THE DEMAND / THE MARKET
One of the criticisms towards the centralized world is the number of steps sensitive information is transferred and the opportunity for exploitation of that information within each of those steps. For instance, buying a cup of coffee may be as simple as paying X amount of dollars for a cup of coffee through a POS machine, however, upon swiping your card, your name, credit card number, expiration date, billing address, and CVS are stored and transported to various databases. Not only there is the concern of having third parties being trusted with sensitive information – which has proven time and time again to find its way to the black market – there is also the high fees associated with this transaction. ICON, on the other hand, a decentralized network, removes the need of unnecessary intermediaries by verifying the transactions on their network via a shared ledger with in the community network itself. Thus, reducing risk and fees associated with transaction of information. Additionally, ICON’s network, allows each community to autonomously agree upon their system and policy, while being able to connect to other communities when needed. ICON is a bridge that is able to bring all different projects / communities together and is able to help facilitate the breaking of walls that currently separate blockchain projects and essentially our societies.
- March, 2018 – Token Swap, Mobile Wallet
- April 2018 – IISS launch, ICO platform
- SCORE Improvement
TOKENS and SUPPLY
- Tech Company: Development expense for blockchain engine, DAPPs, artificial intelligence, etc.
- Reserve: Required for real-time DEX with other blockchain network. Reserve is divided into Reserve1 (ETH Reserve) and Reserve2 (Other Reserve) Reserve1 is required for DEX with Ethereum based networks, and Reserve2 is required for DEX with other non-Ethereum based networks.
- Foundation expense: Covers operating expenses, marketing fees, legal & account fees associated with the ICON Foundation
- Business development fee: Fees associated with the global expansion of the ICON Foundation, including offices and business development related expenses.
- Strategy Partner: Costs associated with ICX expansion, which are provided to the Global Business Partner
KEY PARTNERSHIPS AND ASSOCIATIONS
- CoinOne Inc. – founded in 2014 and owned by DFG’s cryptocurrency division, provides on of Korea’s largest cryptocurrency exchanges which consistently ranks in world’s top 10 exchanges based on trading volume.
- Blockchain Interoperability Alliance – co-founded by ICON, AION, and WanChain, share the vision of promoting interconnectivity between disparate blockchain networks. This collaboration will result in sharing research and protocol architecture.
- ChainToB (blockchain to business) – is a new Korean startup that aims to bring blockchain technology to business services.
- Universities – Backed by government grant from the Ministry of Creation and Science, the three-top tier Korean universities have been, and have also signed on with theloop to develop university coin (U-Coin) bringing blockchain to the students, with MVP testing commenced in Q4 of 2017. Furthermore, U-Coin will expand its ecosystem by creating other cryptocurrency -based services that can be used in nearby communities and university towns, including cryptocurrency vending machines and easy payment/ transfer systems.
- Capital Markets Consortium – ‘Korea Financial Investment Blockchain Consortium,’ the first industry-wide blockchain consortium backed by 27 securities firms, helmed by KOFIA. In addition to Companies such as Samsung and Hyundai Motors that may be familiar to the readers.
- SBI Ripple Asia – A secretariat of consortium of more than 60 Japanese banks, have partnered with DFG’s DAYLI Intelligence to facilitate blockchain-based instant cross-border payments, enabling round-the-clock settlement at reduced costs.
- Woori Bank – a subsidiary of Woori Financial group and one of the largest commercial banks in South Korea. They are working with DFG DAYLIN intelligence and theloop to commercialise Korea’s digital currency Weekbee coin.
- Blockchain Consortium: Healthcare – Made up of major domestic hospitals, the plan is to build a secure precision medical data sharing network in a secure manner and intends to extend the service to global medical data distribution.
- Blockchain Consortium: Insurance – With a government grant from Ministry of Science, ICT and Future Planning, the Insurance Consortium led by Kyobo Life Insurance, which consists of domestic insurers, medical institutions and medical IT firms aims to automate the entire insurance claiming process on theloop blockchain. Prototype testing underway in Q4 of 2017.
DAPPS AND NEW PARTNERSHIPS
- Stove (Smilegate) – A social platform producing and distributing a variety of digital contents, including games, built by Smilegate, a global online gaming company listed on the Guiness Book of World Records for number of concurrent users of CrossFire
- Bluewhale – A decentralized ecosystem of sharing economy for workers to receive fair rewards
- TINK – A distributed application that helps your friends give credence to your social profile by making anonymous vote on what they like and think about you.
- Silkroad – A platform that supports transparent history management and purchasing by reforming the semiconductor supply chain and SCM into a blockchain-based decentralized system.
- UPPSALA – Security Intelligence Platform for Blockchain (SIPB) which aims to overcome the disadvantage of decentralization by turning it into an advantage of security
- AD4th – A decentralized advertising platform with real-time P2P reward system
- Nucleus Vision – An IoT-based, contactless identification system that empowers retailers to identify and better serve their customers.
COMPETITORS AND KEY CONCERNS
- They are the first to bring the concept of “hyperconnectivity” to market.
- ICON is well positioned – essentially a monopoly – in Korea to be the first to bring connectivity within different blockchain communities by connecting governments, universities, banks, businesses, insurance companies, and hospitals.
- They are the creators of theloop, which already exists and is functioning within the Korea Financial Investment Blockchain Consortium. They also have University Coin, along with hospitals and insurances companies as well.
- The ICON allows for exchange of assets – can be tokens, value, coins, information, records (medical and academic), and payments
- Impressive partnerships– backed by the government, universities, and also partnered with SBI Ripple Asia connecting them with the vast partners that Ripple Asia is in contact with i.e. 90+ Japanese banks.
- Scalability could be an issue. They suggest that LFT is the solution to scalability however, there are no numbers to prove that to date.
- There are currently 40 C-Rep nodes located across 10 regional areas.
- ICONex (the ICON wallet) – A demo was shown during the Annual Summit. It functions as an Ethereum wallet as well. Your wallet can be a part of various different blockchain projects as well. They are also working on bringing a mobile app as well within the near future.
- ICONick – Blockchain address naming service, which is essentially creating a simplified identification, such as John Doe, that can be used to send and receive information/assets on the network. This creates a simplified system for everyday users. This takes away the ray of numbers and they give someone a name/ID instead.
- Important dates: March, 2018 – Token Swap, Mobile Wallet release and April 2018 – IISS launch, ICO platform
- Currently trading at $3.80 USD, with a market cap of $1.43B USD.
- The circulating supply of ICX tokens is 386M/400M.