In three short months ICON (ICX) has risen from anonymity to a top 20 cryptocurrency by market cap, currently worth almost $4 billion. This astonishing growth can be attributed to the project’s utility.
At the time of writing, ICX is trading around $10.42 with a 24-hour trading volume of over $335 million.
Interoperability is the function of computer systems, to exchange information seamlessly. ICON’s core purpose is to connect all blockchain communities seamlessly, regardless of coding language.
ICON has even formed a “Blockchain Interoperability Alliance” with Aion and Wanchain, with the shared goal of promoting interconnectivity between otherwise isolated blockchain networks.
When you consider that all industries are moving towards blockchain adoption, it is easy to see the appeal of a project which wants to create an ecosystem for these individual data-ledgers to exchange information.
Apart from facilitating the exchange of information, ICON utilises a smart-contract system which ensures that any connected communities can autonomously authenticate contracts with each other, without having to worry about security. This is done using unique digital signatures.
An example of such a system could involve a hospital, fetching a patient’s ID, stored on their blockchain, and sending a claim to an insurance company (which also uses blockchain tech) automatically and securely, without the need for cumbersome verification processes.
Icon has made many significant use-case partnerships with major banks, hospitals, universities and insurance companies, and is also listed on major exchanges such as Binance and OKEX.
Woori Bank, which is one of the largest commercial banks in Korea with 15,000 employees and a $9.7 billion market cap.
SBI Ripple Asia, which manages a consortium of over 61 Japanese banks that are looking to use the Ripple payment system for cross-border payment between Japan and Korea.
Samsung Medical Centre
Sohang University of Science and Technology
DAVinCI - The World's Most Functional Artificial Intelligence
ICON will also have in-house AI capabilities using the DAVinCI AI platform which will support the development of the main ICON platform.
This is a unique partnership for ICON, and it is believed that the AI company’s machine learning algorithms will bolster ICON’s governance system.
Given all these developments, ICON is undoubtedly an interesting project which offers real-world utility. With its focus on strong strategic partnerships, a strong team, and a clear roadmap it appears that the future is bright for Korea’s newest wondercoin.