The difference a year makes.
Last September, the global blockchain project ICON (ICX) successfully raised 150,000 Ether (around 42,800,000 USD at the time of its ICO). Currently, ICON’s total market cap amounts to nearly 250,000,000 USD. Placing it 36th among the top cryptocurrencies in the world. ICX is the only Korean based coin to make it into the top 100 (according to CoinMarketCap).
It’s only been a year since its ICO, but the South Korean juggernaut, which aims to lead the domestic/international ecosystem for blockchain technology, is proving that “this is just the begging“.
ICON: Full Throttle Ahead
THELOOP that leads ICON has rebranded to ICONLOOP and set a new vision by publishing the new company image early this month. ICONLOOP showcased the joint authentication service “Chain ID” (the world’s first blockchain joint authentication service) which is built using ICONLOOP’s proprietary blockchain engine “LOOP Chain”, and started experimenting with blockchain application in areas such as finance, medicine, education, etc.
Ultimately, ICONLOOP’s objective is to create a blockchain ecosystem that transcends nationality and sectors through the use of an “Interchain Blockchain Network” that hyperconnects public and private blockchains developed independently around the world.
ICONLOOP is running an Accelerator program with Deblock in order to discover and nurture innovative blockchain projects. LinePlus, created by Naver’s own company in Japan ‘LINE’ in order to target overseas, and ICONLOOP established a joint venture with Unchain which will create a blockchain ecosystem fueled by a token economy, where the users are rewarded for their contributions to the network. For those unfamiliar with LINE, the company offers an extremely popular and well known messaging app in a variety of countries.
Unchain and its own blockchain technology company Unblock created by LINE last April are also speeding up its DApp development which will be applied to the mobile messenger “LINE” that accrues over 200 million users per month from all around the world.
A Joint Venture Of Massive Proportions
In particular, the combined technological know-how and experience of each representative from Deblock, Unchain, and Unblock is whats really moving ICON’s DApp projects forward. ICONLOOP’s former technology director and Unchain representative Lee Hongkyu is a figure who worked in places like DailyIntelligence AI’s headquarter which developed DAVinCI AI that incorporates into the ICON network.
Deblock representative Oh Hyeonseok and Unblock representative Lee Huiwoo used to be startup members of “AD4th Insight“, a blockchain based AdTech advertisement company that fosters decentralized digital advertising with ICON(ICX) tokens.
Webloc, another rising ICON Dapp blockchain project under the guidance of the cofounder Hongjun.
He revealed earlier last late August in meeting with the Jeju manager Won Huiryong that “we are planning set up a corporation in JeJu Island and use ICON as our primary platform for ICO” he added, “as it is a Korean company comprised of Korean nationals, this blockchain project will be run in Korea”.
A New Wave
Even though ICON has faced domestic and international obstacles along the way, since its successful global ICO launch, ICON has been playing a key role as “Korea’s coin”
Although the South Korean government declared a “complete ban of all forms of ICO’s” last September, there are already talks of ICO’s becoming “regulated”, in response some of the relevant Korean companies are already putting plans in motion for domestic ICO projects.
Additionally, with the stellar performance from “ICON’, recently the AD4th Insight’s CBO Kim Eunhye is officially running the ICON Developers Portal, managed by De:Nexo, which is expected to accelerate the growth of the DApp ecosystem by serving as a hub for development resources, knowledge sharing, community updates, SDKs and other open source material for developers all around the world.
One blockchain company insider said “even though ICON has faced domestic and international obstacles along the way, since its successful global ICO launch, ICON has been playing a key role as “Korea’s coin“, he emphasized “For Korean blockchain projects to prosper – just like the ‘ICON division’ led by the ICONLOOP executive Lee Kyeongjun and representative Kim Jonhyup – on top of human resources we need legal and policy related support as soon as possible”.
One thing is for certain, with only one year in, ICON continues to take blockchain and decentralization another step closer to being a part of our everyday lives.