Read The Forum Rules: We have a clear set of rules to keep the forum running smoothly. Click here to review them.

Post Reply 
ICON (ICX): The National Blockchain Platform of Korea
Author Message
thebassist Offline
Kingfisher
***
Gold Member

Posts: 584
Joined: Oct 2012
Reputation: 29
Post: #1
ICON (ICX): The National Blockchain Platform of Korea
Greetings, fellow shitcoiners, I hope that everyone has been enjoying the fruits of the latest altcoin bullrun.

Besides a couple of sparse mentions here and there I have been unable to find any detailed discussion concerning what I believe to be one of the most well-connected, fundamentally sound projects in the entire crypto space, one which I fully expect to enter the top 10 market caps and perhaps beyond in the months to come.

I am of course speaking about ICON (ICX): the national blockchain platform of Korea.

[Image: ICX-Banner.jpg]

Note: a lot of the information that I post below is either quoted or paraphrased from this site, which contains the most extensive research on this project that I have found so far. I highly recommend checking it out if you want more detailed information after reading this post.

What is ICON?

The ICON network is a smart-contract blockchain platform that has the goal of being the universal blockchain platform for all Korean industry. Despite the extremely high extent of regulation on cryptocurrency in Korea it gained all the necessary approval to run its own ICO, making it the first project to do so in the entire country.

According to its whitepaper the network will be designed to be blockchain-agnostic, and will theoretically allow for easy transfers of information and value between various different blockchain networks, allowing it to adapt to changes in the cryptocurrency landscape in the future.

Expanding on this:
Quote:The ICON project is underpinned by the philosophy that the value of a blockchain is inherently related to the value/size of the network it connects; this philosophy manifests itself in a visible pursuit of high calibre technology providers and the continued pursuit of tangible industry partnerships.

Enterprise blockchain technology is still in its infancy and as with any new technology, enterprise level adoption can be slow. By sending out their own development teams to work with various industry groups and develop tailored blockchain applications, theloop has not only accelerated the pace of Blockchain adoption but cemented its technology at the heart of that adoption.

The path to success and critical mass will be defined by the ability to build strategic partnerships and coalitions with consortium groups and enterprise initiatives. ICON as the first public ledger iteration of theloop is best positioned to inherit and enhance the network effect of these enterprise chains, particularly given its focus on interoperability.

It is also (in theory) designed for scalability, with its consensus algorithm (Loopchain Fault Tolerance) being capable of handling thousands of transactions per second, multi-channel transactions, and more (more details can be found in the whitepaper).

As you can see, the ambitions of this project are rather lofty, so why would we believe that they have even the slightest chance of being successful, both in terms of adoption as well in terms of fulfilling the promises laid out in the whitepaper?

First, let's address the connections of this project:

What about its backing, and does it have any partnerships already?

[Image: Spec-R-ICON-partnership-300ppi-Final-V2.png]

I find it no exaggeration to say that ICON is one of THE most well-backed, well-connected projects in the entire crypto sphere.

Let's discuss backing first:

ICON is developed by a company known as theloop, which had its inception as a joint venture between 3 big Korean universities (Korea University, Sogang university, and Sohang University of Science and Technology) and DAYLI financial, a multi-billion dollar Korean financial firm. So, backed by multibillion dollar company, top Korean Universities, check.

Now let's talk about partnerships:
Quote:Woori Bank

Woori Bank is a subsidiary of Woori Financial Group, one of the largest commercial South Korean banks (15 000 employees; 9.7 Billion USD market cap). It is working closely with DAYLI Intelligence & theloop to test and commercialize Korea’s digital currency, WeeBee coin, with universities and local governments.

SBI Ripple

SBI Ripple Asia manages a consortium of more than 61 Japanese banks including mega-banks Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho who leverage Ripple’s enterprise blockchain technology for instant payments and settlement. The new partnership is a collaborative effort to bring Ripple’s enterprise blockchain solution for cross border payment to South Korea.

Korean Financial Investment Association (KOFIA)

KOFIA is the sole self-regulatory organization of the Korean financial industry, and theloop is the its only technology partner. They are already working together to launch a blockchain-based personal authentication service called 'ChainID', which will reduce the costs of the identity authentication process and provide higher levels of security. This is a project that will be integrated with the ICON network, and will be the first of many that will emerge from this specific partnership (more projects already planned in 2018-2020 already).

The list goes on, but I think I've made my point that they already have huge established partnerships with a lot of exciting national projects being built on the ICON network, as well as impressive levels of backing and connections.

More information on already established connections here, or in the first link at the start of this post.

What about its team?

Quote:theloop has 11 fulltime employees. Its parent company, DAYLI Intelligence, had 148 employees as of May 2017.

The bios of the core members of the team are listed below:

Jonghyup Kim, Foundation Council – 18 years of experience, previously Engineer at BT Works and Jang Media Interactive.

KJ Eee, Foundation Council – Majored in computer science and engineering at POSTECH University and developed 'SUHOSHIN', the first firewall in Korea. He founded Nomad Connection and has gained 3 million users through P2P Media Service Zimly. Currently, he is the CEO of DAYLI Intelligence.

ICON also has a strong team of advisors, including Don Tapscott, co-founder of the Blockchain Research Institute, Jason Best, co-founder of Crowdfund Capital Advisors, Jehan Chu, Managing Partner of Kenetic Capital.

from https://crushcrypto.com/analysis-of-icon/#tab-con-3


And now we will address the most important question:

Why should I invest now?

   

I can answer this with respect to both the short-term and the long term.

The short-term to mid-term:
- They are launching their blockchain platform (i.e. mainnet release) on january 24th. While we are still 3 weeks off from this I believe hype will start to kick in very soon and we will see good gains on the current price.

- Annual conference: they are hosting the ICON annual summit a week after the mainnet release (should be february 1st), in which they will discuss amongst other things the roadmap for the project, as well as dapps being built on the network. Thus high potential for hype announcements.

- Release on big Korean exchanges: as of now there are no Korean exchanges (i.e. exchanges with which Koreans can buy crypto with fiat) that list ICX. It is likely that this will occur after the mainnet release.

This point is worth delving into more detail on: first of all, there can be no doubts about an eventual listing on large Korean exchanges, given that DAYLI financial group owns Korea's third largest national exchange (Coinone, 12th globally in terms of volume). Additionally, the incentives for a timely listing will be quite large, given the financial incentives to being the first to list Korea's own national blockchain project.

Now let's talk about Koreans, who are the largest per capita investors in cryptocurrency (the second largest gross crypto market in the world), who are also famous for being the biggest fomo-driven pumpers known to the entire world, having driven and dominated the volume of so many of the massive top-20 currency pumps that we have seen recently (e.g. Ripple, IOTA, Monero, you name it honestly). They are absolutely nuts about crypto and have a track record of driving the most nascent of pumps into parabolic celestial-object-bound trajectories.

As of now, it seems that the general Korean masses are not aware of its existence, just as the western masses who never venture beyond coinbase are doubtless unaware of most of the currencies outside of the very top or most pumped ones.

All they are waiting for is exposure, and I believe that listings on their main exchanges (coinone, coinnest, bitthumb, in order of increasing importance) will be the catalyst for first curiousity, and then fomo to begin. Remember this is not just any project, it is the NATIONAL blockchain of Korea, thus giving it an additional factor to ignite interest in the Korean markets.

The timing on the listings is uncertain: most likely the first will come through in february, or march at the latest.

I expect the gains to be good in the short term with the mainnet launch and annual summit, but they will be nothing in comparison to what will occur when this project catches the eye of the Korean public. I highly encourage all forum members reading this to ensure they are strapped up and ready for the ride well before this point in time.


The long-term

   

Given what has been discussed already, e.g. the level of backing and partnerships, its first mover advantage, blockchain interoperability, and the passion for crypto in Korea, it has an extremely favorable risk/reward ratio. The potential value of this project is massive, and the odds of failure seem as low as is possible, barring perhaps the worst of black swan events. I believe enough has been said already that would indicate the long-term potential of this project.


And now the final question:

Where can I buy it?

You can buy it on binance, or if you do not have an account on binance (registration is currently not open) then you can find it on OKEX as well.

It is currently listed as an ERC-20 (ethereum-based token), but you will be able to swap them for tokens on the ICON network after the mainnet release.

And that sums it up gentlemen. There may be some concern given that this project started with a market cap of around 40 million dollars back in October, but given all of the fundamentals that have been discussed already I believe this to be of no concern. At a current price of approximately $7.50 per token this project sits at a $3 billion dollar marketcap, I believe it is a matter of time until it hits the top 10 marketcaps, and would not be surprised to see if rise beyond that as things progress.

There are definitely projects out there that could potentially offer better returns, but at a higher risk. Given the low risk profile of this project, as well as its extremely high upside with its adoption as the national blockchain platform project of the most crypto-crazy country of the world, I believe it to be one of the best possible investments available in the current market, and have positioned my own portfolio as such.

That is all, if there are any questions, feel free to ask.

RVF Fearless Coindogger Crew
(This post was last modified: 01-05-2018 10:43 AM by thebassist.)
01-05-2018 10:06 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 20 users Like thebassist's post:
superschalk, glugger, Valentine, RagnarLothbrok, True Balla, Sooth, cato, Seth_Rose, Kangaroo, infinitejest, lovingseoul, Neo, Windom Earle, arafat scarf, stefpdt, Noir, Blancpain, CaptainChardonnay, Dr Feelgood, bgbusiness
superschalk Offline
Woodpecker
**

Posts: 294
Joined: Feb 2015
Reputation: 34
Post: #2
RE: ICON (ICX): The National Blockchain Platform of Korea
Awesome sheet man!

I just bought more Icon today. Over the last few days the price moved sideways and with all these news lined up and especially the huge conference at the end of January it is about to break out.

In my opinion Icon is still cheap and will explode in the next two to three weeks.
01-05-2018 10:20 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes superschalk's post:
thebassist
the chef Offline
Woodpecker
**

Posts: 491
Joined: Nov 2011
Reputation: 7
Post: #3
RE: ICON (ICX): The National Blockchain Platform of Korea
As always, thank you.
01-05-2018 11:04 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 2 users Like the chef's post:
Valentine, thebassist
NewMeta Offline
Kingfisher
***
Silver Member

Posts: 636
Joined: Aug 2015
Reputation: 26
Post: #4
RE: ICON (ICX): The National Blockchain Platform of Korea
I threw a giant stack at it today cause it was dumping from its last high and started to trade sideways.

Clearly alot of support around 0.007 so it seems thats the cheapest it will be more or less. Gonna hold until main net release and possibly beyond. If it does a x2 ill take out inital investment and keep the rest in i think. Being the national blockchain of Korea i fully expect Korean fomo to peak when it hits the big Korean exchanges.
01-05-2018 07:42 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes NewMeta's post:
Sooth
Sooth Offline
Pelican
****
Gold Member

Posts: 1,216
Joined: Feb 2015
Reputation: 18
Post: #5
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-05-2018 07:42 PM)NewMeta Wrote:  I threw a giant stack at it today cause it was dumping from its last high and started to trade sideways.

Clearly alot of support around 0.007 so it seems thats the cheapest it will be more or less. Gonna hold until main net release and possibly beyond. If it does a x2 ill take out inital investment and keep the rest in i think. Being the national blockchain of Korea i fully expect Korean fomo to peak when it hits the big Korean exchanges.

This is exactly what I've done too.
01-05-2018 07:54 PM
Find all posts by this user Like Post Quote this message in a reply
Fortis Away
Crow
*****
Gold Member

Posts: 4,285
Joined: May 2014
Reputation: 106
Post: #6
RE: ICON (ICX): The National Blockchain Platform of Korea
I'm really REALLY kicking myself for selling out of this on a swing trade way back when. Great coin that has consistently outperformed expectations.

I will be checking my PMs weekly, so you can catch me there. I will not be posting.
01-10-2018 07:58 PM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Fortis's post:
thebassist
stefpdt Offline
Woodpecker
**

Posts: 372
Joined: Jun 2014
Reputation: 13
Post: #7
RE: ICON (ICX): The National Blockchain Platform of Korea
Thank you for this datasheet thebassist. I picked up some ICX on Binance today.

Can I just send my ICX straight to MyEtherWallet since ICX is an ERC-20 token for the time being?

I know I need to eventually get a ledger, but I'm looking for a simple storage solution for the time being.
01-15-2018 02:18 PM
Find all posts by this user Like Post Quote this message in a reply
Cattle Rustler Offline
Peacock
******
Gold Member

Posts: 6,502
Joined: Jun 2013
Reputation: 108
Post: #8
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-15-2018 02:18 PM)stefpdt Wrote:  Can I just send my ICX straight to MyEtherWallet since ICX is an ERC-20 token for the time being?

Yes.

Just remember, Binance charges you approximately 10 USD to withdraw coins.

"May get ugly at times. But we get by. Real Niggas never die." - cdr
01-15-2018 02:22 PM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes Cattle Rustler's post:
stefpdt
stefpdt Offline
Woodpecker
**

Posts: 372
Joined: Jun 2014
Reputation: 13
Post: #9
RE: ICON (ICX): The National Blockchain Platform of Korea
Appreciate it.

I didn't know about the 10 USD withdrawal fee. That's kinda steep.

I figure I'll be holding onto ICX for most of 2018, so I might just have to eat the fee.
01-15-2018 03:03 PM
Find all posts by this user Like Post Quote this message in a reply
dasher Offline
Robin
*

Posts: 235
Joined: Sep 2012
Reputation: 10
Post: #10
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-15-2018 03:03 PM)stefpdt Wrote:  Appreciate it.

I didn't know about the 10 USD withdrawal fee. That's kinda steep.

I figure I'll be holding onto ICX for most of 2018, so I might just have to eat the fee.

They're launching the ICX main net this month, I'd recommend leaving it on binance until then so they handle the conversion from ERC20 icx to real icx for you.
01-15-2018 09:42 PM
Find all posts by this user Like Post Quote this message in a reply
CleanSlate Offline
Hummingbird
*****
Gold Member

Posts: 2,985
Joined: Dec 2008
Reputation: 222
Post: #11
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-15-2018 09:42 PM)dasher Wrote:  
(01-15-2018 03:03 PM)stefpdt Wrote:  Appreciate it.

I didn't know about the 10 USD withdrawal fee. That's kinda steep.

I figure I'll be holding onto ICX for most of 2018, so I might just have to eat the fee.

They're launching the ICX main net this month, I'd recommend leaving it on binance until then so they handle the conversion from ERC20 icx to real icx for you.

Is there a reason why MEW or wallets like ledger can't handle this conversion? Why can't we simply send the erc20 icx directly to a new icx wallet once mainnet is up?
01-15-2018 10:02 PM
Find all posts by this user Like Post Quote this message in a reply
dasher Offline
Robin
*

Posts: 235
Joined: Sep 2012
Reputation: 10
Post: #12
RE: ICON (ICX): The National Blockchain Platform of Korea
If Binance do it for you there's 0% chance of anything going wrong, and it saves you the time of having to do it.

You could do it yourself, but I don't think there's much reason to.
01-16-2018 03:21 AM
Find all posts by this user Like Post Quote this message in a reply
glugger Offline
Woodpecker
**

Posts: 382
Joined: Mar 2015
Reputation: 4
Post: #13
RE: ICON (ICX): The National Blockchain Platform of Korea
The only reason to do it yourself is that the coins might be locked or untradeable for a certain time while the exchange sorts out the changeover process.

Look at the situation with Ardor - It was an asset on the nxt blockchain (similar to ERC20), before the implementation of it's own blockchain on the 1st of January.

If you left your coins on the exchange, they are still locked as of today(over two weeks later), because the exchanges haven't worked out their wallets yet.

''Casual sex is great and all, but I really miss having a girlfriend.

I like having somebody that cares about me that I can cheat on.''
Veloce
01-16-2018 05:44 AM
Find all posts by this user Like Post Quote this message in a reply
Graft Offline
Woodpecker
**
Gold Member

Posts: 488
Joined: May 2016
Reputation: 43
Post: #14
RE: ICON (ICX): The National Blockchain Platform of Korea
Most of my portfolio is in ICX. This is the safest 10x on the market in my opinion.

If ICX gets adopted as the blockchain for the majority of Korea, this could hit $100 billion marketcap. Especially if Ethereum or Bitcoin does a 3x.

It's being used by 27 banks, three large universities, hospitals, etc.

FYI Facebook and Google are 500 bil and 800 bil marketcap respectively.
02-13-2018 10:03 PM
Find all posts by this user Like Post Quote this message in a reply
Sourcecode Offline
Crow
*****
Gold Member

Posts: 4,577
Joined: May 2009
Reputation: 111
Post: #15
RE: ICON (ICX): The National Blockchain Platform of Korea
Wan chain is better.
Hands down.

I am the cock carousel
02-14-2018 11:05 AM
Visit this user's website Find all posts by this user Like Post Quote this message in a reply
Graft Offline
Woodpecker
**
Gold Member

Posts: 488
Joined: May 2016
Reputation: 43
Post: #16
RE: ICON (ICX): The National Blockchain Platform of Korea
(02-14-2018 11:05 AM)Sourcecode Wrote:  Wan chain is better.
Hands down.

I planned on flipping half my ICON stack for Wanchain when it releases. I am also pretty deep on CPchain, IOT coin from China, $60 mil marketcap and partnerships with VeChain, Qutum, Metaverse.
02-14-2018 12:28 PM
Find all posts by this user Like Post Quote this message in a reply
jamaicabound Offline
Pelican
****

Posts: 1,618
Joined: Feb 2014
Reputation: 21
Post: #17
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-15-2018 03:03 PM)stefpdt Wrote:  Appreciate it.

I didn't know about the 10 USD withdrawal fee. That's kinda steep.

I figure I'll be holding onto ICX for most of 2018, so I might just have to eat the fee.

Yeah pretty much all ERC20's suck for Binance in terms of fees. Assuming your keeping it longterm send it over there. If you want to move other coins off Binance or move money between exchanges Binance has 0 fees on NEO, Stellar is really cheap as well.
02-14-2018 01:24 PM
Find all posts by this user Like Post Quote this message in a reply
jamaicabound Offline
Pelican
****

Posts: 1,618
Joined: Feb 2014
Reputation: 21
Post: #18
RE: ICON (ICX): The National Blockchain Platform of Korea
(01-16-2018 03:21 AM)dasher Wrote:  If Binance do it for you there's 0% chance of anything going wrong, and it saves you the time of having to do it.

You could do it yourself, but I don't think there's much reason to.

What would that process look like? I just sent mine to my Trezor, wondering if I should send it back as I kind of suck with tech stuff
02-14-2018 01:26 PM
Find all posts by this user Like Post Quote this message in a reply
bgbusiness Away
Kingfisher
***

Posts: 631
Joined: May 2017
Reputation: 7
Post: #19
RE: ICON (ICX): The National Blockchain Platform of Korea
Americanized S. Korean here.
S. Korea is going crazy over Cryptocurrency. Most of the young generation just "get it" when it comes to new tech.
This alt-coin has potential to be in the top 10 I believe.
They have an amazing team and great marketing. Their execution is fucking insane too.
My top 5 coins as of right now.

"Don't let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the heat around the corner."
- Heat

"That's the difference between you and me. You wanna lose small, I wanna win big."
03-14-2018 12:57 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes bgbusiness's post:
glugger
RichieP Offline
Pelican
****

Posts: 1,449
Joined: Nov 2011
Reputation: 23
Post: #20
RE: ICON (ICX): The National Blockchain Platform of Korea
(03-14-2018 12:57 AM)bgbusiness Wrote:  Americanized S. Korean here.
S. Korea is going crazy over Cryptocurrency. Most of the young generation just "get it" when it comes to new tech.
This alt-coin has potential to be in the top 10 I believe.
They have an amazing team and great marketing. Their execution is fucking insane too.
My top 5 coins as of right now.


Errm...not convinced that it's really due to them "getting" the nuanced implications of cryptocurrencies.

Herd mentality seems the more likely explanation.

Could arguably be an advantage for ICON though.
(This post was last modified: 03-16-2018 03:52 PM by RichieP.)
03-16-2018 03:43 PM
Find all posts by this user Like Post Quote this message in a reply
SamuelBRoberts Offline
Crow
*****
Gold Member

Posts: 4,842
Joined: Oct 2014
Reputation: 93
Post: #21
RE: ICON (ICX): The National Blockchain Platform of Korea
I've had this really good diagram of all the warning signs with ICX that would've stopped you from being a bagholder if you were careful. I think I got it off twitter somewhere but I don't remember where.
It's a really good example of how to use TA to protect yourself against losses so I'm posting it here.

[Image: DW0wbh_Wk_AA_C2_W.jpg]
03-16-2018 10:05 PM
Find all posts by this user Like Post Quote this message in a reply
Graft Offline
Woodpecker
**
Gold Member

Posts: 488
Joined: May 2016
Reputation: 43
Post: #22
RE: ICON (ICX): The National Blockchain Platform of Korea
ICX seems to perform best/worst during bull/bear runs, it got killed in FEB/MARCH but is the number one gainer on the top 50 after today's mini bull run.
03-20-2018 10:11 PM
Find all posts by this user Like Post Quote this message in a reply
SamuelBRoberts Offline
Crow
*****
Gold Member

Posts: 4,842
Joined: Oct 2014
Reputation: 93
Post: #23
RE: ICON (ICX): The National Blockchain Platform of Korea
That's because it got added to one of the big Korean exchanges, right?
03-21-2018 03:12 AM
Find all posts by this user Like Post Quote this message in a reply
[-] The following 1 user Likes SamuelBRoberts's post:
thisiscohen
Celestial Offline
Robin
*

Posts: 174
Joined: Feb 2016
Reputation: 7
Post: #24
RE: ICON (ICX): The National Blockchain Platform of Korea
(03-21-2018 03:12 AM)SamuelBRoberts Wrote:  That's because it got added to one of the big Korean exchanges, right?

Yes, it got added to Bithumb, one of South Korea's largest exchanges.
03-24-2018 05:52 PM
Find all posts by this user Like Post Quote this message in a reply
Vincent Chase Offline
Kingfisher
***
Gold Member

Posts: 928
Joined: Feb 2015
Reputation: 27
Post: #25
RE: ICON (ICX): The National Blockchain Platform of Korea
Holding a long position and swang traded it. Luckily dumped the swing part again before it dumped on the twitter shit.

That said it should still hit 10-20 dollars if the bull market returns by end of year.
03-28-2018 04:31 AM
Find all posts by this user Like Post Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  IOTA Thread (First Non-Blockchain Coin) semibaron 145 40,366 05-28-2019 02:00 PM
Last Post: semibaron
  DeepBrain Chain (DBC) - AI meets Blockchain whiteknightrises 23 5,087 03-31-2019 02:45 PM
Last Post: Lampwick
  Day trader tries out ‘demo’ platform, ends up with actual $5 billion position balybary 3 1,887 06-26-2018 06:13 PM
Last Post: TheBMan

Forum Jump:


User(s) browsing this thread: 1 Guest(s)

Contact Us | RooshV.com | Return to Top | Return to Content | Mobile Version | RSS Syndication