ICON Coin (ICX) Review | South Korean Ethereum?
The ICON project's coin, ICX, is actually an ERC20 token. So, our friends in South-East Asia are not too independent. However, on this coin ICON has created its own regional blockchain to track all the transfers.
As the largest landmass on Earth, it should come as no surprise that Asia is the most populated continent. It also happens to be (in most places) one of the most densely populated places.
Some memories die hard.
Another thing that won't shock most of you is the history of South East Asia. Many of us in the cryptosphere are old enough to remember the TV Show M*A*S*H.
In that show, the Korean War was laid out very realistically. In short, there was a civil war between North and South Korea. China-backed the communist regime in North Korea, and the United States backed the democratic South.
Well many years have passed since that conflict. Now, with only a few exceptions, nearly every country on the planet does business with almost every other country. Money makes the world go around; it seems. And, since the crypto revolution began in 2008, cryptocurrencies make the world spin in this new age of financial freedom.
However, some memories die hard. So, When Ethereum was born in the United States, China answered with NEO. Like we have already discussed at length in the past, we here at CryptoDetail love NEO and its coins. Although it is not the Ethereum Killer, so many thought it would be; NEO is a welcome addition to the diversity of the cryptosphere. But we have talked about all of that before. Here we want to talk about the South Korean answer to both ETH and NEO.
ICON is that answer
It seems that our friends in South Korea, while they are definitely US allies in a military sense, do not trust our Ethereum or China's NEO. So, they built their own crypto development platform and coin.
The ICON project's coin, ICX, is actually an ERC20 token. So, our friends in Southeast Asia are not too independent. However, on this coin, ICON has created its own regional blockchain to track its "coin transfers."
At its core, the ICX token ("coin"?) is built to tokenize smart contract transactions. What does this mean? Well, as an ERC20 token, the ICX actually lives on the Ethereum blockchain. However, once initiated, the smart contract behind each ICX records all transactions onto the ICON blockchain. This interaction with two blockchains and an Ethereum wallet's ability to store ICX tokens separates and unites those two blockchains.
What Else Does ICX Do?
As Dayli Financial's brainchild, ICON is almost certainly only a starting block for this international crypto corporation to launch bigger and better things. Many of those inner-connected ideas may one-day link ICON to Dayli's Coinone exchange. That remains to be seen.
For now, ICON is built tough to handle Artificial Intelligence, DAPPS, and a unique scoring system that works further to connect the ETH and ICX blockchains.
Aside from the excellent development opportunities offered by ICX and ICON, the project itself also declares its intention to help North and South Korea to reunite. If not in a governmental way, in as a band of like-minded communities.
The ICON Republic (which we feel is aptly named) enables various blockchain communities to work together in an electronic, blockchain-based "United Nations" of sorts. The Republic allows each of the communities to act in its own best interests; while keeping them all functioning together. The idea of a Republic of independent blockchain communities is brilliant enough on its own. The notion that ICON is also specifically built to handle Artificial Intelligence (which you all know is one of our favorite forms of code) is pure, unadulterated genius.
For all of these reasons, we feel ICON is worth a look. Actually, a deep look. And we here at CryptoDetail are doing just that. While we are not sure that this project is one that we could use for our own DAPP development, we are sure that this token will bloom shortly. There are too many people involved. And Daily is a proven winner. So this is a project to investigate in great detail.
Where Is It Going?
It might seem that we are a bit over-optimistic before the entire project comes to fruition. However, we here at CryptoDetail are always on the lookout for the proverbial "next big thing" (just like you are). Although this token pretends to be a coin, the ideas behind it are unique. The people behind it are working from a proven and successful crypto track record. The technology is (yes, we love this world where it is applicable) amazing.
So, not to jump the gun here, but this is one of those coins that we here at CryptoDetail feel is going to that proverbial moon. (Thanks again, Doge Shibes, for giving us yet another catchword).
At $0.69/ICX today, these prices won't stay so low forever. There is an entire nation, a multi-billion dollar corporation, and little old us here at CryptoDetail betting on this unique idea's success. We may or may not participate in DAPP building on this platform, but we will be watching and HODLing our own ICX while waiting for that ride to the moon.
Nothing in the above article is intended or presented as "financial advice." Before buying any coin or token or making any financial decisions, it is up to you to do your own due diligence. Then, once you are well informed, it is up to you to discuss your situation and strategy with a reputable, local, crypto-friendly CPA to protect yourself and your money to the fullest extent possible in such ventures. Anything you've read here is merely our assessment and opinion from the facts we have uncovered through our own research.
Thanks for joining us for this exploration! Good luck on your own crypto journey!! Happy HODLing!!!