ICON (ICX) is planning to release its own decentralised exchange

The ICON project, popularly known as the ‘Korean Ethereum’, has set out its major development initiatives for the first half of 2019.

In a Medium blog post, the team announced its plans “to release a decentralized exchange (DEX) and decentralized identification (DID) system based on the ICON public network.”

They are hoping to have both products ready for use by the first half of 2019.

DEX and DID

It looks like the competition is heating up in the DEX market for 2019, as ICON will be taking on industry heavyweights like Binance.

The company already has a working wallet called ICONex (which today already works with various crypto assets). On top of this, they have also released the ICON Tracker, which performs the functions of a block explorer for ICON’s native token ICX.

The new DEX will allow customers to exchange ICX and IRC2 tokens (ICON tokens based on its mainnet) on a completely peer-to-peer basis.

All operations on the DEX will be performed using smart contracts. The new DEX is also expected to provide IRC2 coins with an extra source of liquidity.

The new DID system will work directly on ICON’s mobile dApp. This will allow users to store and use their personal data without the interference of any centralised systems. It will also look to protect user data from threats like falsification and duplication.

More partnerships incoming

ICON is looking to start partnerships with companies to create dApps for its public blockchain ecosystem. It is specifically looking for companies who operate in the B2C (business-to-consumer) and B2B (business-to-business) markets.

Partnerships will be governed through the newly established ICON LAP100 (ICON loopchain alliance program) and the project’s global accelerator program ICX Station.

To date, it seems the team is already making some progress. ICON said that it has “currently formed partnerships with more than 30 companies to carry out collaboration projects and we have already secured 13 new partners this year.”

The ICX token currently trades at around $0.23, with a $113 million market cap. Just a year ago, the project was trading with a $4 billion valuation.

The 2019 plans look impressive from a technical standpoint, but the real test barrier to success I still think will be attracting users to its public blockchain ecosystem in its mission to “hyperconnect the world.”