Review on ICON by Serina Cravens

Name: ICON
Item: ICON
Rating: 5

September 18, 2018

ICON's Global Appeal No institution would willingly compromise its autonomy…

ICON's Global Appeal
No institution would willingly compromise its autonomy for any of the advantages described above, so ICON is built to ensure they don't have to. Every Community and DAPP on the ICON Network is independently managed, and free to choose its own currency, consensus algorithm, and other regulations as it sees fit. This means that a Bitcoin Community could continue to use Bitcoin within their Community, only switching to $ICX for transactions with other Communities on the network.
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This freedom to define separate regulations for each Community also allows global participation in the ICON Network without the need to craft a system satisfying the variety of crypto regulations found throughout the world. Communities on the ICON network will follow the relevant local regulations, with ICON simply acting as a central hub and inter-Community transaction facilitator.
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Pros

The ICON Republic Blockchain Anyone interested in doing so may set up a “Community” or DAPP (Decentralized Application) on the ICON Network and freely interact with the other Communities and DAPPs there. It's essentially a giant network of networks that aims to help them all connect instantly and automatically, facilitated by a shared central ledger and token ($ICX).

Cons

It's about more than payments; ICON can automate and facilitate many kinds of transactions. For example, a student might automatically receive a student discount on a transaction using $ICX because their university Community added their student status to their Blockchain ID. Once the school Community is integrated into ICON, the student's ID can be verified instantly by any vendor on the ICON network the student is transacting with. Likewise, opening a bank account at a large bank is significantly expedited by a hub of Communities that provide all of the information the bank is looking for in one convenient place. ICON already has strategic partnerships with banks, hospitals, insurance companies, and universities in place to take these theoretical capabilities into the real world, giving the project an apparent leg up on most of its competitors.