ICON does not dally with communicating its aim to “hyperconnect” the world. Right off the bat, the abstract in their whitepaper informs the reader of ICON’s attempts to overcome the challenges of our data-heavy world through the power of blockchains.
The company likes to use the medical and insurance sectors as examples of the practical value of ICON. When an individual visits the hospital for medical services and wishes for the treatment to be covered by his insurance, a hospital on the ICON network can send the patient’s details associated with the blockchain ID to the insurance provider, who is also on the ICON network. This transaction will occur using ICON tokens, ICX.
For all its pizazz, ICON is primarily a decentralized applications platform with the additional feature of interlinking various blockchains. It is a direct competitor to coins like Ethereum and NEO, though it has a more inclusive nature.
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