1 Level
6 Review
1 Karma
Review on ICON by Bernice Larkin
It’s an extremely ambitious project, but the team and backers behind it are…
It’s an extremely ambitious project, but the team and backers behind it are strong enough to pull it off.
ICON operates in a more organised way than most other cryptocurrencies on the market, whilst their focus on Korean markets is a bonus given the country’s fondness for cryptocurrencies and attitudes towards new technology.
Basically, I think there is a lot to love about ICON, and few downsides. As a result, I believe ICON is one of the best long term picks on the crypto markets right now.
Pros
- One concern I’ve seen discussed in a few places is that ICON may struggle to expand outside of Korea. This could certainly be an issue, with language and cultural barriers perhaps inhibiting their growth, as well as the fact that by the time they shift their focus outside of their home country, there’s a chance competitors will be popping up. Whilst this is a concern, even if they solely existed in South Korea, it is a sizeable market place for them to have, and it still means there’s huge potential here.
Cons
- ICON can issue ICX up to 20% of annual volume, which is pretty high. This could lead to a fairly significant devaluation in investors’ holdings. But, the total level of new ICX released each year is voted on by the C-Reps, who can decide any amount between 0 and 20%. It wouldn’t be in their interest to drive the value of the currency down too much, given it is being used to reward contributions to the network. As such, we have to trust they will be sensible with the quantity of ICX they issue, and they just allow enough to be released to keep up with demand and to fairly reward contributions
