- Only Korean Project in the Top 40 on CoinMarketCap.
- Blockchain consultant to numerous high-profile government initiatives.
In the first installment of a series of analysis of ICON’s past, present, and the future, ICON’s VC Partner, Markus Jun, shed ample light on the progress the ICON community has made through a Medium post, published on October 15, 2018
Only Korean DLT Project in the Top 40
With a vision to “Hyperconnect the World”, South Korea based ICON (ICX) aims to take the concept behind the distributed ledger technology to the next level by “building one of the largest decentralized networks in the world.”
If not being too specific, ICON (ICX) can be considered Korea’s answer to Vitalik Buterin’s brainchild Ethereum (ETH). While the latter uses Smart Contracts to foster a decentralized ecosystem, ICON uses its loopchain technology to achieve the same goal.
In his post, Markus highlighted the importance of the Korean market in the cryptosphere and how the giant corporations in the country have already began testing their mettle in the crypto world.
ICON to Build a Platform for DLT-based Projects
Contrary to majority of the Korea based blockchain projects that require the use of decentralized platforms, ICON is one of the few that actually builds one.
It is because of this very fact that the ICX community has entered into business partnerships with industry behemoths like LINE (joint venture), SK Planet, Samsung Electronics, and Smilegate.
In addition, the ambitious DLT-based platform has also joined forces with several Korean government committees to help them shape more effective administrative initiatives.
Some of the recent government initiatives the community has been a part of include partnership with the Korea National Information Society Agency – under the supervision of Korea National Election Committee to help build the ‘Next Generation Election System’ based on the blockchain technology.
The post also mentioned the much anticipated meeting with the Jeju Island Governor Won Hee-ryong, to discuss the roadmap to make Jeju the blockchain hub of Korea.
The Road Ahead
Vehemently highlighted in the post, the ICON team is actively spearheading state-level discussions with the Korean government to foster an infrastructure for crypto legislation in the peninsular country.
Surely, with the magnitude of backing received by large corporations and prominent politicians in the country, it won’t be long before Korea emerges as an example for other countries hesitant towards anything crypto.
Q1 of 2019 might prove to be a much needed impetus for the ICON community – thanks to the MoU signed with SK Holding. At the time of press, ICX sits comfortably at 37th position trading at $0.64 at CoinMarketCap.