ICON, ICONex, and ICONick: What’s it all about?

What is ICON? Here, we will go through what this blockchain platform has to offer

ICON (ICX) is a South Korea-based platform that allows companies to build projects on their native blockchain. They have been dubbed as the “Ethereum of South Korea,” and ICX was one of the most prolific cryptocurrencies in terms of price action last year (it went from $0.23 to $12 in just under two months).

However, it was shilled by the likes of Ian Balina and a few other top influencers. Initially, it was launched as an ERC-20 token, but they eventually migrated it to their native blockchain.

ICON is a highly ambitious blockchain project that wants to connect different blockchains to create one master global ecosystem. It is a decentralised network of blockchain communities. The technology is being applied in the real world to banks, hospitals, securities firms, and much more.

What does it offer?

According to ICON’s website, it wants to “hyperconnect the world” by building one of the world’s largest decentralised networks. They want to do this by allowing various blockchains to interact with each other through smart contracts. Their grand plan is to provide a platform in which users from financial, healthcare, insurance, and many other sectors can coexist and transact on a single network.

ICON is the centre of many Loopchain projects. Loopchain allows various communities to connect and expand into new business areas and is powered by the ‘Loop’ technology, which allows transactions to happen much faster than the previous generation of blockchain.

Big investors such as Coinsilium, Kenetic Capital, and Pantera Capital are all part of this blockchain venture. ICON is expected to help universities, hospitals, and e-commerce as a result of the work it will be doing with the help of the LFT consensus algorithm.

Hospitals

ICON’s healthcare project is the Precision Healthcare Information System (PHIS). It is an initiative to help boost data integrity and aid hospital exchanges in South Korean healthcare. The project aims to create a blockchain-based digital signature system.

Universities

All major South Korean universities are now using the U-coin project. It allows students to buy cryptocurrencies using Smart Vending Machines. These can then be used daily for educational payments and transfers within their schools.

Banks

ICON’s bank community is now developing a pre-paid digital payment system with the aim to offer withdrawals, transfers, digital account management, and much more.

Security

In 2017, ICON launched the world’s first enterprise blockchain service called CHAIN ID. This included a shared security system for ID theft. 26 Korean security firms launched the Korea Financial Investment Blockchain Consortium back in 2016, which is the largest blockchain organisation for one single industry.

ICON’s products

ICONex

ICONex is ICON’s wallet. It supports ICX and other cryptocurrencies. It claims to have faster transactions and secure payments. The wallet boasts a liquid exchange across multiple cryptocurrencies with a user-friendly UX and UI.

The product allows users to create and manage their own wallets where they can connect their cryptocurrencies to the ICON network, which includes ICX and ETH. ICONex is available for Android, Chrome Extension, and iOS.

ICONick

This is a nickname service for ICON users. It is a favourable ‘wallet ID’ used in the ICON network, where users can use their own unique nickname. This enables easy access to conveniently transfer or exchange ICX instead of using a long, complicated default wallet address.

All ICONex users are able to register one ICONick per wallet for one year for free. The free trial will then expire exactly one year after registering. It can be used as a user’s unique ID to search for past transactions, join ICON’s future dAap service, or to use the DEX service.

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