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Icon Review

Icon is a decentralized blockchain-based network that allows for interconnectivity between blockchains, people, and countries. Icon boasts it has independent blockchains made up of prestigious institutions spanning big league industries. Icon intends to create a decentralized network that will allow different governance-backed independent blockchains to transact and interact with one another without any form of intermediaries. Transactions and operations made on the platform make payments with the platform’s cryptocurrency token which is the ICX.

The Icon network consists of different decentralized apps, and one of them is Blockchain ID. The Blockchain ID takes security and identification to a higher level. Members operating in financial security can use Blockchain ID for verification of IDs in other crypto communities. Smart Contracts is the channel through which blockchain ID works.

The token presale which ended in September 2017 was able to raise 150,000 ETH. After the token launch, the ICX token did not go beyond $0.50 for over a month. By Christmas of the same year, it had crossed the $2 mark; furthermore, the value surged into the new year.

Pros

  • Different blockchains can connect to each other, using their protocols. There is full compatibility with popular blockchains like Ethereum and Bitcoin.
  • Icon uses Artificial Intelligence to make sure there is a fair reward for all nodes sending their contributions to the Icon platform, and ensure the nodes do not have specific powers over policies that affect distribution.
  • Icon intends to integrate various decentralized exchange protocols on its platform to ease the exchange of other currencies and ICX. As new currencies come up and become adopted Icon will expand to incorporate them.
  • The team behind Icon has different departments like Foundation Council, AI Department and Design, Advisors, Blockchain Department, and Security Department. All working in synergy to create a well-structured system.
  • Private blockchains such as security firms, hospitals, banks, and universities can interact with each other, using Icon’s online ledger. There are no intermediaries.
  • Faster transactions are possible because the Icon blockchain utilizes a Loop Fault Tolerance (LFT) algorithm. It also ensures that the consensus is final, without transient forks happening.
  • Icon wallets can access a decentralized exchange that eases currency exchanges and transfers and does not depend on public exchanges.
  • Users can have Smart Contracts issued Blockchain ID, which will be used as a means of verification across all cryptocurrencies.

Cons

  • The ICX is tied to the ETH, this invariably means when there is a crash in ETH, ICX may also crash.
  • It being a South Korean sponsored project, government restrictions can have negative effects on the system.

OVERALL COIN SCORE:

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Market Cap & Charts
  • icon
  • ICON
    (ICX)
  • Price
    $0.232
  • Market Cap
    $109,758,177.54