ICON blockchain often gets called the Korean Ethereum.ICON’s blockchain operates as a platform for decentralized applications (dApps) that add functionality to the network. People often draw comparisons between any network that can run dApps and Ethereum, because Ethereum was the original blockchain to run dApps. For instance, Neo is often labelled the Chinese Ethereum. Ada is often labelled the ‘Scholarly’ Ethereum. For this reason, ICON is labelled the Korean Ethereum, but there is far more to ICON than this simple comparison.
ICON is designed to easily connect to both private and public blockchains, and plan to host initial coin offerings (ICOs) in early 2018.
For example, this interconnectivity could allow a patient in a hospital to have their ID passed from the blockchain where it is stored to the hospital’s blockchain. Next, the hospital could send a claim to the blockchain of the insurance company. The insurance company could then process the claim and pay the hospital. All of this would be done seamlessly, on interconnected blockchains using ICON to connect them all.The ICON blockchain is also fully compatible with existing blockchains like Ethereum and Bitcoin.The process itself is not new, with connected blockchains existing in other digital currencies. We already have Ethereum to run dApps, for instance. ARK is another example of a startup trying to connect all of the existing blockchains.
What really sets ICON apart, though, is its security, how its network is built, and how users interact with the platform.ICON has been designed to be very secure.For the first time ever, the network will employ artificial intelligence to manage the network. By replacing some of the decision making normally made by humans, with AI, ICON has the potential to create the world’s first decentralized network run entirely by technology, not people. Lastly, ICON will have a built-in decentralized exchange (DEX), where users can exchange digital currencies. A DEX functions like a traditional exchange, except it would be decentralized and not need a third party to over see it. There has been a large movement in the blockchain industry towards creating decentralized exchanges. If ICON can be one of the first, it could be a major reason for people to adopt the technology.
Their main network is set to launch on January 24th, 2018.There is already a lot of hype behind the project. The ICO for ICON launched September, 20th and sold out the same day. They raised 150,000 ETH, which is approximately $135,000,000 CAD.The ICON team boasts close to 30 programmers, each with their own specific talents. This number is much larger than your typical bootstrapped startup.ICON also has great backing from its partnerships with The Loop and DAVinCI. The Loop is one of Korea’s leading Blockchain solution companies. DAVinCI, a prominent AI company, is handling the AI side of the project.Since the ICO, the price of the ICON currency, ICX, has been steadily climbing in value.Technology and communications companies make up a large portion of South Korea’s GDP. As such, this large tech-based economy puts ICON in a unique place for adoption by existing Korea companies.Digital currency trading is extremely popular in Korea, which should also help fuel ICON’s growth. Trading in Korea is so popular that many experts speculate the recent news Korea may ban Bitcoin exchanges caused a large dip in Bitcoin’s price.All of this means the ICON blockchain has a lot going for it as it prepares to launch.Image credit: ICON Blockchain
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