The ICON (ICX) cryptocurrency is new and quite promising. It is a decentralized application platform. Something similar should be familiar to you on such platforms as Ethereum, EOS, and Bancor.
But the main difference and advantage is that ICON allows you to combine different blockchains, so it makes possible transactions between chains of blocks that are different from each other. For example, between Bitcoin and Ethereum.
At present, the ICON platform is used by:
South Korean Finance and Investment Consortium
South Korea Healthcare Consortium - the largest operator in the Korean insurance market
South Korean university community, for which an autonomous payment system was created on the basis of ICON
Also, the ICON system is currently testing about a dozen other major Korean and foreign companies.
What happened to ICON in 2018
The ICX Token and the ICON platform were created at the end of 2017. Therefore, most of the listings and successes were accounted for in 2018. ICON technologies are widely used in government. The South Korean Ministry awarded ICONLOOP a prize for the development of science. Collaboration has started with the largest e-commerce representative, Amazon.
The ICON team decided to revise the platform management system, becoming more decentralized. On the basis of this cryptocurrency, new applications began to emerge that facilitate online purchases and personal identification, for example, an ID card in a smartphone. In 2018, the cryptocurrency decided to switch to its own mainnet, successfully migrating tokens.
ICON Price Prediction 2019
To get a better picture of what the future rate of ICON will be, one needs to know the founders' plans regarding the development of the project.
The Interchain Development team completed an internal demonstration of the data exchange and tokens between the public blockchain ICON and private blockchains based on loopchains deployed in various organizations and enterprises. This protocol will be registered as IIP and released for developers who are interested in the capabilities of ICON.
The first aim for the interchain protocol is to provide a cross-chain link between the implementation of the public blockchain based on loopchains. The next step will be to extend the interchain protocol for other public decentralized databases.
In addition, ICON has partnered with Kyber Network. It will handle any transformation of tokens in the ICON network.
The partnership brings the platforms closer to the exchange between the chains. In the future, developers hope to connect and support additional blockchains and tokens, eventually replacing the current centralized exchange mode.
The Kyber network is widely regarded as one of the most promising projects at the moment, so one should not underestimate this cooperation.
If the crypto market will be in a “bullish” trend, we can assume that the price of ICON will reach $1 in 2019.
ICON Price Prediction 2020 and beyond
The project enlisted the support of the South Korean government, which demonstrates the interest of major business representatives. This can be a solution to the global integration of the blockchain and a way to interact with international and state institutional organizations. The proposed solution can greatly simplify data processing and reduce the time and cost of intermediary services. Several Korean organizations in the field of finance, education, and medicine are already collaborating with the company.
At the time of writing, ICON is in 35th position in the total capitalization rating. The cost of ICX is now almost $0.35. There is a generally positive trend, although the short period of existence does not allow obtaining an objective long-term picture for analysis. However, this does not prevent businesses in different areas from investing in the Internet analog for blockchain technology. The use of partners of the ICON project will lead to growth in popularity among various areas of the economy. An increase in investors will determine demand, which will make it possible to stabilize the situation in the upcoming future and achieve a value of more than $10. Under optimal conditions of development, this value can be doubled.
Advantages and disadvantages
The advantages of the project include:
The universality of interaction.
The ability to exchange various cryptocurrencies, modifications of smart-contracts.
No impact on the internal ecosystems of the communities.
Decentralized management exercised by individual members of each group.
Interaction with artificial intelligence, multi-channel and high-speed data processing.
Cooperation with the government of South Korea.
There are no vivid cons with the following platform. However, due to the relative “youth” of the project, specific flaws are not highlighted, and problems may potentially arise in the process of refinement and interaction of global communities with integrated use.
ICON: To invest or not to invest?
Due to the high volatility of ICX, it is very difficult to predict how the price of the token will change. ICX was recently in the phase of deep correction. Now there is a good opportunity for profitable entry into the market since most crypto experts agree that ICON is a promising and long-term project. Of course, it makes sense to make money on short-term jumps in the ICX price, but keep in mind that the project is young and can bring lots of profits in the long run.
Taking this into consideration, ICON demonstrates the key functions for the perspective project with big ambitions: real partnerships with international corporations, as well as the basics (team, leadership, technology, and vision), to create a truly compelling product suitable for mass adoption.
In addition to the fact that ICON is one of the few projects that is developed by a team of reputable developers and has a unique technological component, it is a platform with stipulated regulatory regulation. The founders created it taking into account the increased interest from the government of South Korea. Therefore, it can be stated with confidence that ICX is not just another token for quick money-making, but an exceptionally long-running cryptocurrency project.