Building a blockchain can be as easy as copying and pasting code, the true challenge is building a network. This year ICON (ICX) is one of the only platforms that have already secured and built the networks in the necessary industries.
To date, over 100 businesses have partnered with ICON. For 2019, ICON will focus on governance through staking rewards. This means users will soon be able to stake their ICX to earn rewards.
ICON Maintains Dominance in Korea
It’s pretty clear that ICON has remained the absolutely dominant blockchain platform of Korea with deep ties to the government, and business deals with the largest corporations and consortiums in major industries.
It has partnerships with two of the largest banks in Korea, Woori Bank and Nonghyup Bank, to develop and research ICON tech for banking use cases.
With a lot of crypto projects on the edge of banktrupcy due to the bearmarket ICON’s financials remain healthy. They even managed to expand to a much larger and better office space capable of supporting up to 470 people.
— Josh Choi (@joshchoi) January 28, 2019
At the time of their ICO, ICON raised close to 150,000 ETH. The team still holds around $5 million in ETH reserves.
The figures prove that ICON is far from being insolvent, in contrast to several other ICO projects that have either gone out of business or in a money crisis.
In addition being part of Dayli Financial, the largest fintech company in Korea, and ICONLOOP being a for profit business since 2016 means that ICON has had an income stream well before all the ICO madness.
New Enterprise Blockchain Alliances
ICON is looking to start new partnerships with companies to create dApps for its public blockchain ecosystem. It is specifically looking for companies who operate in the B2C (business-to-consumer) and B2B (business-to-business) markets.
Partnerships will be governed through the newly established Loopchain Alliance Program a.k.a. ICON LAP100 which aims to jointly develop enterprise blockchain solutions with 100 companies and startups in fields such as biometric identification, certification issuance and payment.
Decentralization is one of the core principles of ICON’s governance.
ICONSENSUS is a journey toward mass adoption of blockchain. ICON will have its community elect 22 P-Reps, nodes which will take on the distributed responsibility of preserving the ICON Network, producing and verifying blocks, validating transactions, proposing and voting on network policy changes, essentially the will be driving the growth of the ICON Ecosystem.
The P-Rep pre-registration has officially started. During September 2019, ICON will see worthy P-Reps registered on the blockchain. Finally, Q4 of 2019 is seen as the timeline when the ICON Network will be handed over to P-Reps, signaling the Genesis moment of the “decentralized” ICON blockchain.
The Samsung Connection
The Samsung Galaxy S10 early leaks have shocked the crypto world when it was revealed that the brand new flagship smartphone will feature an inbuilt cryptocurrency wallet. Samsung Galaxy smartphones are among the most popular in the world.
With Samsung integrating cryptocurrency to the Galaxy S10, it may have an even bigger impact than the ETF and Bakkt combined. Mostly because no one really knows what kind of exposure an ETF will bring to crypto meanwhile millions of people use Samsung phones daily.
In order to understand the ICON and Samsung connection we first need to break down the partnership between ICON and Samsung:
- In 2018 An MOU was signed between ICONLOOP and Samsung Electronics in which Samsung pledged to use Chain ID for Samsung Pass.
- Samsung Pass is the default biometrics identification system found on every Samsung phone. It is used by Samsung phone users several times a day for online payments, logins, signatures and even phone unlocks.
- This would mean that in the future, Chain ID, and ICONLOOP’s ID authentication service, would serve every Samsung Galaxy phone.
When Chain ID connects to the public ICON Network through the use of ICX tokens and interoperability is enabled Chain ID immediately expands its use case and scope to almost every imaginable interaction.
If we connect the dots we can assume ICONLOOP’s CHAIN ID will see real world consumer use as a result of Samsung Pass integration very soon.