Presenting ICON’s (ICX) first Annual Summit in Seoul – The Genesis

Presenting ICON’s (ICX) first Annual Summit in Seoul – The Genesis

Presenting ICON’s (ICX) first Annual Summit in Seoul – The Genesis

ICON (ICX) scheduled their first annual Summit in Seoul for the 31st of January that is titled “The Genesis”. This Summit will take place at Lotte World Tower and most important talking points will be the release of their 2018 Roadmap and a demonstration for their main net. They will also reveal some DApps (Decentralized Apps) that will run on the ICON Network.

For a child project such as this one, ICON (ICX) got a lot of visibility this month going up to the 15th position in coimarketcap. A lot of people are still wondering what to think of ICON, by being so fresh, and their First Annual Summit in Seoul, Korea will answer at least some of the questions laid out presently such as: Ledger Nano S support, Trezor Support and the people behind their developer team.

The ICON (ICX) summit is expected to last about 7 hours which means that there will not only be a significant segment for Q&A, there is also a lot of information to be shared in this meeting. A dinner scheduled for high-profile individuals was also scheduled for after, which is not surprising since more than 80% of the Korean Exchanges have now implemented ICON’s CHAIN ID.

ICON (ICX) envisions a protocol that connects blockchains through what is called a loopchain, where through giving a personal blockchain to a certain entity who is supposedly the leader in its area we have a distributed system through decentralized validators. Whilst making this possible the ICON protocol is what makes them interact amongst them.

So, what does ICON (ICX) does differently?

The ICON (ICX) project tries to give connectivity between blockchains by creating a protocol that can communicate between nodes that are governed by different entities, without the need of an intermediary. The idea is to have anyone participate in the blockchain multiverse where anyone could link its blockchain to other blockchains through ICON’s network, given that they’re assembled following ICON’s guidelines.

Through the implementation of loopchain we’re able to make every community interconnectable. The next example of an ICON architecture will explain more easily what they’re trying to do.

This example is one that is present in their Whitepaper, U-Coin created by DAYLI and theloop, companies behind ICON project.

Image 1 – U-Coin Data Architecture – Source: http://docs.icon.foundation

This system, developed by ICON’s underlying entities created a way to target the generation that has the most abilities in adapting to new paradigms and technology, the youth. Imagine the possibility of having a cryptocurrency that makes students life easier, all thanks to ICON.

U-Coin is a cryptocurrency that received a grant by the Ministry of Creation and Science in April 2017 and intends to expand beyond the top universities that is currently being implemented. This would allow for this crypto currency to be spent in for example: transactions between students, vending machines, school cafeteria and other school services. And the best part? Compatibility so you can spend in other universities outside your own.

Market Analysis

ICON (ICX) had an abrupt climb in December and January but somehow this coin is still very new to most people, although it stands in #15. We can only assume that the attention this coin got probably came in a clear majority from the Korean Markets where the underlying entities that created the ICON project we’re already known.

This gives us a very good overview of ICON since it is likely that their previous success in other projects will be a representation of the results ICON plans on showing. After the market rebounds, once again we’ll see a lot of new investors, and after their Summit in Seoul its very likely that the so craved information regarding their roadmap for 2018 is revealed.

Currently ICON (ICX) is being traded at $9.08 USD and can be purchased mainly through Binance or Huobi.

Image 2 – ICON’s Charts – Source: coinmarketcap.com

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