ICON Quick overview

Introduction

ICON is a project with the aim to connect activities and systems working in a country through its own blockchain system. The concept behind its development was the problem of division. We are now divided up into different activities, communities, hospitals, and banks and somehow, somewhere these entities need to rely on each other to operate and share data. ICOn allows a variety of different blockchain platforms to connect with each other.

ICON is a project of Dayli financial group with a list of council members who are experts in their fields.

Influencers

Foundation Council Members

•    KJ Eee : https://twitter.com/wamlaw

•    JH Kim: https://twitter.com/minhokim

•    Jay Kim: https://www.linkedin.com/in/keun-jae-kim-b10978148/

•    Hoon Lee: https://www.linkedin.com/company/helloiconworld/

•    Min Kim: https://www.linkedin.com/in/minhokim/

•    Guido Schmitz-Krummacher: https://www.linkedin.com/in/guidos1/

Technology

• SCORE: It is the smart contract platform used by ICON
• Loopchain Fault Tolerance (LFT): ICON has its own consensus algorithm that aims to process a large number of transactions.
• Nexus and ICON Republic: ICON uses nexus to collect blockchain communities and let them connect each other through C-rep. C-rep portal is transmission protocol which connects independents blockchains with Nexus.

Advantages

• Trade can be possible on HitBTC only
• Not popular in blockchain market because of not enough visibility
• Communication is limited with the audience to keep them updated
• Currently has a low market cap which lets other investors join in
• Team of experts from theloop/Dayli

Disadvantages

• There are no minimum staking numbers defined
• Doubted history of Co-Founder Patrick Dai who was accused of defrauding BTC
• List of competitors in the market

Whitepaper

https://icon.foundation/resources/whitepaper/ICON-Whitepaper-EN-Draft.pdf

Whitepaper is available in two languages English and Korean. It has significant information about major currencies in blockchain industry and why the connection is important in between them to maximize the use.

Real Examples

ICON’s Loopchain is already being used in major security firms in Kore. Whereas they have initiate another system Precision Healthcare Information System (P-HIS) as part of their ICON blockchain which will help to integrate the data in between different hospitals and institutions.

Fundamental Analysis

The success of ICON project depends upon the willingness of other blockchains to join its platform. We do understand that each community has its set of rules and target market; so it’s kind of unsure it the community connection will be established through ICON in future. ICON is actively announcing partnerships with major market names of Korea including financial firms, banks, and media partners. ICON’s Loopchain network is already being used in security firms and universities which is a big plus to trust their idea.

Technical Analysis

ICON will use Nexus as a key part to bridge with other independent blockchain to connect with each other. C-rep portals are the connection between ICON nexus and blockchains. For example, one blockchain community of hospitals are connected through C-rep portal within ICON nexus to other blockchain community employers. The c-rep portal is the main idea of hyperconnectivity between communities.

Investors

ICON is working with a list of technology and media partners:

• Pantera Capital - an Investment firm
• Kenetic Capital - Hong Kong-based investor
• Token-as-a-Service - The last-generation tokenized closed-end fund
• Coinsilium - Provides seed capital to developers
• CMCC - Leading blockchain focused investment funds
• MIND FUND - Venture capital company
• Hashed - Network of South Korean blockchain industry
• CRYPTO BAZAR - One of the largest blockchain communities
• MME - Professional business advisory firm

Roadmap

https://icon.foundation/contents/projects

2018 Q1

• Proof of Concept and first installations
• “U-coin is a first blockchain cryptocurrency platform used by major South Korean universities. Students can charge cryptocurrency using Smart Vending Machines that can be used for day-to-day payments and transfers at school.”

2018

• The stable launch of healthcare data sharing platforms
• “Precision Healthcare Information System (P-HIS) is an initiative to boost data integrity and bolster inter-hospital data exchanges among leading institutions in South Korean healthcare. A milestone in medical information management, the project will culminate with the development of H-sign, a blockchain-based digital signature system”

Conclusion

The unique idea of bringing all blockchain on a single platform is logical when we look at the information and communication in between large communities i.e. universities, research, medical, law, banks and security firms. These communities are working on a common cause to some extent and sharing data between them is a crucial and complex as well. In this perspective ICON idea is admirable. While looking at the long list of partners; ICON can be a big hit in blockchain to unite the blockchain itself on a single platform.