Review on ICON by Young Gautreaux

Name: ICON
Item: ICON
Rating: 5

September 19, 2018

despite being in its infancy, the market for blockchain technologies is…

despite being in its infancy, the market for blockchain technologies is clearly shaping up. This is shown by the active investing in the research and development of applied blockchain technology in non-financial sectors. The investors more often than not include such companies as IBM, Intel, Barclays and Deutsche Bank. Along with other companies of similar importance, these together created the R3 Fund, which sponsors the development of infrastructural application of the blockchain technology in the economy.
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Pros

EOS is a blockchain platform, which mainly focuses on Ethereum scalability problems. Many users expect that it will be able to replace Ethereum. However, there are no major differences from Ethereum so far apart from the consensus algorithm. Besides, its smart-contract platform is based on virtual machines, such as Ethereum. That is why users must make sure that EOS is able to process massive transactions online.

Cons

Among project's direct competitors we may single out the aion.network project. Its team is working on a similar system to unite different blockchains into a single network. The project has presented a white paper only, and is not planning to hold an ICO. However, AION may be a notable competitor of the ICON network in the future