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ICON (ICX): Connecting all blockchains at scale

In 2018, ICON (ICX) is one of the most talked about blockchains. It has gained massive coverage due to both its increase in price and its revolutionary hyperloop technology. On 31st January 2018, ICON held its first Annual Summit in Seoul, South Korea attracting over 300 people from all around the world. The summit also included the Mainnet launch and Release Candidate (RC) deployment. The company also unviled the ICX vendor machines to increase the adoption of ICX as a functional currency.

ICX, the token that runs the ICON blockchain platform, was first offered in September 2017 at a price of $0.11. The token saw a 10X increase in only three months to cross the dollar mark at the start of November 2017. The coin peaked its price at $12.64 on January 9th 2018 representing a 100% rise in 2018 when the announcement of Mainnet was made public.  The coin has since seen its price decrease to over 75% decrease in price as at time of press. This may have been caused by misleading reports of a Forbes and Bloomberg partnership that was later quashed by the ICON (ICX) team.

As rumors spread of the partnership of ICON with two of the largest companies in the media industry, Forbes and Bloomberg, so did the speculation in the price of the coin. This came some days after both this companies wrote articles on the marvels of the ICON blockchain. The reports caused a frenzy amongst ICX community, leading to an increase in the tokens price on Coinmarketcap. The ICON team recently issued a statement on their Medium page clarifying on these rumors. “Bloomberg and Forbes are the media that published an article about ICON. Currently we do not have any ongoing blockchain based projects with them,” the statement read. “We would like to sincerely apologize for any misunderstanding.”

 “The token saw a 10X increase in only three months to cross the dollar mark at the start of November 2017. As at January 2018, the coin was trading at $9.50 representing over 8500% increase in the price of ICX from its ICO price. 

The distribution of ICON (ICX) tokens.

The initial coin offering, had a target of raising 150,000 ETH ($37.5 million) with a total supply of 400,230,000 ICX tokens. The number of tokens sold in the ICO was 50% of the total supply. Investors who participated in the Ethereum-based (ERC20) ICX token pre-sale in September 2017 will soon be able to swap for this native ICX blockchain token. In addition to this all ICON pre-sale participants will receive ICX Airdrop, free tokens will be distributed amongst them.

Hyperconnecting the World

The ICON project is a decentralized hyper-connective network that links blockchains across various industries creating a nexus across countries, governments, corporations and businesses. The project was created in Korea by The Loop Company which is in charge of development of the network, smart contracts and ICON Nexus Development. The ICON team focuses on achieving its mission to “Hyperconnect the World” by incorporating bridges across blockchains to its network to allow other public blockchains such as Ethereum, Ark, Nexus, NEO and others to have interoperability in the future. Here is how it works.

Basically, the network allows a form of atomic cross chain between different blockchains and adopts the proof-of-consensus (PoC) system to enable processing real-time transactions. The Korean-based project has five major components that allow the ease and seamless use of blockchain technology: The ICON community, ICON C-Node, ICON Republic, Citizen Node and Community Representative, form the ICON Nexus that connects each blockchain together. In some cases users of the platform will have no knowledge on the blockchain they are using.

The ICON blockchain also allows users to build on decentralized applications like Ethereum giving users a platform to launch ICOs. The platform utilizes artificial intelligence (AI) to ensure all nodes contributing to the blockchain through the five components are rewarded fairly. This allows for total decentralization of the blockchain.

The 2018 roadmap, serves as the beginning of a promising future to one of the brightest stars in this cryptocurrency space. Watch out for ICON (ICX), it may well be one of the most important blockchains in the industry.

 


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