Symbol – ICX
Whitepaper – Link
When – October 2017 (With Presales)
How to Participate – ETH will be accepted in the sale.
Soft Cap – 150’000 ETH
Hard Cap – 150’000 ETH
Total Max Market Cap At ICO – 90 Million USD
Exchange Rate: 1 ETH = 2500 ICX
Total Tokens in Circulation At ICO – 800’460’000
ICON is a South Korean blockchain project aimed at blockchain inter-connectivity through the use of their ICON network and several new innovations with regards to the technical approach towards blockchain in general. To summarize, ICON wants to decentralize today’s various services such as transportation, finances, real estate, and digital signature verification. ICON will build the infrastructure and platform for these services by using their new “loopchain”, a technology aimed to create “nexuses” where separate blockchains running on ICON can communicate to each other.
ICON’s approach is rather unique in the sense that they will not be a platform for decentralized applications – rather, ICON is attempting to give further flexibility and customization options to a project by essentially creating an entirely new blockchain that runs on the ICON network. This solves several problems that currently plague competitors such as Ethereum – for example, if you needed a high throughput asset that could handle many transactions at once, you would be limited by the Ethereum network, while on ICON, you are much more free to choose things like transaction times/tx fees/etc.
ICON is similar to Ethereum in that it is providing technology that is new to the crypto-space; while it is something that is met with derision in today’s crypto landscape, a comparison to Ethereum is simply the most apt. Developers and project leaders will have a bevy of options in the future when choosing to implement their blockchain projects, ranging from Ethereum to Tezos and now even ICON, who will serve their platform with unique features such as the ones described above.
Interoprability is also another hallmark feature of ICON. While competitors such as Ethereum (and their corresponding ERC-20 tokens) are capable of communicating with each other due to being on the same network, there can be a lot of problems that come with it, such as lag backing up the network, and the largely unrelated transactions of other ERC-20 projects that simply clog the chain as far as any individual project is concerned. With ICON, a nexus is created between as many blockchains as desired, and new ones can be created in similar fashion to creating a blockchain on ICON.
Internet is a computer network system across the globe that connects the world with standard Internet protocol called TCP/IP. Likewise, ICON uses BTP as the standard protocol. In order to construct a massive network of blockchains, it guarantees independent governance to different blockchains and makes mutual connections only when they are needed. It does not connect every participant to a single
Finally, the way ICON handles DApps are different – while on the Ethereum network, it’s required to use an EVM (Ethereum Virtual Machine) on a node, which can slow down the processing functions of that node. On ICON, DApps are executable files which run on local nodes that are directly benefiting from the execution of the DApp. There is no EVM, and while this isn’t directly specified, it’s likely that these DApps will be more function oriented and not be Turing Complete.
ICON is a large team comprising of over 35 blockchain experts, advisors, managers, and financial professionals that will be working on the project. The team has already begun collaboration with several Korean organizations including major hospitals, life insurance companies, and other government-backed agencies.
He majored in computer science and engineering at POSTECH University and developed ‘SUHOSHIN’, the first firewall in Korea. He founded Nomad Connection and has gained 3 million users through P2P Media Service Zimly. Currently, he is the CEO of DAYLI Intelligence, the blockchain and AI technologies company.
The Founder of the Hyperledger Longon Meetup, Yiseul Cho transitioned from working for companies such as Facebook, Hyundai and MIT to fund her own startups and put her efforts towards advancing the benefits of blockchain and cryptocurrency. Yiseul is an MIT graduate and currently works for HSBC, who serve around 37 million customers through four global businesses.
Don Tapscott is one of the world’s leading authorities on innovation, media, and the economic and social impacts of technology. He is CEO of the Tapscott Group, a think tank that regularly advises business and government leaders. Don is also the Founder and Executive Director of Global Solution Networks, a multi-million dollar program investigating networked models for cooperation, problem solving and governance. In 2013, Thinkers50 listed him as the 4th most important business thinker in the world.
ICON has several key benefits that they will enjoy as they roll out their platform – firstly, they have a generalized product that can be used by various companies, entities, and individuals. This is a key step towards mass user adoption. ICON has at times been called the “Korean NEO”, for its similarities to NEO (which in turn was called the Chinese Ethereum). This is an auspicious label, as many people are flocking towards platforms that provide services and can create many “children” projects as opposed to specific tokens and assets.
ICON has many differences in its technical makeup when compared to its competitors as well. We’ve already covered the concept of their Nexus for inter-blockchain communication, however they also feature what’s known as the Public Channel, where users will be able to transact and communicate with any other blockchain on the ICON network without the use of a Nexus portal. ICON also gives governance to each individual blockchain for themselves, granting projects the ability to truly self govern the rules of their projects. The infrastructure of ICON is one of the most versatile and flexible we have seen in blockchain, and with the amount of great features that are in the ICON package, expect it to rise to the challenge of its competitors.
ICON, being a Korean project, will also naturally receive plenty of benefits and boons to their platform when compared to more international projects (such as Ethereum, who even despite their generalized focus, is in talks with Russian government agencies – clearly there is a lot of national interest in blockchain platforms) will get an advantage in their marketing and market saturation side. Korea is also one of the largest cryptocurrency markets to date, and one can make a good guess that the prideful Koreans will buy ICX tokens readily and easily as they become available.
With such an auspicious project idea, a great backing team, pre-established company relations, and genuine innovations to the space, one can wonder what the actual negatives are for this kind of ICO. Two main issues, do arise however – firstly, are their ICO terms. While they’re not the most unfair that we’ve seen in the blockchain space, they are essentially capping their project at 90 Million USD. Again, while this isn’t as bad as some other projects in the space, and when compared to titans such as NEO and Ethereum it’s a paltry pittance, it is still a generally larger funding amount than I would personally be comfortable with.
A second negative is the stiff competition that ICON will face in the coming years after distribution. ICON needs projects on their chain to make it worthwhile for investors to buy in, and while efforts are being made in the space of Korea’s local infrastructure, ICON must deliver much more to be recognized as demanding of attention and respect among blockchain projects. Bearing in mind that Ethereum and NEO are already months and years ahead of ICON, the team begins their journey at a fierce disadvantage from the start, and will have to face these large odds in order to equally appreciate in value.
ICON is the second project I’ve rated this highly on my Investment Grade score thus far – they have almost all the pieces in place to create an incredible project, and the stars look to be aligning for ICON. Expect initial hype to create a large demand for preciously rare ICX tokens, and as the platform matures to further gain value as they add more and more projects and blockchains to their arsenal of hyperconnected ledgers.