What is ICON?

As South Korea’s first ICO, ICON is gaining a lot of attention but also has the team and technology to back it.  This high-potential platform will be a contender to watch and will bring competition to larger and established platforms such as Ethereum & NEO.

The goal of the ICON Network is to “Hyperconnect the World” by providing a network that will support Smart Contracts & DAPPs to enable communication between different blockchains such as Ethereum & NEO.  The framework has features built in to help speed up industry adoption such as Blockchain-based Identity, Payments & Exchange on their decentralized exchange, Artificial Intellignce & Scalability.

 

This project is relatively new with the token sale launch in Q4 of 2017 and recent addition to Binance in mid-December.   It immediately went on a steady climb and is now consolidating with a current market cap of $3.8 Billion.

Coin Supply:

There are currently 400 Million ICX with approximately 378 Million in circulation.  An additional 400 Million tokens are planned to be minted after the Mainnet launch.

There are several key organization involved with the platform:

• ICON Foundation: Non-profit foundation located in Switzerland.
  Leading the ICON Token Sale and supporting the community in a variety of ways.
• theloop: Blockchain engine development company headquartered in Korea. In charge of ICON Nexus development and other Smart Contracts.
• DAYLI Intelligence: Provider of DAVinCI, the artificial intelligence (AI) solution to be applied to ICON for optimal network and distribution policies

The Team:

For being a new project, ICON boasts a very large and experienced team with sub-teams to focus on the various aspects of the project.  They have a strong advisory list, a Foundation Council, Blockchain team, Artificial Intelligence team and Marketing team.

Some upcoming events to watch:

• The ICON Mainnet will launch on January 24, 2018.
• The 1^st ICON Annual Summit will be hosted at the Lotte World Tower in Seoul.

More info can be found at their website as well as on this summary video created by a fellow Node Insider!

 

Technical Analysis:

After its exchange debut, ICON ran up to a high of $12.52 in early January and is now consolidating those gains. Below is a chart of  the 4-hr ICX/BTC pair.

During December and into early January, ICX gained nearly 700% against Bitcoin!  It hit a high of 8500 satoshi and is now about 20% from the highs.  It’s currently forming a new base above the 6600 level and has a strong support level at 5500.  A close above 7900 will confirm the start of the next leg up and perhaps a test of the highs.  The recent consolidation has allowed for the indicators to cool off and is potentially setting up for a new run.

Going into 2018, I see ICON as an emerging leader and expect that it will finish the year much higher than it started.  You should keep an eye on this one!