In this article, we’ll talk about the ICON project, find out its strengths and weaknesses. We’ll discuss whether there is a future for this coin and what depositors can count on.
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- Idea and features of the project
- Advantages and strengths
- Disadvantages of the ICON cryptocurrency
The history of ICON’s cryptocurrency begins in 2015, when a strong team of programmers was assembled in South Korea. Their ultimate goal was to develop a large-scale network within which various blockchains can operate. Experts took two years and finally in 2017, ICON’s crypto-cash network was announced.
Main features of the project:
- The new LoopChain algorithm improves overall throughput and enables simultaneous work of different block libraries within the same platform;
- SCORE’s unique technology allows to create smart contracts without the participation of a virtual machine;
- The LFT protocol solves the question of hard forks, making them impossible.
The ICON project because of its modular design makes it possible for different companies, individuals, etc. to interact almost instantly. This idea appealed to investors, so they bought 200 million ICX tokens in just a few hours, which brought developers 42 million dollars.
- A professional team of developers, which includes the best professionals in the industry.
- Official recognition by the state. ICON’s Cryptocurrency is the only project that can boast such an attitude on the part of the South Korean authorities.
- Partnership with the largest investment funds, banks, insurance companies.
- Availability of real technology application. As of July 2018, ICON signed contracts with 3 educational institutions, 26 brokerage companies and 6 hospitals.
- Vast schemes for the next two years. The roadmap indicates the launch of its own exchange, the introduction of AI and the integration of large payment systems.
The main deterrent is the country of origin of the coin. As mentioned above, although South Korean authorities generally support this project, they also exert great pressure on tightening control. Some analysts suggest that the state simply will not allow the ICON project to scale and enter the international market. With such a development scenario, the main idea of ICON (global network) will be out of the question.
Another problem of the project is inflation, which now stands at about 20% per year. If the trend continues, then the coin is unlikely to significantly increase in price and certainly will not be able to keep the rate.
Now the price of ICON’s cryptocurrency fluctuates around 1.5 dollars. This rate is less than the historical maximum by about 800%, but it is almost 1 360% more than the original price of 11 cents.
This is certainly due to the general decline of the crypto-currency market. It’s difficult to say how the coin will show itself further. A lot depends on the rigidity or vice versa of the loyalty of the authorities’ policy.
This project has great potential, a technological base and a strong development team, but also a number of constraints (state regulation). If you are considering whether to invest in this coin, then take two things into account. Firstly, remember about diversification, never bet on only one project, since such an approach can result in a complete loss of capital. Perhaps, on the advice of experienced investors, it would be appropriate to allocate this cryptocurrency to 10% of the total investment portfolio. And secondly, if you decide to buy an ICON coin, then you should not count on fast ICs, as the road map of the project is painted up to 2020.
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