What Is ICON?
A group from South Korea known as DAYLI Financial Group (Yello Finance Group) launched
the their coin, called ICON. The Group has ambitious plans with this coin, they seek to build one
of the largest decentralized networks in the world.
The group launched their Pre sale in September 2017 and went straight into their crowd sale in
October 2017. They released a token supply of 400,230,000.
ICON was one of the largest initial coin offerings circa 2017.
They aim to to hyperconnect the world, one of the interesting things that they are in the process
of doing is launching their mainnet which would allow for a decentralized exchange launch and
trading without exchanges.
The ICON project is inspired by Gilles Deleuze and Felix Guattari’s rhizome — “the world with no
center point and the world where any point is a mere connection to other points.”
How will they Hyperconnect the World?
ICON seeks to be a decentralized network where they connect other blockchain based
networks. They are seeking to connect blockchain projects that have real world use and seek to
be the bridge from the current era to the future. They will be working to overcome the
challenges faced in implementing blockchain, thus being a hyperconnectivity leader.
They are seeking to stop with the talking, start taking action and work with organizations and
projects that are of the same mindset. They already have projects with actual implementations
in the real world that are collaborating with them as part of the ICON Network.
Thus, their value is in working with various cryptocurrencies that have different blockchain
governances, and then connecting them to the real world.
They will be conducting this connecting process with their loopchain technology. The industries
that they will be working with are those such as capital markets, insurance, university,
healthcare and others.
The team at the ICON project states that it is easy to purchase a cup of latte at a local starbucks
with the simple swipe of a credit card. It’s very easy for the customer, but the process behind
this transaction was built up over time. The information received from the credit card goes
through the point of sale system and is stored and transmitted to the databases of seven
intermediaries and fees happen all throughout. The credit card network is one that is centralized
requiring various parties to trust and verify. Yet, ICON is decentralized, transactions that take place on the ICON Network are verified through that of a ledger shared among the community
and the network. Thus in the former example if ICON were involved in the credit card network transaction, there would less fees, less parties involved and more freedom.
The ICON Network allows each community to autonomously determine the appropriate systems
and policies, while reliably connect to other communities when needed.
The ICON project is an open source ecosystem that would be able to connect institutions like
hospitals and insurance together, cutting out third parties, minimizing costs and making the
The Use of their TOKEN
They see that their token could be used as means of exchange in the institution that they will be
working with. If they worked with an insurance company or car rental company, those partners
could accept payment in ICX.
Further Use Cases
The aspect of payment exchange will be in the system.
Blockchain ID – Issued through a smart contract and allows secure integrated authentication and
digital signatures in communities connected to ICON.
They seek to differentiate by focusing on usability first, and they seek to have this across the
Who’s all Involved in the ICON Project?
Recent cryptocurrency news
ABBC Foundation witnessed huge improvements and continuous development within Q1 2019. Since the official settlement with Alibaba Group, ABBC Foundation established its new R&D facility in the United States to facilitate the soon-to-be-launched Coin Shopping [...]