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      "title": "The Comprehensive ICON Report Part 2: ICX Token Utility & Valuation",
      "body": "![](https://cdn.steemitimages.com/DQmR6E6kd8VFCMq8PCTWwuBppkTSHeMk5eEy8BzRYwv4aHv/image.png)\n\n![](https://cdn.steemitimages.com/DQma8yTTLfeg7zFrcNQx47g6LQSo2u43QxQzvD1NaJAjkS1/image.png)\n\n*Hello world, I’m Markus. South Korean researcher, analyst, and investor since 2016. Computer science background.*\n\n*For instant updates follow me on:\nTwitter: https://twitter.com/Blockhackgroup\nTelegram: https://t.me/Blockhackgroup\nFor inquiries & feedback: [email protected]*\n\n---\n\n*This is **part 2**, for **part 1 click here.*** \n\nThis report is a comprehensive overview of ICON for both beginners and enthusiasts. I wrote this report to clarify many aspects of ICON, especially its relationship between theloop & ICON, and explain why I think it’s on course to become one of the most important blockchain projects of our time. I unpack ICON in its simplest terms.\n \n# **The ICON Report: Table of Contents**\n\n## **Part 1.**\n### **1.\tEssential ICON Facts.**\n — Core Components: Relationship between ICON & theloop\n — Korean Dominance & Core Initiatives\n — Government Funding and Initiatives\n — Dapps and Deblock Acceleration\n — Institutional Investors & Global Expansion\n — Major Corporations and Real-life Applications\n\n### **2.\tCommentary**\n — Will Loopchain Connect to ICON?\n — How Loopchain will Connect to ICON: A Chain ID case study\n — Interoperability Beyond ICON\n—ICON’s Real World Focus & Network Effect\n\n## **Part 2.**\n### **1.\tICON ICX Token Utility**\n — ICX Fees\n — IISS ICON Incentive Scoring System\n — ICON Decentralized Exchange\n — ICO Fundraising ICONest\n\n### **2.\tICON ICX Token Valuation**\n — ICON High performance Interoperability protocol\n — ICON’s Professionalism and Enterprise Blockchain Expertise\n — ICON’s Korean Dominance & Global Initiative\n — Early Stage of the Project\n — ICON Dapps\n - ICON SCORE\n — Deblock Acceleration\n — ICO Fundraising\n — IISS ICX Incentives (Passive Income & Partial Governance)\n — ICON Dex (Improved Scalability)\n\n### **3.\tFinal Thoughts on ICON & ICX**\n---\n# ICON ICX Token Utility\nThis report so far has had a strong focus in describing the **network** that ICON has managed to build. This is because as the network grows, so does its value, making it increasingly attractive for companies, dapp teams, and people to join. ICX tokens are **utility tokens** required to use and participate in this ICON network. Thus, the value of ICX tokens is in the network.\n\n**The following is a list of ICX token utility.**\n•\tICX Fees for:\n — sending and receiving ICX\n — executing smart contract\n — running dapps\n \n**•\tIISS ICON Incentive Scoring System**\n\n**1.\tIISS Issuance (staking for passive income)**\nICX token holders will have an incentive model in which they will receive ICX on a monthly basis according to their IISS score (e.g., the higher the score, the more ICX you receive). IISS is calculated after an AI analysis of the following factors:\n — ICX exchange volume\n — DEX exchange volume\n — **DEX Freezing volume**\n — Dapp generation and usage\nTo the average investor/holder, the most important factor in this list is the **DEX Freezing volume**. This is because it’s one of the most significant criteria of the IISS, and also the individual factor entirely within your control. The freezing volume is essentially the amount of ICX you **stake** in return for ICX **rewards**.\n\n**2. IISS Governance**\nWithin the ICON ecosystem, you can ‘vote’ for a **C-rep** who will represent your ICON community by voting for matters related to ICON governance on your behalf. This system is similar to representative democracies, such as the US and Korea, in which you vote for government officials, who in turn vote and make decisions for you during their terms. You can ‘vote’ by delegating your IISS score to a C-rep candidate of your choice. **The more ICX you hold and stake (freezing volume), the higher your IISS score**, thus the more you’ll have a say in how the ICON Republic is run.\n\n**•\tICON Decentralized Exchange (Dex) Trading Pairs**\nEthereum and other cryptocurrencies will be tradable on the ICON dex, built by the core ICON team, with an ICX pairing.\n\n**•\tICO Fund raising via ICONest**\nDapp projects launching on the ICO platform, **ICONest**, can be funded using ETH and ICX tokens.\n \n---\n# ICON ICX Token Valuation\nHaving outlined the **utility** of the ICX token, this is my exploration of its **value**. There are a host of reasons why I believe that demand for ICX will surge in the coming months, among both individuals and institutional investors, besides the ones that are backing them already, such as **Pantera Capital**, largest crypto fund in the world, and **#Hashed**, largest crypto fund in Korea.\n\n## ICON’s Core Components\nICON is a high performance 3rd generation interoperability protocol that has one of the largest networks in the world. Currently, the most popular smart contract protocol by far is **Ethereum**, and although I’ve placed less emphasis on technical elements, scalability issues often bottleneck the Ethereum experience, as seen during popular ICOs, and network congestion with dapps like cryptokitties. With ICON running its own version of delegated proof of stake, it’s able to support up to **9000tps** (transactions per second) which is 600 times faster than Ethereum’s **15tps**. It’s safe to say that ICON won’t be running into scalability issues anytime soon.\n\n## ICON’s Professionalism and Enterprise Blockchain Expertise\nICON has considerable institutional backing (Dayli Financial Group) and expertise. The size and record of the team is exceptional with over 80 dedicated people and theloop in operation for years. This is a rare example in this space in which the average team consists of 10 people or less who assemble to work on their vision for the first time.\n\nIt’s important to realize that ICON’s initial clientele were the largest corporations in South Korea. Theloop was providing highly customizable high-performance enterprise grade blockchain solutions to major industries before Antshares becomes NEO, and before we had heard of EOS and its crowdsale. Before it had launched its public chain, ICON had already built a network involving corporations and government entities with a scale and national dominance that have few parallels in the blockchain world.\n\nMany projects that boast much larger market caps, are quite behind in terms of enterprise adoption, and only a handful of them have attained the level of institutional backing that ICON has (e.g., Enterprise Ethereum Alliance).\n\n## ICON’s Korean Dominance & Global Initiative\nAlthough some people regard ICON’s focus on Korea as a limitation, this view is shortsighted on few levels. If you’ve read the factsheet, you will agree with the fact that ICON has first mover advantage, domain expertise, market dominance, and a history of government cooperation and funding in Korea.\n\nThis makes them an extremely attractive investment prospect, especially for investment firms that are looking to diversify their portfolio in specific regions. With ICON being dominant in **Korea**, and Korea always having been at the global forefront of **technology and blockchain**, this makes it a doubly enticing position.\n\nHaving said that, ICON has plans for global expansion, as evidenced by Pantera Capital’s Partner expressing his support for it and ICON’s own statements regarding it (although they will begin with Korea). But in light of the fact that much of global adoption hasn’t occurred in a meaningful manner and many are skeptical of blockchain technology, **what could be a better demonstration to the world of a project’s use cases and aptitude than a national implementation of it?** It seems that the ICON team is being strategic in not stretching itself too thin and is focusing on a region they have years of experience in.\n\n## Early Stage of the Project\nICON has planted seeds of loopchain in every major industry in Korea and are signing contractual agreements with the largest companies in Korea every 2 weeks. However, the majority of these implementations are still at a **very early stage**. Many of the business agreements and joint ventures are new and focus on future development (e.g., ICON’s joint venture with LINE hasn’t begun any projects yet). Even the mature projects like Chain ID have not yet been able to fully capitalize on ICON’s network effects (i.e., connect with the ICON Nexus) due to the token swap not being completed yet. What this means is that seeds have been planted, but much of the truly game-changing network effects haven’t materialized yet.\n\nRegardless, every business agreement (MOUS) adds value to the network, even without full development of a project, as it makes the ICON network more attractive to companies that aren’t a part of it. But the real fruits of a business agreement will materialize when projects mature and drive demand for ICX utility tokens. Simply put, these are extremely early days (e.g., ICX **genesis block** launched in 2018, Bitcoin’s genesis block launched in 2009.)\n\nICON’s public mainnet launched earlier this year, but with the token swap not fully realized, the ICON public chain is still far from being fully utilized. For all intents and purposes, the mainnet engine has not yet activated. In the coming months, with the token swap, dapps, ICOs, IISS, DEX, and the network effects that play out, it will be interesting to see how **demand** for ICX surges.\n\n## ICON Dapps\nIt’s important to note that the ICON’s network is attracting not only corporations but also dapp teams to build on it. This is because no other public chain to date has launched with the size of ICON’s network. It’s simply more strategic for a dapp team to build on ICON due to the future possibility of communicating with other parties within its significant network (if permission is granted of course.) It’s the same reason why a developer would much rather build apps on Facebook as opposed to Myspace. This is of course, not the only factor for a dapp team to consider but possibly the most important one. It’s true that most dapps built today target the cryptocommunity as users instead of corporations. But I would argue that with ICON, dapps teams have a unique opportunity to interface with both corporations and individuals. We can see this **network effect** already at play with more than 12 dapps projects announced.\n\nDapps are valuable because they build up the network and the utility of the ICX tokens. Although Dapps may issue their own tokens, every transactionand execution of smart contracts will require the use of ICX tokens, thus driving demand for them. Dapps are mostly geared towards the crypto community, but popular dapps with large volumes can create significant transaction volumes. Furthermore, each dapp will further contribute to ICON’s network effect. For instance, a storage network dapp may choose to build on ICON if it finds that it’s beneficial to collaborate with Sentinel Protocol (dapp) to tighten their security.\n\n**Unchain**, **Line’s joint venture with ICON**, cannot be overstated. It’s an exceptionally rare example of a crypto venture pledging to create dapps that are primed for real world adoption. With Internet giant Line boasting a user base of 200 million active monthly users, the ICON team has mentioned that this could lead to **‘hundreds of millions of users of LINE potentially utilizing the ICON blockchain on a daily basis to access dapps.’**\n\nAlthough this is pure speculation on my part, the fact that Line is the **subsidiary company** of Korean internet giant **Naver** cannot be ignored either (the CEO of Unblock, blockchain subsidiary of Line, was part of the panel during Deblock’s dapp’s day event).\n\nPersonally, as someone who uses Naver on a daily basis, not just as a search engine, but also for its news, entertainment, blogging and internet community platform, I see a myriad of use cases for the blockchain and cryptocurrency within it.\n\n## ICON SCORE (Smart Contract on Reliable Environment)\nTeams would require the use of **SCORE** (Smart Contract on Reliable Environment) to build dapps. SCORE is a high performance smart contract that runs on the Loopchain/ICON platform. There are many factors which make SCORE attractive for developers to build on it.\n\nUnlike Ethereum, in which developers can use only certain languages (e.g., Solidity) available on the Ethereum Virtual Machine, developing on ICON’s SCORE is made easier and more familiar to traditional developers as the smart contract source code is based on the Python language and allows them to utilize the Python runtime as it is. In the future, Java, Go, and other languages will also be supported, further lowering barriers to entry. SCORE also runs on the node operation environment (separate from the blockchain process) without a separate virtual machine. This ensures real time efficiency while protecting from errors occurring in the smart contract platform.\n\n## Deblock\nICON accelerator Deblock will undoubtedly play a major role in pushing dapp acceleration. With Deblock being jointly founded by ICON and Ad4th, the largest AdTech company in Korea, a significant surge in marketing efforts of the ICON ecosystem can be expected.\nDeblock’s monthly dapps presentation day provides a meeting ground between ICON’s core team, dapps teams, investors, potential users, enthusiasts and even bloggers. It’s a rare initiative in the blockchain space that truly raises the bar with a panel of blockchain and fintech leaders of South Korea that have included companies such as **LINE, Kakao, and Upbit**. With more than 300 dapps planned in the coming years, we can except many dapp projects to further build on ICON’s expansive network.\n\n## ICO Fundraising\nAll dapps require funding and ICON offers a dedicated ICO platform called ICONest which allows dapp teams to raise funds as painlessly as possible. It should be noted that both **Ethereum** and **NEO**, when first launching their ICO platforms, saw meteoric rises in value during the initial wave of ICOs that raised funds with their cryptocurrencies.\n\nWith the ICONest having launched this month, and none of their 12+ ICOs having raised funds in ICX yet, it will be interesting to see how much effect this has on the demand for ICX.\n\n## IISS ICX Incentives (Passive Income & Partial Governance)\nICON IISS in its simplest terms, will allow token holders to exercise 2 fundamental rights:\n\n1. **Monthly passive income** from **staking ICX** (in the form of issuance)\n2. **Right to ‘vote’** for a C-rep (leader) that will vote on your behalf.\n\nBoth these rights directly correspond to how much ICX you own. If you become a C-rep, the ICX rewards issued will be higher. It’s not inconceivable to imagine that institutional investors (ICX, being the biggest holdings of Pantera Capital’s billion-dollar fund) will run to become C-reps much in the way that certain institutions (including exchanges) are running to become EOS block producers.\n\nOnce IISS goes live and ICX holders, both individuals and institutions, exercise these 2 fundamental rights, we can expect a significant amount of ICX **supply to be frozen** in the ICX dex reserve, dramatically decreasing circulating supply. It’s fair to say that **demand** may increase as people seek to gain 2 fundamental rights: passive income and voting rights on the ICON platform.\n\nThe **stability** that the realtime AI analysis provides to calculate IISS scores is significant. The AI engine, provided by **DaVinci**, Korea’s largest AI provider, takes multiple factors into consideration when determining the IISS score (read ICX token utility) and this ensures that some of the volatile nature of incentives will at least be partially mitigated. Stability is an important factor to consider for an investment and ICON is unique in having an incentive system systematically adjusted realtime by an AI engine.\n\n### ICON DEX\nWorking perfectly in conjunction with IISS, the frozen ICX in the ICX dex reserve will ensure the smooth operation of the ICX dex. High trading volume on the ICX dex will drive **demand** for ICX tokens, as Eth and other cryptocurrencies will have ICX trading pairs.\n\nCurrently decentralized exchanges with the highest trading volume operate on the Ethereum protocol, and even though the best of them are certainly usable, they often provide a suboptimal experience due to scalability issues, namely low transactions per second (tps), currently at 15. Thus, in the status quo, the experience provided by centralized exchanges is far more desirable and many users use a dex only when they have to (e.g., the token trades nowhere else).\n\nHowever, with ICON expected to deliver up to 9000 tps, which is 1/5th of the throughput of VISA’s 45,000 tps, it appears to be a substantial improvement of 600 times over Ethereum. While this doesn’t guarantee success of the dex, it will be interesting to see what kind of experience the ICON dex will deliver, especially considering the fact that it’s a rare instance of a dex developed by the **core team** (of ICON), as opposed to being built as a 3rd party.\n \n## Final Thoughts\nAs a researcher of this space for 2 years, I’ve studied countless projects and countless surges and crashes in market value. I’ve concluded there are few projects in the blockchain space that have the network effect, enterprise technical expertise, real world partnerships and growth initiatives that ICON has. At the same time, I’ve seen few projects that have been as mischaracterized and misunderstood as ICON, which is why I felt compelled to clarify.\n\nAs a Korean, I want to refute the idea that Koreans are nationalistic and will always support their own. Yes, we’re passionate and proud of our gold medalists and Samsung but that’s because they are the best at what they do, and ICON isn’t there yet. However, I feel that ICON is currently Korea’s best hope for global blockchain leadership.\n\nAs an investor, I believe that ICX is one of the most undervalued tokens in the space, especially when considering that larger market cap projects can’t compete with the scope of ICON’s network nor their years of experience in providing enterprise solutions. Oncoming developments in the next few months will prove to be catalysts for a significant surge in ICX demand both in institutional and individual investors. As I’ve stated before, widespread misunderstandings of ICON and its relationship with loopchain, and frequent delays have cast uncertainty on the project. But this is mostly immaterial as I feel these are still extremely early days, and these doubt arise mostly from a lack of understanding. Hence, I write.\n \nICON has successfully planted seeds that are **critical** for success in major industries, but they are currently just that, seeds. Much of the projects haven’t matured enough to enable the truly game-changing network effects yet. I would say that there aren’t many projects in this space in which the utility of their utility tokens actually drives organic demand, and it’s certainly not true for ICX either right now. But with the network that ICON has built, and the projects that are set to begin developing, I see a strong case to be made.\n\nThe crypto market isn’t rational. Everyday, millions are poured into ideas with no product, let alone a network. But in mid-late 2017, Ethereum had an explosive growth in value as people realized its utility/value proposition as a leading 2.0 blockchain smart contract protocol and all its corresponding uses.\n\nI see parallels between ICX currently and ETH in early 2017, both in their initial mischaracterizations, and failure of the public to see their value. If ICON manages to do what it seeks to do just in Korea (and I’d argue they’ve done most of the heavy lifting), we can expect significant growth in demand for ICX. Not just among speculators and investors, but among those actually seeking to utilize ICON as a leading 3.0 blockchain interoperability protocol. \n\n---\n*For instant updates follow me on:\nTwitter: https://twitter.com/Blockhackgroup\nTelegram: https://t.me/Blockhackgroup\nFor inquiries & feedback: [email protected]*\n\n*Disclaimer: Blockhack does not provide investment advice. I am not a financial advisor.*",
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      "permlink": "the-comprehensive-icon-report-part-1-icon-facts-and-commentary",
      "title": "The Comprehensive ICON Report Part 1: ICON Facts & Commentary",
      "body": "![](https://cdn.steemitimages.com/DQmR6E6kd8VFCMq8PCTWwuBppkTSHeMk5eEy8BzRYwv4aHv/image.png)\n\n![](https://cdn.steemitimages.com/DQma8yTTLfeg7zFrcNQx47g6LQSo2u43QxQzvD1NaJAjkS1/image.png)\n\n*Hello world, I’m Markus. South Korean researcher, analyst, and investor since 2016. Computer science background.*\n\n*For instant updates follow me on:\nTwitter: https://twitter.com/Blockhackgroup\nTelegram: https://t.me/Blockhackgroup\nFor inquiries & feedback: [email protected]*\n\n---\n\n*This is **part 1**, for **part 2 click here.*** \n\nThis report is a comprehensive overview of ICON for both beginners and enthusiasts. I wrote this report to clarify many aspects of ICON, especially its relationship between theloop & ICON, and explain why I think it’s on course to become one of the most important blockchain projects of our time. I unpack ICON in its simplest terms.\n \n# **The ICON Report: Table of Contents**\n\n## **Part 1.**\n### **1.\tEssential ICON Facts.**\n — Core Components: Relationship between ICON & theloop\n — Korean Dominance & Core Initiatives\n — Government Funding and Initiatives\n — Dapps and Deblock Acceleration\n — Institutional Investors & Global Expansion\n — Major Corporations and Real-life Applications\n\n### **2.\tCommentary**\n — Will Loopchain Connect to ICON?\n — How Loopchain will Connect to ICON: A Chain ID case study\n — Interoperability Beyond ICON\n—ICON’s Real World Focus & Network Effect\n\n## **Part 2.**\n### **1.\tICON ICX Token Utility**\n — ICX Fees\n — IISS ICON Incentive Scoring System\n — ICON Decentralized Exchange\n — ICO Fundraising ICONest\n\n### **2.\tICON ICX Token Valuation**\n — ICON High performance Interoperability protocol\n — ICON’s Professionalism and Enterprise Blockchain Expertise\n — ICON’s Korean Dominance & Global Initiative\n — Early Stage of the Project\n — ICON Dapps\n - ICON SCORE\n — Deblock Acceleration\n — ICO Fundraising\n — IISS ICX Incentives (Passive Income & Partial Governance)\n — ICON Dex (Improved Scalability)\n\n### **3.\tFinal Thoughts on ICON & ICX**\n---\n\n\n# **Essential ICON Facts.**\n## **Core Components: Relationship between ICON & theloop**\n\n•\t**ICON** is a high performance 3rd generation blockchain protocol that supports **interoperability**. It is one of the largest blockchain networks in the world and connects reputable institutions in major industries.\n\n•\tBacked by the largest fintech group in South Korea, **Dayli Financial Group**, also one of the largest in Asia.\n\n•\tDayli Financial Group owns the following key companies in the Korean blockchain/fintech space:\n — **theloop**, the largest blockchain company in South Korea responsible for developing both loopchain, the private enterprise version, and ICON, the public blockchain.\n — **Coinone**, 4th largest cryptocurrency exchange in South Korea.\n — **DaVinci**, the largest AI provider in South Korea with a clientele that includes AXA, the largest insurance company in the world, and **Samsung Card**. DaVinci will be developing ICON’s AI technology for IISS(ICON Incentives Scoring System).\n\n•\tLoopchain and ICON **cannot be separated** as they will ultimately be connected through the **ICON Nexus** which will require the use of **ICON ICX** tokens (this fact will be explored in the Commentary section). Thus, the ICON team and the team of theloop can be considered one and the same.\n\n![](https://cdn.steemitimages.com/DQmRRGsRgSiC2ZZi18MdmaDZAuhofa1WU1UyHo5CYUqzdGf/image.png)\n**A diagram showing how networks will be connected via the ICON Nexus.*\n\n•\tEvery business partnership/MOU with theloop can therefore be considered a potential addition to ICON’s network.\n\n•\tICON currently has more than 80 full time employees working on the project, making it one of the largest teams (if not the largest) in the blockchain space. They are still actively hiring.\n\n•\tICON’s enterprise blockchain implementation, loopchain is one of the oldest and largest operating blockchain networks in the world. It has been used for over 2 years by some of the largest and most reputable companies of major industries in Korea including the 27 top financial securities firms that includes **Samsung Securities**.\n\n•ICON CEO, Min Kim, with both Korean and American roots, has over a decade of experience with startups in Silicon Valley, including taking companies public. Min Kim also helped found Dayli Financial Group and is currently its CSO (Chief Strategic Officer).\n\n## Korean Dominance & Core Initiatives\n\nICON currently dominates major industries in South Korea with no real competition. The following include core implementations of ICON’s private blockchain, loopchain, used in the following industries:\n\n•\tBanking: partnerships with 2 of the largest banks in Korea, **Woori Bank** and **Nonghyup Bank**, to develop and research ICON tech for banking use cases. Projects include WeBee coin of Woori bank, Korea’s first blockchain based digital currency with a 1:1 equivalent value to the Korean Won.\n\n•\tHealthcare: Precision Medical Hospital Industry, the largest Healthcare blockchain Consortium in Korea consisting of major domestic hospitals in Korea for which **loopchain** will be the blockchain technology provider.\n\nThis includes a project run with **government cooperation** by **Korea University Hospital** utilizing **loopchain** to provide improved data integrity, a cross-border digital signing system, and a health coin.\n\n•\tInsurance: The Insurance Consortium backed by the **Government’s** Ministry of Science, ICT and Future Planning. The consortium is led by Kyobo Life Insurance, D. Lemon, and hospital medical records service company One.\n — The blockchain tech will be provided by **theloop**, and **SK Telecom**, the largest telecommunications company in Korea with over 50% market share, is likely to interoperate with the systems of this consortium via the LoRaWAN IoT network.\n — It should also be noted that the insurance claims system is already being used by 3 hospitals for small insurance claims under 279 USD, and the system has proven its efficiency with real-time payment claims taking less than 10 minutes.\n* — Anyone who’s ever faced the frustration of submitting /faxing documents for insurance claims will understand the significance of this fact.*\n\n•\tCapital Markets (Finance): **Chain ID**, powered by loopchain, used by the capital markets consortium, consisting of 27 securities firms helmed by **KOFIA**. **Samsung Electronics** has pledged to incorporate Chain ID technology to **Samsung Pass**.\n\n![](https://cdn.steemitimages.com/DQmdHvpCXECAeYKsdZsn9QEhWniUdk6mJ7KbWBCSv7nT6iz/image.png)\n**Credits: Speculative Rationality*\n\n— Chain ID is significant, as there are currently regulatory efforts to replace the Certified Certification system currently in use by every Korean citizen for ID authentication for web services, banking, and government services.\n* — A far more efficient, blockchain based, decentralized ID authentication system like Chain ID that is already being used by top financial securities firms is likely to be a strong competitor.*\n\n•\tCustoms Service: The Ministry of Information and Communication and the Korea Internet Development Agency (KISA) announced that 53% of all Korean e-commerce imports are to be processed on the loopchain network as a running pilot. At the end of 2018, loopchain is set to process all of Korean e-commerce exports and imports.\n\n•\tGaming: A business agreement between ICON/theloop and **Smilegate**, a leading gaming company in Korea that’s behind the world’s top online FPS game, **CrossFire**. The agreement will create a social gaming ecosystem built on the **ICON** network.\n\n•\tEducation: U-coin, backed by the Ministry of Creation and Science, is a cryptocurrency for university students in top universities in Korea including **Korea University**, **Postech University, and Sogang University.** Furthermore, Theloop is discussing the process of building a **blockchain campus** in more than 20 universities including Postech and Yonsei University.\n\n•\tContract platform: **Chain Sign**, developed by both **theloop** and **Cyberdigm**, is a blockchain based contract platform in which legally binding contracts can be signed digitally. It is powered by the loopchain engine and has proven its cost efficiency and tamper-proof safety to a clientele that includes the government’s regulatory authority, Financial Supervisory Service (FSS), and Samsung Electronics.\n — A recent signing of the MOU of the **Seoul Fintech Lab**, hosted by the city of Seoul, included both the **mayor of Seoul** and the **Government Financial Supervisory Service Director**.\n\n## Government Funding and Initiatives\n\n•\tICON has received government funding in South Korea twice. Both in its education implementation, U-coin, by the Ministry of Creation and Science in April 2017, and its Insurance project by the Ministry of Science, ICT and Future Planning also in April 2017.\n\n•\tOn May 10th the Ministry of Information and Communication and the Korea Internet Development Agency (KISA) announced that loopchain would be implemented to process the shipping process of approximately 56% of South Korean e-commerce import goods till the end of the year. After that loopchain technology will be implemented to all e-commerce import goods and export goods.\n\n•\tThe Government’s Financial Supervisory Service is a clientele of Chain Sign, a blockchain based contract system powered by loopchain. The Mayor of Seoul was also one of the 33 members who signed the MOU for Seoul Fintech Lab with Chain Sign.\n\n![](https://cdn.steemitimages.com/DQmYWjL23zCfhB2VoTuG7fjz3azsRz3zgpBkJHEEQSL43cz/image.png)\n\n## Dapps and Deblock Acceleration\n\n•\tDeblock, a blockchain accelerator founded by **ICON** and **AD4th**, the largest company in the South Korean advertisement market, has pledged to accelerate over 300 ICON projects in the upcoming years. This would include financing, networking, and advising projects building on ICON.\n\n•\tDeblock will be hosting a monthly dapps presentation and evaluation in which the leaders of Korea’s blockchain and fintech space participate to judge and provide feedback to the dapps teams. These judges include the CEOs of both **Kakao** and **Line’s** blockchain subsidiaries, **Ground X**, and **Unblock**, CEO of **#Hashed**, the largest crypto fund in Korea, CTO of **Upbit**, and the CEO of **theloop** himself.\n\n•\tCurrently has more than 12 dapps set to launch on the ICO platform with Bluewhale being the first to launch in May.\n\n## Institutional Investors & Global Expansion\n\n•\tICON is actively hiring and expanding globally despite already having one of the largest teams.\n\n•\tOne of the founding members of the Blockchain Interoperability Alliance and arguably its leader in terms of technical development (mainnet maturity, wallet, ICO platform), business traction (largest and oldest network via their private blockchain, loopchain), and market capitalization.\n\n•\tBacked by **Pantera Capital**, the largest crypto hedge fund in the world with over a billion dollars in their crypto fund. Within this fund, **ICON** was confirmed to be **‘their single largest bet,’** by the founder and CEO, **Dan Morehead**.\n\n•\tPantera Capital Partner, Paul Veradittakit has stated that he hopes to help ICON expand globally beyond South Korea.\n\n•\tBacked by #Hashed, the largest crypto hedge fund and accelerator in South Korea with over a quarter billion dollars in their crypto fund. ICON ICX is a significant part of their portfolio.\n\n![](https://cdn.steemitimages.com/DQmamQ56VjerweHJQz9zrirfTp913e7tM4RuP3SxwmBWC95/image.png)\n \n•\tICON CEO, JH Kim, was invited to present on **ICON** technology at the 1st workshop of Japan’s Credit Card Industry Consortium in which representatives of the largest companies of Japan’s finance industry, including **JCB**, **Sumitomo Mitsui Card**, and **Credit Saison attended**. The consortium secretariat is jointly operated by **SBI Ripple Asia** and **JCB** and actively reviewing alliances with companies not only in Japan but also overseas to incorporate blockchain technology in finance.\n\n•\tICON entered a strategic partnership with **B Cryptos**, backed by **B Dash Ventures**, one of Japan’s largest venture capital firms and **Quoine**, Japan’s leading crypto exchange.\n — ICON and B Cryptos will co-host hackathons, project demo days, and conferences, as well as operate incubation programs to support blockchain projects.\n — This partnership implies expansion, acceleration and funding of ICON projects in Japan. JH Kim, CEO of theloop, will also become a member of the Investment Committee of BCryptos.\n\n## Major Corporations and Real-life Applications\n![](https://cdn.steemitimages.com/DQmbM35DRTmF8C9VVHQ6wsymV4t7n6wJqPfivrrNyMmm5w1/image.png)\n \n### LINE and ICON Joint Venture\n•\tLine and ICON announced a joint venture, **Unchain**, which aims to ‘deploy various decentralized applications (dApps) and its blockchain mainnet on the ICON blockchain protocol.’ Emphasis should be had on the fact this is a **joint venture** in which an ICON foundation council member will become the CEO of this joint venture, Unchain.\n\n•\tLine is an Asian internet giant with over **200 million active users**, and the most popular internet messenger social networking app in Japan. This is significant considering that the entire population of Korea is only **50 million**.\n\n•\tThe ICON team has stated that this could lead to ‘hundreds of millions of users of LINE potentially utilizing the ICON blockchain on a daily basis to access dApps.’\n\n•\tThe fact that Line is owned by **Naver**, an internet giant of South Korea, cannot be ignored. Naver handles 74.7% of all web searches in South Korea and has 42 million enrolled users (Korea has a population of 50 million).\n\n•\tIt should also be noted that Naver is much more than simply a search engine but the most popular news, entertainment, blogging and internet community platform in Korea. There are few international comparisons. Stating that Naver is just the Google of Korea would be an understatement.\n \n### Samsung Electronics & ICON Business Partnership\n![](https://cdn.steemitimages.com/DQmYYPcoLdX39d8BTMCQQud79CojYM2Q7EukfFMfo4mRUSW/image.png)\n•\tAn MOU was signed between **theloop** and **Samsung Electronics** in which Samsung pledged to use Chain ID for Samsung Pass.\n\n•\t**Samsung Pass** is the default biometrics identification authentication system found on every Samsung phone. It is used by Samsung phone users several times a day for online payments, logins, signatures and even phone unlocks.\n\n•\tThis would mean that in the future, Chain ID, theloop’s ID authentication service, would serve a core feature of every Samsung Galaxy phone.\n \n# Commentary\n## Will Loopchain connect to ICON?\nIt’s clear that ICON is the absolutely dominant blockchain platform of Korea with deep ties to the government, and business deals with the largest corporations and consortiums in major industries. It also looks ready to begin expansion on the global stage (e.g., United States, Japan).\n\nHowever, you may have noticed that many of the initiatives and facts above seem to relate to Loopchain, ICON’s private, enterprise version. *And you wouldn’t be wrong.*\n\nWhile I have clearly stated above that the ICON team can be considered one and the same as the team of theloop, and that loopchain will eventually connect to its public chain ICON through the use of the ICON Nexus via ICON ICX tokens, let me clarify why all these private blockchains would want to interoperate (i.e., connect to the ICON network) in the first place. Here’s Min Kim, speaking at the interoperability panel at AIONEX in May:\n\n> ‘Chain ID (is a project) in which 25 securities firms decided to share and create a blockchain just for these firms. However, we also have blockchains in the healthcare side, university side, and we’re in the process of linking these blockchains together. There are other consortiums that are very interested in using the ID data that are stored in the 25 securities firms blockchain. This is not something that… we thought of, it is a natural progression to where things are going. **As a company we are pretty much delivering on what the market is demanding at this point.**’\n>\n\nThis is Min stating that the **demand** of these private loopchain blockchains to interoperate with each other was a **‘natural progression’** that arose within the company themselves.\nIn other words, the **companies utilizing loopchain** are the ones who **requested interoperability**. The public network ICON, which will connect all loopchain networks and more, was created out of demand and necessity as companies understood the value in sharing data in a public network.\n\n![](https://cdn.steemitimages.com/DQmPTvMAmP2Jctasfwxk1vRVNZp3RDvyQSupCBnHtxMeWbf/image.png)\n\nSo yes, it’s safe to assume that loopchain networks will utilize the ICON public chain, and along with it, the ICON Nexus and ICX tokens.\n\n## How Loopchain will Connect to ICON: A Chain ID Case Study\nLet’s look into a case study of how these loopchain networks may **interoperate**. The ID authentication project, **Chain ID**, is one of ICON’s most important and advanced projects, as evidenced by its adoption by top financial securities firms (capital markets consortium), a sector in which KYC and AML laws are arguably the most stringent.\n\nWhen Chain ID connects to the public ICON Network via the ICON Nexus through the use of ICX tokens, and interoperability is enabled, Chain ID immediately expands its use case and scope to almost every imaginable interaction. Our personal identity is at the **core** of every interaction we make, whether we’re visiting a hospital, making an insurance claim, checking into work, or shopping online. This means that to enable a seamless experience in which these interactions are linked to our identity, the Chain ID loopchain network needs to be connected to the loopchain networks of all the relevant industries and that’s what **ICON enables**.\n\nHere’s how this plays out in real life. Imagine that a student requires surgery. She may check into a hospital, verify her identity on Chain ID and give permission so that the **hospital** can share her medical records directly with her **insurance** company. This will trigger a smart contract that will immediately transfer her health records and her surgeon’s medical certificate (signed digitally on ICON’s Chain Sign) to the insurance company. The insurance company can then immediately process the insurance claim as both the health records and the medical certificate are tamper-proof on the blockchain and do not require additional verification or the sending of official paper documents, steps which typically slow down the process of traditional insurance claims and make them more costly.\n\n![](https://cdn.steemitimages.com/DQmcDNwqk49YcNWeHerWf1tVpxFAdNrTt27GbMxGqUHXLUv/image.png)\n\nAfter her surgery, the student who needs to get hospitalized for a few days may then give permission to the hospital to share her records with her university so that she can get formally excused from attending classes. The information would again be shared immediately via a smart contract without the need of a third party ‘messenger’, without the need for paper (e.g., a doctor’s note), and with full assurance for both parties that the information is **legitimate**.\n\nThus, the use of **Chain ID, Chain Sign, powered by smart contracts executing on the ICON network**, enables information sharing within industries to become safer, faster, tamper-proof, and cheaper. This means that ICON isn’t just enabling connectivity between loopchain networks, but a more **efficient** connectivity.\n\nIt should be noted that this scenario is theoretically possible on any smart contract blockchain protocol. However, the reason why it’s a uniquely plausible scenario for ICON currently is because ICON is one of the only platforms that have already secured and built the networks in the necessary industries (e.g., healthcare, banking, insurance). **Building a blockchain can be as easy as copying and pasting code, the true challenge is building a network.\n**\n## Interoperability Beyond ICON\nFor the most part, we’ve been focusing on interoperability within ICON’s network. But what makes ICON special is that their interoperability protocol enables connections with protocols that are **not of its own**. This is to say that ICON will be able to connect with other blockchain protocols like Bitcoin, Ethereum, or NEO and so on.\n\nAs the blockchain landscape matures with almost an over-saturation of blockchain protocols, it’s becoming abundantly clear that there will be no one-blockchain-to-rule-them-all. And insofar as you accept that multiple protocols will always exist, you must accept that interoperability will be a critical factor in blockchain adoption.\n\nJust like the intranets of the past were collectively connected and expanded on by the internet, we can expect stand-alone protocols like Bitcoin, Ethereum, and NEO to be collectively connected and expanded on by interoperability protocols like ICON.\n\n![](https://cdn.steemitimages.com/DQmfCKE9XKTK7zkkP8zA6Mx7whFFSADgk5WggaRxfUaD4e2/image.png)\n*‘Networks of Networks’*\n\nThus, when we consider the fact that ICON’s interoperability features expand beyond its own blockchain protocol to communicating with those that were built to be stand-alone protocols, we can understand how immensely expansive and encompassing the ICON network has the potential to be beyond the interoperability of loopchain networks that have been described so far.\n\n## ICON’s Real World Focus\nICON currently has contractual agreements with the largest corporations of major industries for real world use cases of blockchain. This can’t be stressed enough. The only way we’ll see blockchain become useful beyond the world of crypto enthusiasts (e.g., crypto-kitties, and master nodes) and bridge the gap of mainstream adoption is through its use in the real world, and more specifically, real world adoption by corporations, and ICON seems to be leading this initiative.\n\nOnce corporations adopt the technology, consumer adoption will follow. This is especially true for a country like **Korea**, the most wired country in the world, in which a handful of large corporations dominate the technology/software landscape (e.g., Naver handling 74.7% of all web searches, Kakao messenger used by 93% of all smartphone users etc.) In a landscape like this, choices are limited, and using what everyone else does is not just more convenient, but almost essential.\n\nHowever, we’re still far from mainstream adoption. The fact that the majority of us are having discussions about different consensus algorithms, and transactions per second is proof that these are still early days. When the majority of crypto-users stop having these discussions except for a select few, we’ll know we’ve hit peak mainstream adoption.\n\nThat’s not to say that technical discussions don’t matter. It’s true that in its current state, even major platforms like Ethereum require more scalability, but minor differences in tech should not be the core focus or selling point of a project especially since **a)** blockchain technology still hasn’t been adopted on a meaningful global scale, **b)** most of blockchain technology is open source. And within any open source environment, companies and projects learn from each other as codes are published freely online. The technology will ultimately follow. The more difficult and important task is educating companies, lowering barriers to entry and building an expansive network that corporations and people will find beneficial to join. That is ultimately what will bring real mainstream adoption. Here is Minho Kim, Council Member of ICON, making this point in an interview back in September:\n\n> ‘Do you care today if mobile companies use GSM or CDMA? (If you don’t know what these are, you prove his point.) We don’t care. Do you care about the technology behind the Mastercard network? You never ask those kinds of questions… why ask them about the blockchain? Everyone uses WhatsApp and WeChat… The matter of fact is that you mainly use those apps because your friends are on it. That’s the power of the network. **The value of blockchain is in the network itself.** The network increases with the number of participants. The more participants you have… the more friends are on WeChat, the bigger the value it is for you.”\n> \n\nAt the end, Kim refers to adoption occurring with ‘the more participants you have.’ And this is precisely the approach that ICON is taking: enticing corporations to join ICON’s network. Because every time you see an announcement of an MOU between **theloop** and **Company X,** you are seeing a new addition to the ICON network. And every addition makes the network more valuable. The sum total of the network value will always be more valuable than any single company within. Even if Company X is **Samsung**.\n\n![](https://cdn.steemitimages.com/DQmUR5cNTLdMKydDiD6N3gJv7iYFjx8itmxauNwfDDA4Gb1/image.png)\n\nIf you agree with Kim that **‘the value of blockchain is in the network itself,’** you may see why ICON has gone beyond any other project in realizing this vision.\n\n---\n \n**Part 2** will focus on ICX Token Utility & Valuation:\n\n## **Part 2.**\n### **1.\tICON ICX Token Utility**\n — ICX Fees\n — IISS ICON Incentive Scoring System\n — ICON Decentralized Exchange\n — ICO Fundraising ICONest\n\n### **2.\tICON ICX Token Valuation**\n — ICON High performance Interoperability protocol\n — ICON’s Professionalism and Enterprise Blockchain Expertise\n — ICON’s Korean Dominance & Global Initiative\n — Early Stage of the Project\n — ICON Dapps\n - ICON SCORE\n — Deblock Acceleration\n — ICO Fundraising\n — IISS ICX Incentives (Passive Income & Partial Governance)\n — ICON Dex (Improved Scalability)\n\n### **3.\tFinal Thoughts on ICON & ICX**\n---\n*For instant updates follow me on:\nTwitter: https://twitter.com/Blockhackgroup\nTelegram: https://t.me/Blockhackgroup\nFor inquiries & feedback: [email protected]*",
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