Review on ICON by Lanelle Journey

Name: ICON
Item: ICON
Rating: 5

September 18, 2018

ICON is similar to Ethereum in that it is providing technology that is new to…

ICON is similar to Ethereum in that it is providing technology that is new to the crypto-space; while it is something that is met with derision in today’s crypto landscape, a comparison to Ethereum is simply the most apt. Developers and project leaders will have a bevy of options in the future when choosing to implement their blockchain projects, ranging from Ethereum to Tezos and now even ICON, who will serve their platform with unique features such as the ones described above.
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Interoprability is also another hallmark feature of ICON. While competitors such as Ethereum (and their corresponding ERC-20 tokens) are capable of communicating with each other due to being on the same network, there can be a lot of problems that come with it, such as lag backing up the network, and the largely unrelated transactions of other ERC-20 projects that simply clog the chain as far as any individual project is concerned. With ICON, a nexus is created between as many blockchains as desired, and new ones can be created in similar fashion to creating a blockchain on ICON.
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Pros

ICON is a South Korean blockchain project aimed at blockchain inter-connectivity through the use of their ICON network and several new innovations with regards to the technical approach towards blockchain in general. To summarize, ICON wants to decentralize today’s various services such as transportation, finances, real estate, and digital signature verification. ICON will build the infrastructure and platform for these services by using their new “loopchain”, a technology aimed to create “nexuses” where separate blockchains running on ICON can communicate to each other.

Cons

ICON’s approach is rather unique in the sense that they will not be a platform for decentralized applications – rather, ICON is attempting to give further flexibility and customization options to a project by essentially creating an entirely new blockchain that runs on the ICON network. This solves several problems that currently plague competitors such as Ethereum – for example, if you needed a high throughput asset that could handle many transactions at once, you would be limited by the Ethereum network, while on ICON, you are much more free to choose things like transaction times/tx fees/etc.