1 Level
5 Review
2 Karma
Review on ICON by Adaline Lorentzen
What are the tokens used for and how can token holders make money? ICX is the…
What are the tokens used for and how can token holders make money?
ICX is the currency for the ICON blockchain, similar to how Ether is for Ethereum. ICX tokens can also be used for the generation of other tokens within ICON. Since ICON also allows interchain communications, ICX is needed to transfer from one blockchain to another.
As ICX is needed to perform various actions on ICON, the more usage ICON has, the more valuable ICX tokens should be.
Opportunities
The company is started by a Korean FinTech startup that is valued at $4 billion. It is now established as the market leader in Korea with the largest blockchain network, with over 40 organizations in the financial services, insurance, education, and hospital space.
The project has been under development for over 2 years and has real world applications. The first production blockchain service, a KYC authentication platform, was launched in August 2017 with 25 securities firms.
An experienced team is running the project. DAYLI Intelligence has over 100 employees and most of whom has contributed to the project in some way.
The interchain capability makes ICON a blockchain agnostic platform. It can benefit regardless of which blockchain becomes the dominant platform in the future.
Pros
- What does the company/project do? The ICON Project aims to connect all the activities in a country through its own blockchain. It is creating an open source ecosystem that allows organizations like government departments, universities, hospitals, and financial institutions to interact without third-party networks that charge transaction fees or delay the process. ICON’s vision is to allow people to use ICX to pay for products and services directly to organizations that partner with the ICON Network. ICX will essentially be the currency that can be used in the real world for various products and services.
Cons
- There are several key elements of ICON Network: A smart contract platform named SCORE. A consensus algorithm named Loopchain Fault Tolerance or LFT – ability to process large amount of transactions in real time. Multi-channel – transactions can be taken place on a channel basis by configuring separate channels for each task on a single blockchain network. Modular architecture – each module can be customized to ensure its high scalability. Delegated proof of stake consensus algorithm – community representatives (for example, a company in the insurance community) are incentivized for the activities generated within the community. Inflation – set at a maximum of 20% per year. Interchain – different blockchains can be connected with the ICON Network. Here is an introduction video of ICON (video is 2:10 long):
