Both blockchain and cryptocurrency are breaking more and more into the mainstream, and several projects are blazing the trail to push for the incorporation of this revolutionary technology into markets, economies and industries all around the globe.
One cryptocurrency that has already been adopted into a number of major industries is ICON (ICX), a project based in South Korea that aims to “hyperconnect the world”. Until very recently, it was not clear precisely what ICX did, but January 30th saw the publication of the ICON whitepaper, which certainly caused a few raised eyebrows.
What the whitepaper says
Essentially, ICON is framed as a blockchain of blockchains. In the ecosystem of ICS, communities like hospitals, universities and banks can start their own blockchains. All blockchains operating under ICX will be autonomous from each other, but will connect to the global ICX blockchain system – the ‘ICON Nexus’ – via specific nodes that facilitate liaisons between the autonomous blockchains and the Nexus.
This is made possible by loopchain technology incorporated in ICON. This allows community-created, custom blockchains to be made via a multi-channel approach. These are individualised by way of smart contracts that align with the exact utility and speed requirements of an individual community. This blockchain implementation is very potent, allowing near-instantaneous transactions that could scale 9,000 TPS.
ICON stands out from the competition due to the actualities and capabilities of its network. Many other projects are planning and developing for massive, widespread use, with aims to penetrate major industries, but ICON offers a blockchain protocol that is already prepared to be scaled for global adoption and is already in use among many businesses, institutions and industries.
As these existing ICON users expand their networks and cryptocurrency usage, it is likely that other businesses and industries will be attracted. Though ICON’s current market cap of around $2.7 billion may seem huge, the potential it shows could see its future rival the likes of NEO or even Ethereum.
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