Korean Blockchain Startup ICON Foundation Hyperconnects the World

ICON: Hyperconnecting the World

ICON Foundation is Korea’s #1 most successful Korean ICO projects of all time. Their ICX token has been in the top 50 since their launch. They are looking to create the largest decentralized networks not only in Korea but in the world. ICON Foundation is a blockchain protocol much like Ethereum and EOS. What makes ICON so interesting is that they are looking to hyperconnect different blockchains with their own blockchain. The aim is to remove barriers among different Blockchains and allow them to exchange values without intermediaries.

ICONsensus

Icon Foundation Iconsensus

ICON has recently begun ICONsensus to help with the mass adoption of blockchain. Their first step is the election of P-Reps which will lead to disruptive innovation through organic ecosystem expansion driven by EEPs, diversified DApp business models driven by DBPs and the connection of different blockchain platforms through C-Reps in order to hyperconnect the world.

P-Rep Election Process

There will be a pre-registration of P-Rep candidates where candidates must submit team introductions and delegate proposals to be registered. Then in September, there will be a blockchain election where ICONists can vote for their favorite candidates by delegating their stake. This will lead to the ICON network being fully operated by the P-Reps. By the end of 2019, there will be the Genesis P-Rep Summit where the commencement of the decentralized ICON Network will be declared.

Icon’s other projects

  • ICONex – ICONex is ICON’s wallet supporting ICX and other cryptocurrencies. ICONex will aim to have faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI. You can download their wallet here.
  • ICONick – ICONick is a convenient wallet ID used in the ICON network. Instead of a long complicated wallet address, you can create your own unique nickname to easily transfer or exchange your ICX tokens.
  • BIA – BIA stands for Blockchain Interoperability Alliance. ICON is a key member of BIA and shares a common goal to interconnect with isolated blockchain networks and develop global standards for inter-blockchain networks.

Why ICON will take off in 2022

ICON has already started working with major South Korean insurance companies, hospitals, and Universities. They are even working with the Korean government to work together on a Seoul project. With over 90% of the population in Korea living in Seoul, this project will showcase the Seoul Coin (S-Coin) and testing will be done for the next two years. Therefore by 2022, the S-Coin could replace a lot of the infrastructure in Korea.

Seoul has been at the forefront of embracing new and innovative technologies. They have been using the NFC metro cards for transportation for the last 15 years which is why the transportation payment system in Korea is so much more advanced than say places like London or New York. When S-Coin comes out in 2022 it will be easy for Seoul to transition from the NFC payment system to the S-Coin because Korea will already have built the technological infrastructure. This single project with the Korean government is going to be huge for the ICON foundation. Koreans embrace their own and the Korean government has a history of giving support to their own companies.

Why is Seoul creating S-Coin?

Seoul wants to be at the forefront of innovation and technology. Blockchain is the future technology and the Korean government wants to be the first adaptors of this new technology. Korea already has the fastest internet speed in the world. Koreans, in general, like things that are fast and efficient. Therefore, this blockchain technology has the potential of saving Korea billions of dollars over the next 20 to 30 years. When they create their own digital currency, it will make transactions easier and more secure.

Koreans will support ICON Foundation because Koreans are as nationalistic as they come. Once S-Coin is up it will be easier for Koreans to adopt it. The long term outlook of the ICON will solely depend on this project. If they succeed they could become the Samsung of Cryptocurrency. If they fail and it is not adopted then it will fail. My prediction is that the future of money will be digital which is why the Korean government is interested in making the S-Coin and history have shown with Samsung and the other conglomerates in Korea, that if the Korean government is on your side you WILL succeed.