Review on ICON by Alex Martakov
Detailed review
The developers of the ICON project were not the first who decided to create a system that combines various blockchains. The authors of the Ethereum platform were the first to work in this direction. But they now need to solve performance and transaction speed problems. Until then, we are not talking about any global blockchain.
Another competitor of ICON is the Ontology platform. The creators of this Chinese project have the same goals as the authors of ICON. However, in their case there are a number of differences in the structure of the system. The principles of operation of these projects also differ. But they have one goal: the creation of a global network of all existing blackany.
It should be noted that people who are familiar with blockchain technology are engaged in the development of this system. After all, ICON is a project of Dayli Financial Group, one of the largest cryptocurrency companies in South Korea. In particular, it owns the cryptocurrency exchange Coinone.
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Pros
- One token ICX standard ERC20 equal to one token ICX core network.
- The transfer was carried out only on certain exchanges. The developers mentioned that the exchange through unverified sources will lead to the loss of funds.
- Tokens are exchanged only in one direction. Translate cryptocurrency ICX with the core network back to the Ethereum platform is impossible.
- Initially, tokens could be exchanged on the exchanges Binance, Bithumb, Upbit. The exchange procedure was launched on 20 June 2018.
- Since June 25, the developers have added the token exchange function to their ICONex wallet.
- The procedure for transferring coins to its own blockchain has been extended several times. As a result, the transition to the main network was completed on October 25, 2018. Participated exchange Bithumb, Upbit, Binance, OKEx, DragonEx, Huobi, Bitrue, Gate io WazirX.
Cons
- At the same time, we can already say that in the process of functioning of the coin, there will necessarily be problems with the integration of the icon system and other similar crypto projects. This is due to the imperfection of cryptocurrency software algorithms.
- Also, the disadvantages of icon include poorly developed infrastructure surrounding this project. It's all about the youth of the currency. In a couple of years, with the proper support of the currency from its creators, the user community will have to expand, which will push third-party developers to create additional tools that make life easier for users.
