ICON (ICX) – ICX is getting hype and that is due to the fact that it is a decentralized crypto currency that interconnects the world.
Increased connectivity is the way of the future.
Hyper-connection is done so by connecting major crypto currencies together along with private blockchains in order that they may co-exist in one enormous crypto environment.
This currency will in essence be working to help meet the demand for connecting the cryptos and weaving them together.
Blockchain meet cryptocracy.
Currently ICON on a smaller scale will be taking the fin tech blockchains of Korea and will be connecting them to hospitals, banks, insurance companies, and universities, and at large entire communities.
The ICON FOUNDATION will be playing an important role in how businesses will be interacting with the blockchain. And it will require a government type architecture in order to make it work. The governance and the rules created will be the determining factor on how the blockchain will be utilized. Which will determine if a community will willing participate in connecting and interacting with the blockchain or not.
Governance is Key.
The governance will be accomplished by having a representative class. The representative will decide for each represented community which way the blockchain will head and how it will work. They will also have other delegated tasks. One of which will be to authorize how transactions of the blockchain will occur.
In order for this governance to work effectively each community that is developed will have members. They will not have voting power but the community will actually have control as well. The community will have the ability to change their participation to another representative; especially if that communities’ representation is not meeting the needs of the community.
So, in a nutshell.
The community is voting for representation that will then vote for the community.
This also works like Ethereum
ICON in a way works much like Ethereum; utilizing smart contracts. But unlike Ethereum can do so allowing many different programming languages, blockchains, and (ai) artificial intelligence to complete transactions. This will be an interesting use case.
Originally ICON wanted to use smart contracts with Ethereum but at the time mining seemed to not work well with speed. EOS was thought to have solved the problem but has not as of late shown to meet the challenge.
Now ICON is making headway but has failed to have the support Ethereum has had. However, this venture may be utilized later to tie Ethereums Network to cryptos outside ERC-20 Tokens then to banks, insurance companies, and universities. So ICON is still a necessary endeavor.
Now in order to create convergence of fin tech, DEX, will be utilized. DEX is a trading market that works on complete A.I. Rather then relying on another intermediary to make transactions between blockchains possible. This makes it more secure and quicker with no mining required.
No major alliance yet.
Now even though the ICON does not have a huge Ethereum alliance network to work alongside yet. It does have an alliance which has to do with the operations that are handled between two parties blockchains. This alliance is called (BIA) which stands for Blockchain interoperability alliance. BIA is working tirelessly to make these connections work the way they are intended. Without the nodes of the community being hacked.
Who will join?
In order for the ICON to grow.
Many hospitals, major universities, and big banks will all have to align to make it all work as intended. Which as of late remains unseen.
Does ICON own up to its HYPE?
Aren’t Forbes and Bloomberg aligned with ICON. Not exactly.
Due to website miss labeling the above mentioned companies appeared in the support section of ICONs website. ICON had not separated the supporters from the news outlets who were mentioning ICON. Once ICON realized the error made sure to correct the error and gave notice of the accident explaining it was unintentional.
Will ICON take over the world.
ICON seeks to connect everything.
In doing so Communities will have nodes. Examples of communities are a hospital. Another hospital will be a community. And say another 5 hospitals all have a community. Each will have a representative which will all have voting rights to be able to by consensus tell how the hospitals all will communicate and be connected. Encrypted protected health information could be one such use for demographic information. So you won’t have to fill your paperwork out at all hospitals. The communities will form a loop ran by a nexus. The nexus is a connection matrix that will help blockchains to be evaluated and properly exchanged. These same nexus’s could add banks and insurance companies in their grouping that will automatically verify insurance and make payments for services at the hospitals all seamlessly.
So the goal is decentralization without the middle man. Creating chain links that link blockchains to corporations and to the larger extent redeveloping how communities will interact.
A.I. Is smarter.
Now what’s even more amazing is that banks and governments have proven that artificial intelligence is more superior in making decisions regarding regulation. Take interest rates for example. So ICON will be utilizing the technology of Da Vinci Labs to pursue a way to limit human thought process from many of the important human decisions making tasks that requires many variables.
All and all ICON will be one to look at for amateur and professional investors.
Ultimately it will gain support. The question is are you willing to invest early.
ICON may for some be a longterm investment strategy. Due to the length of time it will take to make connections to build strong communities. Time will be a main factor as to when this crypto will emerge from the shadows of the crypto market or not.
Currently the price hovers around the $4 range but has peaked before the crypto tsunami at $12.
So if the market decides to have another hey day some investors will stand to increase their profit margin.