How ICON (ICX) Will Change South Korea Forever
As many of you know, I am a big fan of Icon. I’ve spent countless hours reading about different chains and projects to fully understand the power of ICX and I would like to share my findings in this article. My investment thesis is fairly simple — who, what, when, why. I will cover these 4 topics in this article. This write up will be brief and pull statements found across the web to save you the time but as always, please do your own research.
Who is Icon
- Team — Min Kim (Founder) — Min brings more than 12 years of experience as corporate director, entrepreneur, investment banker/M&A consultant, VC investor, and mentor to up-and-coming entrepeneurs. Min began his career as Investment Banking Analyst (Tech) at Deutsche Bank, later serving as COO of Tapas Media, the American digital content sales platform. Min has a degree in Business Administration from UC Berkeley. — Find out more about the team here — ICON FOUNDATION
- P-REPS — Today there are 141 teams governing the ICON network with names such as Binance, VELIC, WeBloc, Peter Saddington, Danal, Band Protocol, Atomic Wallet, and more. You can find the full list below — governance
- Icon is also the strategic partner of the private blockchain ICONLOOP who has partnered with many of the top businesses in South Korea, including the government. “ ICONLOOP has been making many innovative blockchain use-cases in various industries by providing technologies and solutions to partners including Seoul Metropolitan City, National Election Commission, AWS Partner Network, and KYOBO Life Insurance.” Below, please find a list of companies involved with ICONLOOP. Find out more about ICONLOOP — ICONLOOP
What is Icon (Data from ICON REPUBLIC)
- The ICON network is powered by a high throughput blockchain engine called ‘loopchain’, developed and updated by blockchain industry leaders, ICONLOOP. In the process, ICON has made several industry breakthroughs, including its recent consensus algorithm and interoperability protocol: Blockchain Transmission Protocol.
- ICON boasts blazing fast 1300+ transactions within 2 second block confirmation times and is constantly evolving. ICON has recently received high praise from KAIST University for its industry wide consensus algorithm breakthroughh, LFT2, which doubles speed without compromising safety.
- With ICON’s Delegated Proof-of-Contribution protocol enabling 22 fluid public Representatives to produce and validate blocks while participating in governance. ICON is one of the largest decentralized networks in the world.
- With interoperability technology aiming to bridge all blockchain networks, both private and public, networks will be able to communicate through smart contracts on ICON’s Network of Networks.
- ICON has an extensive acceleration network for its startups and partners with ICX Station partners in Seoul, San Francisco, and Tokyo. Build on ICON and receive global acceleration.
- ICON 2.0 — ICON 2.0 uses an enhanced and completely rewritten blockchain engine written in Golang. “Goloop” will provide an improved blockchain experience over the existing Python-based loopchain, including more speed, stability and scalability than the current architecture. Most importantly, the platform will launch with interoperability features to support and power cross-chain DeFi solutions, which is clearly a driver of the next wave of cryptocurrency adoption and blockchain use cases. At launch, the ICON Foundation will deploy all necessary smart contracts on high-profile blockchains and will also run the relayers. ICON 2.0 is expected to be complete by Q2 2021. — GlobalNewsWire
- S-Coin — Back in 2018, the then-mayor of Seoul, Park Won-soon announced that he wanted to launch the S-Coin for Seoul’s public services such as transportation. However, with his sudden death, the launch of the S-Coin could be pushed back to 2021. The S-Coin will be a program run by the Korean government with the help of Samsung SDS and ICONLOOP. — Seoulz. Per MoviliBlog, 32 million trips daily are done via Seoul public transportation.
- ICON is a rapidly growing global project with strong roots in Korea. ICON’s key technical development partner, ICONLOOP, has received the Ministry of Science and ICT Award for its role in popularizing the blockchain space in Korea, the first and only blockchain company to do so. You can find out more about the relationship between ICON and ICONLOOP here — BrianLi
- Icon is currently partnered with big names such as Samsung, Line, Seoul Metropolitan Government, Shinhan Bank, and Saramin.
- South Korea focused — Per Venturebeat — South Korea is truly crypto crazy. While the country has less than 1 percent of the world’s population, estimates indicate it is responsible for 30 percent of all cryptocurrency trading in the world.
Hopefully this article helps bring awareness to the $ICX project and outlines the reasons behind why I’m a huge supporter of the project.
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NO INVESTMENT ADVICE — The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
We hold a position in $ICX