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Icon (ICX) Review

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Icon (ICX) Review

An independent analysis of Icon (ICX)

Picolo Research
Sep 18, 2017
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Icon (ICX) Review

www.picoloresearch.com

Korea’s answer to open source hyperconnectivity

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Overview

Icon is a Korean based company which seeks to establish an open  source  blockchain  ecosystem  to  be  utilized  by government, financial institutions and businesses.

The  mechanics  of  the  ICON  project  are  focused  on  the following:

1)implementation  of  a  smart  contract  environment  named ‘SCORE’

2)release of a consensus algorithm (named Loopchain) which processes transactions and data in realtime

3)creating flexibility in the ecosystem so that other blockchains can be connected to the ICON network

Icon  is  backed  by  a  technology  firm  called  ‘theloop,’  a blockchain  focused  company  that  has  been  the  recipient  of several private financing rounds already.

Tokens for Investors

Tokens issued by Icon will be utilized within the ecosystem itself as its own form of currency. In addition to this, ICX can also be used as a generator of new tokens that wish to adopt the same blockchain and smart contract structure as Icon.

It is anticipated that the token (ICX) will be available on the exchange in the latter part of 2017 as Icon moves over to its own blockchain.

Commercial Strategy

Icon  has  clearly  stated  both  their  technical  and  commercial roadmap for the next 12 months.

Technically,  there  will  be  several  releases  (almost  every quarter)  relating  to  a  test  launch  (imminently)  and  a  further Mainnet launch paired with an iOS and Android wallet before the conclusion of 2017. In Q1 2018, it is anticipated that all public channels will be open and available for full integration.

Commercially,  Icon  appears  to  be  focusing  on  establishing major partnerships to boost the adoption of their blockchain. In addition to this, they highlight a number of business cases that will command their attention including blockchain Identification and an auto-claim protocol for insurance.

It is also anticipated that there will be intermittent developers ‘meet-ups’ to further grow interest amongst the community.

Strengths

•Icon’s proposed initiative is currently being termed as South Korea’s ‘answer’ to Ethereum or Neo. It would appear that a stable and open source solution will be widely backed and adopted by the development community in Korea.

•Icon  is  focusing  on  flexibility  of  the  project  allowing  other blockchains  to  operate  seamlessly  with  SCORE.  This provides significant value to the development community and will assist in further market penetration.

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Icon (ICX) Review

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