ICON

ICON(ICX)

ICON is operated by a company called theloop, which was formed in a joint venture between the DAYLI Financial Group and three Korean universities. Its primary focus is to create a unifying system for the administration and integration of existing blockchains. This will enable an exchange of value and information between chains. Icon also provides dapp, dex, decentralized governance with help of machine learning and more.
  • Market Cap
    $1.040.843.014
  • Price
    $2.68791
  • Category
    Business services
  • Origin
    Korea
  • Team Size
    50-100
  • Initial Release
    20/09/2017
  • 10-8 High Potential
  • 8-7 Potential
  • 7-6 Considerable
  • 6-5 Risky
  • 5-0 Scam
Satoshi Rating
  • Product Ratings
    7.2
  • Team Ratings
    7.8
  • Execution Ratings
    7.6
Product
  • The need for the product ⓘ

    8
  • Total addressable market size ⓘ

    8
  • Product/market fit ⓘ

    8
  • How is the product compared to existing solutions? ⓘ

    7
  • How difficult is to make the product? ⓘ

    7
  • Could this product scale? ⓘ

    8
About Product
Smart contract of Smart contracts is a useful tool for the blockchain ecosystem. In this fast growing industry interoperability is a problem and going to be a bigger problem to tackle. Also, administration of many decentralized entities might require a solution based on a machine learning algorithms. We are not sure if Icons way to solve these issues is going to be the one that is widely adopted but their willingness to evolve the project towards industries need ensures us that they are here to stay.
Team
  • Team's previous experience ⓘ

    9
  • Does the team have a clear vision? ⓘ

    8
  • Is technical team sufficient for building the product? ⓘ

    8
  • Is the team active? ⓘ

    9
  • Is the team size big enough? ⓘ

    8
  • How is the team growth? ⓘ

    7
About Team
The team is quite strong in South Korea. The parent company has 20+ companies under its umbrella, one of which is a cryptocurrency exchange in South Korea. More than 120 people are working on development and integration of ICX. The source code is made public. They are educating the community and possible partners around the use cases of the blockchain.
Execution
  • Could this team get the product into a market? ⓘ

    9
  • Could they do it in time? ⓘ

    8
  • Did they meet previous deadlines? ⓘ

    8
  • Is the marketing strategy sufficient? ⓘ

    8
  • Team’s previous achievements ⓘ

    8
  • Strategic partnerships ⓘ

    8
  • Current market size ⓘ

    7
About Execution
Execution is Icon's strong feature. They are mostly focused on building alliances and increasing participants in ICON ecosystem. According to official resources, test applications deployed on couple healthcare and fintech companies. ICX founded and supported by some parts of the Korean government (not SEC of Korea). Being the first one and being close to government might help ICOs of Korea launched on this platform. Some roadmap elements are delayed, they are not as focused on marketing as the business side of things.
Editor's note

There seem to be potential for abuse in the voting system but it is too early to tell. We think that in the early stages it is normal to have a centralized system, as the project evolves and as the partners develop more quality dapps we will see how they handle these possible problems. The launch of machine learning based system won't be in the near future. This is a long-term play with the potential to be the Samsung of blockchain in Korea. Its expansion around the world might be slower compared to that.

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Initial Rating: April 22, 2018

Last modified: June 8, 2018