ICON is a project that intends to interconnect several Blokchain without needing a third party, something like Internet, which is based on the interconnection of digital databases. His idea of an open source system seeks interaction without intermediaries between government departments, universities, hospitals, banks, etc.
Once companies, companies and different business models are associated with this blokchain project, it is expected that they use the ICX token to pay for services between the different partners or entities affiliated to the network. For example: If the tourist company "A" and the supermarket "B" are affiliated with Blockchain ICON, the clients of both parties will be able to pay with ICX in both entities.
According to the Steemit.com page, there are certain elements that characterize ICON and its network:
It uses an intelligent contract platform called SCORE.
It has a consensus algorithm called Loopchain Fault Tolerance or LFT with the ability to process large amounts of transactions in real time.
Multichannel transactions can be made based on a channel, configuring separate channels for each task in a single chain of blocks.
Modular architecture: each module can be customized to ensure its high scalability.
Delegate proof of the consensus consensus algorithm - the representatives of the community (for example, a company in the insurance community) are encouraged - for the activities generated within the community.
Inflation - set at a maximum of 20% per year.
Interchain - different blocks can be connected with the ICON network.
In addition, the ICON token, ICX, is based on the ERC20 format of Ethereum, and all its capitalization moves in measure to the Ether. ICX has a capitalization close to 900 million dollars.
So far there are no major projects or companies that have partnered with TheLoop, the company that created the network along with three universities in South Korea, this is because the project is very recent and not yet sufficiently known.
The token was hardly issued during the fourth quarter of 2017 despite the fact that the companies had been working on the project for more than two years. Despite all this, ICON has applications in the real world, including "an authentication platform Know Your Costumer that was launched in August 2017 with 25 securities firms."
ICX in the token market
In the graph of CoinMarketCap you can see in detail the movements of the token from the moment of its issuance until the time of writing. In the high peaks of the image, which imply a significant increase in its value, the token came to be worth up to USD 12 per unit, although for today it has a cost of just 2 USD.
ICX can be obtained by now through BTC or Ether and traded in Binance, Upbit, Bithumb and Huobi. This happens because it is still a very recent token, but it is likely that in the not too distant future there will be space between other large exchanges.
What to expect?
The concept of ICON is quite promising and innovative, based on that plus the hectic movements that the token has had since its emission, we could say that there is a promising future in the project, but only time will tell.