What is ICON (ICX) Crypto Network?

An ICON (ICX) network is simply a layer one blockchain from the famous South Korea. The declared vision of this crypto is to build an interoperable blockchain network that bridges autonomous online communities and some real-world enterprises. The ICON network focuses on delivering real-world utility by advancing hyperconnectivity through the promotion of frictionless value exchanges. 

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With the verification of transactions on the decentralized ledger, the ICON network can minimize the number of intermediaries and eradicate the boundaries in order to cross border interactions. In particular, this company primarily focuses on the use cases of decentralized identity, digital certificate issuance, decentralized finance, blockchain payments, non-fungible tokens, and some additional use cases such as e-government, elections, decentralized oracles, and e-health. 

Special thanks to the focus on enterprise adoption, the ICON network was able to secure some partnerships with different South Korean companies and the private sector of the country. For instance, ICONLOOP, which is a leading blockchain technology company in South Korea and the primary contributor to this ICON project, leads Korea’s largest decentralized identity consortium. Moreover, in August 2020, the Jeju island of the country selected the company for private and secure COVID-19 contact tracing. The other ICON network partners include Shinhan Bank, the second-largest commercial bank of South Korea, Danal Fintech, the company behind Paycoin, a global payments and remittance app. 

Image reference: Reddit

Who are the founders of the ICON Crypto?

The ICON Crypto network was founded by Min Kim, the former chief strategy officer of the DAYLI financial group, the largest fintech holding company in Korea, and the chief operating officer of Tapas Media, which is a U.S. digital content distribution platform. Moreover, he is an alumnus of Haas School of Business at the University of California in Berkeley. Furthermore, Min Kim incubated ICONLOOP, a South Korean software company behind the ICON Network’s loop chain development. The company maintains and develops the blockchain with oversight from the ICON Foundation and is permissionless but not wholly open-source.

What makes the ICON Crypto Unique?

The ICON CRYPTO networkfocuses on various use cases in order to advance the declared goal of hyperconnectivity in South Korea. Firstly comes the decentralized identity through Zzeung, an identity authentication, and management solution. The company obtained an exclusive license from the Financial Services Commission in South Korea in order to provide decentralized identity services to enterprise different customers in South Korea. Various companies can securely store the users’ authentication information and provide facial recognition for opening financial accounts. The data is secured through the ICON Crypto network. Another example of this decentralized identity service is Zzeung’s use for the COVID-19 contact tracing.

Kkay Technologies

The ICON Crypto network also provides digital certificate issuance, storage, and verification services to the universities of South Korea, issuing diplomas and qualification certificates. Moreover, the most significant online job search platform certificates, the academic and professional credentials of an application with a digital certificate management solution are secured by the ICON Crypto network.

Another use case that can be mentioned is a visitor check-in and management service utilizing the ICON Crypto network to issue the unique visitor passes for restaurants, cafes, hospitals, and other venues that required tracking their visitors during the pandemic of COVID-19.

Furthermore, the ICON Crypto network has a thriving Defi and NFT ecosystem connected to the Ethereum network through Orbit Bridge, allowing the Ethereum based tokens to be transferred to the ICON. In contrast to most Defi products, those on ICON are heavily focused on the user experience. Examples include Open Money Market, lending and borrowing platform, and Balanced Network, a Defi collaboration created to introduce stablecoins to the ICON network.

Is ICON (ICX) Crypto a Good Investment?

The ICON Crypto is approaching its 52 weeks high, and it will probably break the previous high with a market cap of $585,5666,013.42 and the last 24 hours trading volume of around $28,642,292.59. With this rise, the ICON Crypto is currently ranked at 116 in the world of cryptocurrencies. 

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Primary image reference: coinbureau.com

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