1 Level
11 Review
7 Karma
Review on ICON by Tran Tinh
It is imperative to see cryptocurrencies not as money, but as tools – tools…
It is imperative to see cryptocurrencies not as money, but as tools – tools that facilitate certain use cases which are bolstered by the natural advantages of the blockchain. Cryptocurrencies are programmable protocols that can be customized to suit any number of needs. This is the brilliance behind a platform like Ethereum, which many other coins have taken inspiration from.
Given the ability of blockchain to work across a variety of industries, it would be logical to have a platform on which we could link data and payment services between these different industries. Rather than having to use cash or traditional digital banking, which can be cumbersome, to facilitate operations between, let’s say, the medical and insurance industries, we could have the blockchain do it for us on a single platform.
Pros
- ICX is a smart contracts platform, allowing varying blockchains to share value via its decentralised exchange, or DEX. This can be thought of as a specific implementation of Ethereum’s smart contracts feature. The advantage here is that with its own main net, a host of new features can be implemented that would not have been feasible on the Ethereum blockchain.
Cons
- The ICON ecosystem is still very young and needs time to onboard traditional businesses into their framework.
