ICON foundation, the not-for-profit foundation that manages the ICON blockchain, was created by The Loop, which operates as a joint venture between three of Korea's largest universities and DAYLI Intelligence.
ICON plans use their ICX token to act as the intermediary currency for all, negotiating exchange rates through a Decentralized Exchange Reserve to allow the token to be used on any blockchain.
While this layer interacts with the ICON blockchain itself, it operates as a separate element that it is built upon the Loopchain enterprise blockchain.
ICON integrates a multi-channel structure comprised of the light clients of other blockchains, using Loopring's own Loop Fault Tolerance consensus mechanism to reach a consensus between corresponding chains.
These projects ranged from Blockchain integrated Real Estate Listing to fair Language Translation marketplaces, demonstrating the versatility of ICON smart contract platform.
Firstly, the ICON team can provide other industries with technical knowledge about blockchain infrastructure.
Secondly, ICON's involvement operates under the assumption that these companies would either want to build a blockchain on Loopchain alongside ICON or integrate their blockchain platform via the Nexus channel.
The ICX price has seen an increase recently over news that Pantera, a San Francisca-based blockchain investment fund, has made a large investment in ICX. Evidence of ICX tokens transferred to a Bittrex-owned ERC20 wallet has fuelled rumors that a potential Bittrex listing of the coin may be imminent, contributing to positive price movement.
While no official announcement has been made from either ICON or Bittrex, the addition of yet another top ten exchange listing ICX would enable the token to further extend its reach, possibly leading to greater bullish price action.
The recent meeting of the Korean Open Blockchain Industrial Association is encouraging news for the global blockchain community.
ICON News Roundup: ICX Maintains Steady Growth as Industry Adoption Increases
Published on May 1, 2018
by Cryptoslate | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.