Review on ICON by Robiul Islam
Connecting crypto to real world.
ICON is designed to be a large scale ecosystem, allowing different blockchains connecting to one another through their protocol. It is depiction up to be one of the best and highest potential cryptocurrency projects. Their goal of becoming the biggest blockchain in the world is immensely aspirant and with their roster of top esprit and the partnerships they have with Coinone and Ripple, it looks like their target is realistic.
Effectuationof loop chain: Loop chain is basically their enterprise blockchain solution where they will be making industry specific blockchains for all the enterprise partners around a centre interoperable protocol so that all of these chains will speak to each other. Moreover, it uses a new Consensus algorithm called Loop Fault Tolerance (LFT).
Use cases:
Securities
, Insurance
, Bankings
, Universities
, Hospitals.
The token is also used as a payment medium for the transaction fees as well as for dapps built on the top of the Icon blockchain network.
Updated 5 years ago
Rating changed from 4 to 5
‘Fee 2.0’, the new transaction fee system of the ICON Network, has been published on the ICON Mainnet. Users can now access ICON DApp services more conveniently without paying transaction fees.
By using Fee 2.0 features (Fee Sharing and Virtual Step), the burden that transaction fees impose for both ICON DApp service users and operators are significantly reduced.
Updated 5 years ago
Rating has not been changed
Given that the Korean government has welcomed icon and the total supply of the project is limited, it is only a matter of time when the currency returns to its past signs. The currency is being actively accepted by the Seoul government, ICX currency prices have fallen more than 9000% since January 2018, meaning that the currency has almost reached its bottom and slept until the next bull run.
Pros
- It is scalable and built to accommodate mass adoption.
- LFT allows high throughput and real time transactions.
- It works seamlessly with other third-party blockchain networks.
- It has a large expert team.
- Many signed projects and multiple partnerships.
Cons
- It has a lot of competitors in interoperability networks.
- Limited potential due to S.Korean regulations.
