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84. ICON (ICX)- Hyper-connect the World (Published: 27th Dec, 2017)
The ICON project claims to build one of the largest decentralised networks in the world. It is inspired by the idea that the majority of blockchain projects place emphasis on their decentralisation methodology and lack evidence of adoption in the real world due to their technological and business limitations. As it allows independent blockchains with different governances to transact with one another without intermediaries, the goal is to overcome such challenges and help advance the society towards true hyper-connectivity.

There are five departments in the team of ICON, including blockchain department (the biggest department), advisor, foundation council, AI department and design/marketing/security. There are 39 team members, they are mainly Koreans. The code is an open source of loopchain, which is at the core of ICON and it is a high-performance blockchain that can provide real-time transaction. The earliest history of the company dated back to Q3 2017 when the 1st developers meeting was held.

“Hyperconnect the World” is the slogan of ICON (ICX). High usability is one of the biggest selling points. It aims to create an ICON network which interconnects the blockchain network and different communities, such as banks, securities, insurance, hospitals and universities. ICON brings blockchain technology into our everyday lives. For example, the user can receive ICX from insurance company, then use those ICX to pay for the university tuition fees, or do e-commerce, or even buy Ethereum. And ICON has a high scalability as well, which is fully compatible with traditional blockchains, such as Bitcoin and Ethereum.
Moreover, it features decentralisation. ICON is a decentralised network where communities with different governance structures can connect and interact. ICON allows anyone to join the ICON Network by creating a new DAPP with independent governance. ICON Wallet can also transfer, settle, and exchange currencies in real time through DEX (Decentralized Exchange).
The next spotlight is the concept of Smart Contract by using Blockchain ID. Blockchain ID is issued through Smart Contract and can be used for verification in all communities. Open user’s next bank account in seconds. Receive student discounts without showing physical student IDs. For instance, Blockchain ID can be issued by financial securities community and be used for ID verification in all other communities. Likewise, ICX issued by hospitals can be used for payment and exchange in all other communities.

Future Development
The Public channel is going to open in Q1 2018. Meanwhile, the DEX reserve pool is planning to expand to most of major cryptocurrencies. In Q3 2018, the university coin (U-coin) will be expanded from 3 to 10 universities.

The idea of ICON project seems revolutionary. However, it merely works in South Korea at this moment. As most of the firms are based in South Korea, the system cannot connect the world right now. Consequently, this project still has a long way to go. They are selling us the concept of creating the “hyperconnected” world, but not the reality. We deem that they might consume a lot of time to develop their network, or even unable to achieve it. All in all, it is a really innovative notion, but we suggest only invest a very small portion due to the uncertainty.

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