Yesterday, some very interesting news came out of South Korea. It emerged that the country’s parliament is considering legislation that could see the country legalize ICOs. If this goes through, ICON (ICX) will be the biggest beneficiaries, and for good reason.
First, ICON is one of the most popular smart contracts platforms in South Korea. In essence, if there were to be a resurgence of an ICO boom after the legislation goes through, most of them would most likely be done through ICON. This could easily see the value of ICON (ICX) hit valuations of over $100, since platform blockchains are usually driven by the number of projects going through them. It is for this reason that Ethereum rose from a few dollars in early 2017 to over $1000 in December, as the ICO craze took over the market. That’s why a reemergence of ICOs in South Korea would be a big deal for ICON (ICX).
But it’s just the legislation that will trigger the rise of ICON (ICX). It will also be driven by the fact that it is way more scalable than Ethereum and many other platform blockchains in the market today. Anyone who has been following Ethereum for some time now knows that its biggest challenge is scalability. That’s why they are still experimenting with concepts like the Casper protocol.
ICON (ICX) is way ahead on this front thanks to the loop chain protocol. The loop chain protocol is quite unique because it is not based on the ERC20 or the other protocols in the market today. It is built from scratch and makes use of something called community formation. This allows different smart contracts to communicate with each other, without the need for any centralized systems. This makes ICON way more scalable than Ethereum, and hence a frontrunner to capture the South Korean ICO market once the legislation goes through.
Another factor that will drive up ICON (ICX) in the near future is the partnerships it has entered with the South Korean government, as well as the private sector. A more favorable political environment will see the number of businesses using ICON (ICX) increase significantly, and the same will reflect in the value of ICON (ICX). Pointers to a future where ICON (ICX) will see mass adoption is evident in today’s news that they have entered into a partnership with Trive, a Singapore based venture capital firm. The firm intends to leverage ICON’s blockchain in teaching blockchain technology in their programming schools.
Besides these fundamentals, western investors are increasingly taking an interest in Asian projects, for their technological superiority. This is guaranteed to continue pushing up volumes. As more money flows into projects like ICON (ICX), their values will continue to rise.
With all these factors at play, it is not hard to see why ICON (ICX) is a project that could go big in 2018. Even by conservative estimates, ICON (ICX) could easily do $80 in 2018. It makes for a good investment for someone with a long-term view of crypto.