Let’s face it – there are a ton of blockchain-based projects in the works out there, and a lot of them run on varying types of code. There are so many cryptocurrency platforms out there that are totally incompatible with the rest of them. While there has been some success in bridging the gaps between these disjointed blockchain networks, like how QTUM (QTUM) offers interoperability between Bitcoin (BTC) and Ethereum (ETH), there isn’t a one-size-fits-all solution out there. That’s what ICON (ICX) is building.
What is the ICON coin proposing?
This coin is the native cryptocurrency of a massive ecosystem called the ICON Republic. They say that they’re building one of the largest decentralized networks on Earth. The basic idea is that, using smart contract technology, separate blockchain platforms can interact with each other – which would effectively make the disjointed nature of the current blockchain economy a thing of the past.
ICON (ICX) achieves this through something called loopchain technology – which allows disconnected blockchains to join the wider ecosystem. A ton of industries – and big actors within those industries – are already using the technology in South Korea. There is still a lot of progress to be made, but they look like they have a good product and solid development momentum.
The platform is already live
This platform is still in the works – but it barely launched. That means that users have only barely been able to start planning to launch decentralized applications (dApps) on the network. In fact, six ICOs have already been announced that will launch on the ICON (ICX) blockchain:
3) Sentinel Protocol
6) Ad4th. pic.twitter.com/iuPj97nMjZ
— NM (@ByteSizeCapital) March 15, 2018
If Ethereum (ETH), Bitcoin (BTC), NEO (NEO), QTUM (QTUM), and all the other disjointed blockchain networks can connect through this single platform – then the entire crypto game will be shifted into a new era. That will be an inevitable step as blockchain gets mass adopted, and ICON (ICX) may be the group that pulls it off first.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.