later developments will be crucial to actually generating demand for the token. We think that tokenization is, however, perfectly suited for this type of technology, and applaud their apt development of a high performance blockchain that interacts with the Ethereum blockchain.
We’ve seen other efforts come about, and we’d like to see more.
The better the technology that underpins the blockchains of the future, the more likely we are to prosper as a whole.
- For average investors, we see a lot of risk in holding this token, primarily because it will have no use to you without having someone to sell it to.
- We worry that the technology aspect of this project may yet be undercooked. -1
- The high supply of this token doesn’t help much – a lot of companies will be needing to use the blockchain services offered in order to generate real demand here.
- When this thing takes off, we think it will get big. So while probably not great in the short term, we think a long-term proposition here, and in spaces like it, would likely pay off. +3
- Developers will be interested in ways to build cross-chain applications, especially as more tokenized systems come to fruition on various platforms.
ICON $ICX CryptoCurrency Price Analysis
We foresee a future in which the base layer doesn’t matter – we can see more operations like AdEx, which intends to work on both NEO and Ethereum – happening. We think that as more platforms are built on Ethereum, newer platforms will in turn offer access to them from others. We think that this type of technology will lay the groundwork for such developments.
Cryptocurrency ICX Claims Forbes and Bloomberg as Two New Partners
- If a few large companies have interest in building on this platform, they’ll gobble up large amounts of the tokens in order to ensure they have a stable price to base operations from. +2
- When the general momentum for blockchain picks back up, highly technical projects like this will benefit just by nature of being blockchain-related.
We come to a 5 on ICON. We think you can make money if you pay close attention, and that you can earn tokens if you’re of a mind to invest the time.
But ultimately, we think this one will need some runway to fully mature and realize the full value of the token. Demand from firms that want to integrate with the ICON’s various functions, which are many and at first hard to understand, will have to develop before the token’s value will be too high – but an ICO rate of around .00075 Eth makes it a tempting play.
A pre-sale will open up on Sep.
20 at 13:00UTC at https://m.icon.foundation/en
ICO Analysis: ICON (ICX)
Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors.
He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link