The ICON Project aims to connect all the activities in a country through its own blockchain.
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What does the company/project do?
The ICON Project aims to connect all the activities in a country through its own blockchain. It is creating an open source ecosystem that allows organizations like government departments, universities, hospitals, and financial institutions to interact without third-party networks that charge transaction fees or delay the process.
ICON’s vision is to allow people to use ICX to pay for products and services directly to organizations that partner with the ICON Network. ICX will essentially be the currency that can be used in the real world for various products and services.
What are the tokens used for and how can token holders make money?
ICX is the currency for the ICON blockchain, similar to how Ether is for Ethereum. ICX tokens can also be used for the generation of other tokens within ICON. Since ICON also allows interchain communications, ICX is needed to transfer from one blockchain to another.
As ICX is needed to perform various actions on ICON, the more usage ICON has, the more valuable ICX tokens should be.
– The company is started by a Korean FinTech startup that is valued at $4 billion. It is now established as the market leader in Korea with the largest blockchain network, with over 40 organizations in the financial services, insurance, education, and hospital space.
– The project has been under development for over 2 years and has real world applications. The first production blockchain service, a KYC authentication platform, was launched in August 2017 with 25 securities firms.
– An experienced team is running the project. DAYLI Intelligence has over 100 employees and most of whom has contributed to the project in some way.
– The interchain capability makes ICON a blockchain agnostic platform. It can benefit regardless of which blockchain becomes the dominant platform in the future.
– It is uncertain whether ICX tokens will be tradable before migrating to its own blockchain (which is estimated to happen in November 2017). Therefore, it has a longer lock-up period than most other ICO projects.
– ICON may face difficulty expanding outside of Korea due to language and culture barrier.
– There are uncertainties around the regulatory environment for Korea regarding ICOs. If ICOs are not allowed in Korea, it would somewhat limit the use case for ICON.
– The maximum inflation of 20% is quite high and dilutive to ICO participants.
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