ICON has now combined with the public sector and making headline-worthy results regarding its blockchain services that are used in everyday life, but the journey hasn’t always been smooth. As much as ICON has been able to focus on connecting blockchains, it is also a difficult project compared to others. It took a lot of time and the overall cryptocurrency market slump did not help matters. As a result, the decrease in profits added up to the increasing complaints of investors.
The election of P-Rep’s will be a sure moment for iconic ecosystem growth.
The price of the ICX cryptocurrency that had gone up to 72000 won last fall took a nosedive to 200 won this past December. It had decreased by 90% within half a year. There were a lot of criticisms that ICON had put too much focus on maintaining their image of being the ‘blockchain of South Korea’ with little technical results to show for it.
A worker from ICON admitted they were only “focusing on development and achieved different results but the investors had no idea what was being done,” and regretted “there was a lack of communication”. Establishing interoperability requires time. Additional effort is needed to provide continuous feedback in the process to solve any questions that may arise, instead, ICON remained focused on development.
In fact, ICON had an impressive list of achievements other than its integration within the public sector. They launched their mainnet last quarter and officially started building an industrial ecosystem by releasing ICONest, which will be utilized for ICON based dApp development. In the third quarter, they released public source code, which allowed people to take part in development.
JH Kim, the CEO Director of ICONLoop and Head Director of the foundation said “ICX Station is a program in Seoul, San Francisco, and Singapore with a global acceleration program (that focuses on startup investment and cultivating talent). This program also focuses on the LoopChain Alliance program with ‘ICX Station’. We plan to find dApp partners specialized in B2B industries.”
Kim said, “The election of ‘P-Rep’s will lead to the creation of blocks and governance decisions for the ICON network, as well as lead to the expansion of various dApp services.” P-Rep’s represent the ICON network and corresponds to the block producers that generate blocks. The election of P-Rep’s will be a sure moment for iconic ecosystem growth.“