ICON is a Korean block-chain project which is attempting to tackle inter-connectivity between block-chains through the use of their own ICON network. In summary, what ICON wants to do is to decentralize a lot of today’s various services such as finances, transportation, digital signature verification, real estate and so much more. ICON use their own block-chain built from scratch and are building up the infrastructure and platform needed for these services by using “loop-chain”, a technology which allows separate block-chains to run on ICON which can communicate to each other.
Where ICON’s approach to this gets interesting is that they will not be a platform for decentralized applications, instead ICON is attempting to allow projects further customization and flexibility by creating an entirely new block-chain which runs on the ICON network. This is solving a plethora of other problems that ICON’s competitors such as Ethereum are experiencing. For example, if you needed an asset that has a high throughput, you would be limited in choosing the Ethereum network, but if you chose the ICON network you would be much more free to choose things like transaction times/TX fees.
ICON is like Ethereum in that is is providing a new technology to the crypto-sphere. Project leaders and developers will have different options in the future when choosing to implement their block-chain projects. We feel there is more than enough room for ICON in this space and with the recent chatter of regulation at the forefront of many debates, we would like to remind everyone that ICON is a Korean project and south Korea has lifted the ban on crypto-trading and ICOs as of march. It is no secret that south Koreans have always been early adopters of new technologies, especially their own and here at CryptoInMinutes we feel ICON will be a great investment in the future. As of writing ICON is down 80% from its all time highs and from an investor standpoint this is an excellent opportunity to buy. Remember, even Microsoft fell 80% from its ATH in the .COM crash and look where it is today.
In conclusion ICON is one of the few projects we rate so highly and have many of the pieces in place to create a home-run project. With the initial hype dying off and a lot of early investors having already taken profits as seen in the recent 80% price drop, there’s no better time to start looking at ICON as the platform matures and more and more projects are being built on their block-chain.