Review on ICON by Arun Kaul

Name: ICON
Item: ICON
Rating: 4

June 16, 2019

Connecting Crypto To Real World - Icon

ICON is one of the most promising cryptocurrency projects in the blockchain sphere. 
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Interoperable blockchain and smart contract aside, this project is backed by a very strong team of blockchain developers, managers, artificial intelligence specialists, and other valuable talents.

If you didn’t know, ICON is owned by Dayli, a fintech company valued at $4 billion and serves over 40 financial organizations. Dayli also owns Coinone (a widely known cryptocurrency exchange platform).

ICON already has a ready-made market as well as backing from Coinone and Dayli. If you desire to support a blockchain with a promising future, then this one would be it.
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ICON’s goal is to “Hyperconnect the world.” It does that by allowing its blockchain to interact with Bitcoin (BTC) and Ethereums. 
Other competing projects that have higher market caps than ICON ICX seem to be falling behind when it comes to enterprise adoption.
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Unlike Bitcoin, Ethereum and other projects that operate on POW, POS, and DPOS, ICON consensus are attained through a blockchain protocol termed BFT.
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Pros

Icon allows different blockchains connecting to one another through their protocol.
Use of AI to ensure all nodes contributing to ICON Republic/platform are rewarded fairly and not to have certain powers over distribution policies.
ICON will integrate different DEX protocols on their platform to facilitate exchange of ICX and other future ICON platform currencies.
ICON is started by a Korean fintech company Dayli Financial Group which currently valued $ 4 billion.
ICON has developed its own blockchain protocol called LFT (Loop Fault Tolerance)

Cons

There is always potential that ICON might not be able to follow through with their plans of bridging other blockchains in the future. This might easily be because a lack of developers/engineers on ICON or other blockchain teams or simply because other projects don’t share the same vision.
ICX is tied to ETH so when ETH goes up, people may crash ICX to take profits. This happens a lot in the crypto world so this con isn’t something unique. However, since there are more trading pairs now, this risk is mitigated.