Today, more than a thousand projects created by well-known companies from around the world are successfully operating on the digital asset market. And the crypto community in Korea is no exception. The electronic cash of the South Korean company has already become quite popular in certain circles and gaining recognition in this area.

The founders of the startup assure that the main goal of forming the platform is to unite the whole world with one dispersed network of information block chains. The goals are very ambitious, but how realistic it is will be shown in a detailed review below.

About ICON project

This cryptocurrency of Korean origin in its structure is similar to the already promoted projects of blockchain technologies Ethereum or Ark. In this regard, the coin received the nickname "Korean Ethereum". According to the authors of the project, they are aimed at creating a hyperconnection of the whole world, therefore this system is considered as a decentralized network that unites various blocks of information chains.

The resource also provides a platform for smart agreements for individual projects, the connection of startups, assets and other financial instruments.

Distinctive features of this platform are:

Loopchain is an algorithm that sets high system throughput and scalability. In addition, it allows different information chains to interact with each other within the same network in real time.
LFT protocol - this mechanism increases the speed of checking all financial transactions and at the same time minimizes the system hard fork.
SCORE is a technology that is able to adapt to various information chains and activate smart contracts without using a digital machine.
Modular organization - such a design of the resource allows you to launch your own applications, make information exchange, and carry out various financial transfers online. Each level works in its own blockchain, in its own mode, according to its own rules, but at the same time the elements can interact through the platform, which does not interfere with this process.
The authors of the project argue that all these features contribute to the creation of a completely new global technology for the exchange of information. With this system, people do not have to go to several instances to complete the documentation, because all data will be instantly loaded and checked on the network itself, and then transferred to the desired organization.

Any interaction on the site can be created based on such a scheme. For example, firms will be able to transfer files, make money transactions, enter into agreements, and physical users can order and pay for goods and services. It is due to the ideology of the project that so much attention of investors and cryptocurrency companies was riveted to it.

ICON features

This resource will facilitate financial relations between independent information blocks of chains with different regulatory systems. All ICON transactions are carried out using ICX tokens. In addition, the system can carry out money transfers between different coins, determining their conversion rates via DEX (own exchange office of a distributed exchange).

It is impossible to purchase local currency for fiat funds. In order to make a purchase for real money, you can first buy Bitcoin or Ether, and then exchange them for tokens at the current rate. You can store the accumulated coins on the ICONex wallet.

It is also worth considering that the crypt cannot be mined, since the mining function is not provided either by the system or by the developers. Income for users is available only if the tokens are kept in the account. This is explained by the fact that the project has slightly different goals than similar blockchain platforms. They are aimed at government agencies or companies from the service sector, which will act as holders of electronic coins.

The ICON platform itself operates on the basis of several basic principles that build the systems functioning scheme:

A resource is a union of several blockchain communities, the working conditions and currency of which may differ from each other. That is, standardization and boilerplate are not part of the sites functionality.
Each element of the chain included in the network is called a republican community, and the platform itself is called a republic. This terminology emphasizes the main ideology of the resource - each project can act within the framework of the idea and at the same time independently choose the appropriate conditions for its system, but collective activity is aimed at common prosperity.
Each republican community has its own Community nodes, which can function in a blockchain according to generally accepted norms. That is, each registered client is a node (citizen of the republic).
Citizens cannot manage the information chain, since there are community representatives for these purposes. They are chosen independently by their organization according to their own rules.
The nominated representatives are responsible for confirming financial transactions and communicating with other elements of the system. Such users receive rewards in tokens, the size of the rewards depends on the amount of work done.
DEX is the sites own exchange office, containing a stock of digital cash for each citizen. It allows you to make transfers not only within the community, but also between blockchains.
In addition to these principles, the work of the project is governed by the Loop Fault Tolerance consensus protocol. The algorithm is fundamentally different from previous proof of work or ownership. In fact, this is a system with the principle of delegation of authority, but protected from cyber warriors using Byzantine Fault Tolerance or Byzantine Generals Tasks. The resource was created in such a way that the actions to reach consensus were minimized.

How ICON is created

Min Kim is one of the Korean businessmen who is also the creator of the ICON cryptocurrency. In 2017, he and his team of 50 specialists began to create a platform that would be able to unite the most diverse networks of information chains.

At the beginning, work on the resource was carried out in the form of several independent startups, which were aimed at different goals and objectives:

Chain ID is a modern technology, thanks to which you can quickly identify information about an individual, and then reliably protect it from outside interference.
Loopchain - this project formed the basis, because it is its technology that is able to combine several blockchains at once and provide both autonomous operation and interfacing, if necessary, contact with each other.
Thus, the applied mechanisms began to be tested in several insurance agencies in Korea and are actively supported at the state level.

During the ICO, impressive investments were transferred to the disposal of the creators of Ikon. Some of them were spent, and some are still in use today. All spent investments were distributed:

20% was spent on the formation of the digital basis of the site, software and artificial intelligence;
15% spent on activities to develop the industry (costs of organization, administration, etc.);
12% of deposits were required to cover legal, financial and other operating expenses.
10% were written off for paying for the services of other organizations and partners;
8% went to advertising and other marketing of the company;
20% is a reserve for cooperation with the popular Ethereum platform;
15% - in the remainder, will be directed to the development and modernization of the resource in the future.
According to the analysis of cryptocurrency analysts, all funds were correctly distributed, which allows us to use all investments as efficiently as possible. So, all the tasks set are being implemented with varying degrees of success. According to the developers, the network of their platform will soon cover the whole of Korea and Asia, and then it will move to the European market of digital assets.

Is ICON endless?

The ICON cryptocurrency was created with the aim of simplifying cooperation between various organizations, including government agencies in different fields of activity. So, according to the idea, each of the divisions works in its own blockchain, and the digital asset itself acts as the link that unites them. So the site will ensure their interaction and prompt processing of contracts.

Thanks to the resource, people will not need to transfer all the data in the organization themselves, since the system will do it for them. All agreements are processed instantly, and the user is not required to do anything except provide an identification code. Such a system attracts not only investors and the state, but also the clients themselves.

ICON strengths

ICON cryptocurrency is quite in demand in the narrow circles of the Korean crypto community. This is explained by the fact that the coin has significant advantages over the background of other projects working today:

Authoring team - startup developers are reputable specialists who have received higher education in the most prestigious South Korean universities. The resource itself is managed by Theloop, which already has 4 blockchain consortia, including the largest in the world - Blockchain Consolidium Financial Investment.
State support is the first coin to receive recognition from the government, which speaks of its prospects and the scale of the project as a whole.
Influential Partners - Ikon supports large investment corporations CM Crypto Capital and Kenetic Capital, as well as Nonghyup Bank of Asia, Korea Healthcare, and IT professionals from the Ripple Foundation. Cooperation with such organizations provides not only support for the startup, but also the growth of the crypto market capitalization.
Integration of technology into brokerage companies, hospitals, banks and universities in the country.
Implementation in distributed applications (Stove, Silkroad, Nucleos Vision).
In addition, the main advantage of the site lies in the ideology - the unification of several blockchain networks. This completely new approach can lead to the formation of a new model of the world economy as a whole, but only if it reaches the global level.

Despite the impressive list of positive qualities, users still have distrust. Thus, the origin of the coin casts doubt on its future. Some analysts argue that the state, in addition to supporting the project, will take control of it and simply will not release it outside the country. Therefore, the world will never be able to see technology in action. Whether the platform will be able to break into the global economy in such conditions is still unknown.

ICON in TOP currencies

According to financial market experts, the ICON cryptocurrency rate is still in its infancy. Therefore, the ups and downs of quotations are what will be observed in the subsequent period. So, for investors at this stage, it is profitable to make contributions to the project with the aim of long-term prospects. Most of the specialists are confident that a startup has a promising future, since a fundamentally new approach and well-thought-out ideology are already being actively integrated into various spheres of human activity.

As long as the quotes are fluctuating in the range of 1-2 dollars per coin, the income will be small, but with the growth of the price, which will probably be able to reach 30 dollars, it will be easier to earn. This will be especially true if the network enters the world market and gains mass distribution among commercial and government organizations. However, such a full-scale deployment is a difficult aspect, since under strict government control, Ikon will remain a local altcoin, which will affect its market value and position in the industry.