- ICONLOOP (formerly theloop) has been recognised as a Blockchain industry leader in Korea and been awarded the ‘Minister of Science and ICT (MSIT) Award.’
- ICONLOOP is best known for its work on the ICON Project, now one of the largest blockchain networks in the world.
- The Blockchain startup helps popularise blockchain technology by providing educational presentations and lectures.
ICONLOOP, based in Seoul, South Korea received the ‘Minister of Science and ICT Award’ in recognition for their contributions to Korea’s Blockchain industry. ICONLOOP was the first ever Blockchain company to receive such an honour. The ‘Minister of Science and ICT (MSIT) Award’ was given on the 27th of November at the ‘2018 Blockchain Grand Week.’ The event was held at the Korea Science and Technology Center based in Gangnam-su, Seoul.
Security and scalability
For many, ICONLOOP is truly deserving of the honour and recognition they were given. Aside from specialising in the design and implementation of blockchain technology, the company also targets both security and scalability in order to maximise blockchain technology use.
J.H. Kim, council member of the ICON Foundation and CEO of ICONLOOP expressed gratitude for the recognition and revealed a few plans for the future:
“We are pleased to receive recognition on our continuous efforts of spreading the potential industrial opportunities in Korea. In the future, ICONLOOP will keep working on technology and business development to extend blockchain technology in different industries as well as promoting national technological achievement in the international market.”
The ICON Project
The ICON Project’s primary objective is to enrich everyday lives through “connection.” ICON is a decentralised network that’s different from centralised networks in existence. For starters, ICON Network transactions are verified by a ledger that’s shared within the community itself, as opposed to being controlled by a centralised authority.
The aforementioned setup keeps the involvement of unnecessary intermediaries to a minimum and significantly reduces the fees in the process. In addition, decentralisation helps warrant independence and autonomy of the community.
The ICON Network also allows each community to autonomously identify their policies and systems, while allowing reliable connection to other communities when necessary. In essence, ICON aims to bring connections a step closer through real-time transactions that go beyond the infinite scalability and boundaries that will enable free collaborations.
Cultivating Innovative Youth Talents 2018
In their quest to popularise blockchain technology, ICONLOOP is continuously providing educational presentations and lectures. In line with their efforts, ICONLOOP is currently an active participant in the ‘Cultivating Innovative Youth Talents 2018’ project supervised by Korea Institute for Information and Communications Technology Promotion (IITP) and Korea Ministry of Science and ICT (MSIT).
From September of 2018 to February of 2019, ICONLOOP will provide a 6-month and 1, 000 hours of intensive curriculum for those students majoring in information security and multimedia education at Baekseok University. ICONLOOP’s participation in government-sponsored projects is expected to help keep job mismatches as well as youth unemployment problems to a minimum.