Pros
- ICON was founded by a Korean company, The Dayli Financial Group, It is a parent company that includes (16) sixteen companies and (30) thirty other successful launched of Fintech related products. Dayli is known for owning The Korean Exchange Coinone which is estimated worth $4 billion. It is a blockchain technology and a network framework designed that allows interconnections between different independent blockchains whose governance and standards are disparate from one another. It is arguably to be considered as the "Mother of all blockchains". It is a type of blockchain where it gives chances to everyone to create a blockchain project and channeling to other existing blockchain projects by joining the network for free and without intermediaries involved. The idea behind the ICON was inspired by Deleuze and Guattari, two French philosophers who used the term Rhizome and believing that the "World with no center point where any point is a connection to other points". Effective governance is essential for the blockchain, this is why Icon Network was established. It is composed of Community, C-Node, Icon Republic and Citizen Node. Each of this component plays an important role in the system. Icon Republic is determined by the votes of C-Rep who acts a representative of each community that has voting power over transaction verification. Moreover, Icon Republic serves as the main connector of different communities to the Icon Nexus, which is a multi-channel blockchain comprised of Light Client of respective blockchains. In addition, Icon Nexus is a loopchain based blockchain that executes smart contract (SCORE) which can then be customized in accordance with each operational needs and still can be linked with other network's ledger. Loopchain is a blockchain which is located at the core of ICON where real-time transactions with smart contract features among the communities happen. To add some spice, Icon Network implemented the LFT (Loop Fault Tolerance) which is an enchanced BFT (Byzantine Fault Tolerance) based algorithm that ensures the smooth flow of certainty of the consensus without any flaws facing. For the availability of ICX tokens and to figure its value we can rely it with its own decentralized exchange, yes we hear it right. ICON has its own DEX platform, this will apparently help to enhance the transaction with anonymity, allocation of funds, avoiding high transaction fees, and having the utmost ability to trade without going to public exchanges to pay for such as Binance, Idex, and others. Not to mention the A.I. analysis that provides necessary data needed for the internal exchange. ICON brought awareness of its existence and blockchain capabilities by huge partnerships from financial institution, insurance companies, hospitals, universities and others. To name a few like Forbes, Bloomberg, Woori Bank, and Japan's SBI Ripple. Thanks to the wonderful sacrifice and ideas of its well experienced group of team led by KJ Eee who is known as the founder of Nomad Connections and CEO of Dayli Intelligence. JH Kim who has 20 years of experience in the field of information security and known for his knowledge in developing patented applications such as PKI, authentication and security protocol. With advisors like Jason Best who is considered to be one of the top 10 most influential people in crowdfunding by Forbes, and Don Tapscott the one who established the Blockchain Research Institute which is dedicated to understanding blockchain opportunities, challenges, and use-cases.
Cons
- Potential growth is suppressed for a short period of time due to South Korea's strict Ico regulations. Especially after the fraud issue involving Upbit, which created speculations that it would soon collapse akin to Mt. Gox. Inflation is apparent since its supply stood around 800 billion. Blockchain security measures must be highlighted, since the network deals not only with a single blockchain but with multiple ones.
