The ICON coin has enjoyed a lot of positive attention lately, and has also enjoyed a lot of price growth – enough to lift itself to be the 21st-most-valuable cryptocurrency on the planet and amassing a $1.4 billion market cap. Sure, this coin may have plummeted in value over the past month or so, but so did any other coin worth any consideration. Now that it looks like the ending of the recent horrifying market crash is getting closer, this digital currency is worth a good, hard look.
What is the ICON coin all about?
This is a young coin, as it has only been trading since the end of October. ICON (ICX) is a pretty wide-scale, long-term project that hopes to bring different aspects of modern society and different blockchain technologies together into a single ecosystem. This project was started by a consortium of South Korean fintech startups called Dayli Financial Group.
ICON is laying the groundwork for an internet of blockchains; integrating existing societies into a decentralised world. To understand this network of networks effect we look at ICON's nuclear communities & constituent elements @helloiconworld @minhokim https://t.co/SfoOr0tDbi pic.twitter.com/hhSfpokaCw
— SpecR (@SpecRationality) January 27, 2018
The project is focused on what the founders call “hyperconnectivity,” and its goal is to build an ecosystem that allows different institutions (like governmental departments, universities, banks, etc.) interact and trade with each other – minus middlemen to complete transactions. Moreover, it is seeking to act as synergy among the different blockchain out there.
With this final product, we will be able to interact with Ethereum (ETH), NEO (NEO) and Stellar (XLM) all in one platform – while being able to trade back and forth among the different currencies.
ICON (ICX) is still in its early phases
Keep in mind that this system is still a work in progress. For example, the foundation behind the ICON coin just barely announced what the very first decentralized application (dApp) will be to launch on the platform:
Uppsala Foundation, the team behind Sentinel Protocol attended ICON Annual Summit in Seoul and made a presentation. Indeed, Sentinel Protocol is ICON's first dapp. https://t.co/Ds6g5Gdh1C
— Sentinel (@s_protocol) February 4, 2018
It’s called the Sentinel Protocol, and they just gave a speech at the first ICON (ICX) Annual Summit, which was just held in Seoul, South Korea last week.
— Min (@minhokim) February 1, 2018
Check out this foundation’s website for yourself to see what kind of technology they are developing. It’s a bit complex, but it is really interesting how they are already developing on the complicated links between their five core sectors: Securities, Insurance, Banking, Education and Healthcare.
More banking and insurance partnerships are sure to be lined up in 2018.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.