ICON is among the blockchain platforms that launched their Mainnet when 2018 began. They pride their technology as “the internet of blockchains” since they connect several blockchain networks to each other. This is done through the loopchains, ICON’s blockchain network which was developed with a flexible protocol that allows community members to create their own operations within the platform. Loopchains are connected to the Nexus for the blockchains platforms to be fully hyper connected. Several communities can participate on this platform and will have to create representatives for standardization of operations. For example, a community of insurance companies can elect a representative who will be tasked with regulation and oversight. The ICX coin has been quite prospectus attracting lucrative partnerships in the past few months. Most recent partnerships that might have a significant impact on price will be highlighted in the rest of the article;
Samsung seems to be joining in on the blockchain craze after realizing potential in this arena. The mobile giant will combine blockchain & biotechnology to improve authentication within its systems. An MOU between the Korea Investment holding and Samsung Electronics was announced late last year, this move will see Samsung integrate Chain-ID within their protocol in future.
Chain-ID is the pioneer blockchain platform that joins other networks and ensures authenticity in transactions is upheld. Over 11 financial investment companies in South Korea participated in the launch of this protocol in late 2017 for scalability of financial services. Samsung wants to leverage this technology by integrating it into “Samsung Pass” in order to increase personal authentication efficiency without having records from centralized platforms.
Discussions around the replacement of digital signatures in South Korea are currently ongoing with suggestions of a platform that replaces the old method. This is amid the review on electronic signature law that might see the authorized certificate system abolished. The move will attract more investors to access financial markets via the enhanced security features brought by linking the Chain-ID platform & Samsung Pass.
B Crypto Fund Partnership
ICON and Crypto B fund that is based in Japan recently announced a partnership. This pioneer Japanese crypto fund aims at using the ICON platform to link with markets from abroad as well. B Crypto enjoys support from major players within the Japanese crypto market with QUOINE, the leading exchange and B Dash Ventures (VC fund) making the list. This strategic move will be expounded on by both teams in terms of contributions to be made in hyper connecting the blockchain platforms.
ICX Market Analysis
The token is currently position 19 in market capitalization and trading slightly below the $4 mark according to coinmarketcap. However, the coin has been in the red zone for the past fortnight having lost close to 17% in its price. This is not to mean the cryptocurrency is not a potential gainer having looked at the strategic partners they have landed with just 6 months of existence. ICX token is relatively volatile and any investor wills to take up a portion of this portfolio should be willing to accommodate a risk of close to 20% within a week.