Why Invest in ICON?
In the modern era of cryptocurrency, the goal of any blockchain network is to provide the greatest service on top of a coin or token network. We've seen Ethereum have success doing this by producing a blockchain that serves as a foundation for applications, while simultaneously serving as a currency. Bitcoin, on the other hand, was initially built strictly as a currency and provided nothing beyond the monetary value of the coin.
Enter ICON. In addition to providing ledger technology similar to the pioneering blockchain of Ethereum, ICON is built to be a foundation that allows networking between businesses, governments and even other cryptocurrencies.
"ICON, in many ways, is reminiscent of the dawn of the internet itself," Brandon Winkler, Founder and Head Developer of ICON P-Rep Foundry Box Media, said. "Instead of creating yet another solitary blockchain network, ICON is built to connect disparate networks of blockchain, creating a pseudo version of the world wide web for crypto."
ICON Business and Government Connections
The underlying technology that supports ICON, known as loopchain, is already connecting and running in a variety of industries in South Korea. With more than 100 business partnerships in healthcare, tech, insurance, higher education and other industries, ICONLOOP (formerly “the loop”) boasts notable partners such as Samsung and the Seoul Metropolitan Government.
While these partnerships don’t entail use of ICON as a currency, per se, the widespread adoption of ICONLOOP goes a long way in validating the technology the coin is based on.
The ICON system is built on a foundation in which representatives (P-Reps) are voted in and handle its governance. Put simply, the purpose of the P-Reps is to bring true decentralization to ICON through the democratic and constant evaluation of those who support and make decisions for ICX. While the ICON foundation provided the basis for this governance, they have no direct control, though they could share the governing responsibilities if they were voted in as a P-Rep themselves.
In addition to governance, P-Reps are responsible for running hardware that supports the blockchain network as well as promoting ICON and fostering its growth. For more detailed information, read this article on P-Reps and how to stake your ICON.
Earn Rewards for staking
As a holder of ICX, you can “stake” your coin which temporarily locks it from being traded or withdrawn. You can then use your staked coin as votes for your favorite P-Reps, which generates rewards back to you in the form of I-Score. Visit the following articles for more information on what to consider when voting for P-Reps and how the rewards and I-Score are calculated.