What Is ICON?
The ICON is a decentralized blockchain based network that comprises of various institutions including but not limited to finance, insurance, medical, education, and many more. The platform intends to connect the crypto technology to the real world by means of creating a network where different institutions and organizations are interlinked without letting any central institution to have a concentration of powers. Organizations are supposed to be working freely. ICON welcomes people from all around the world. Everyone is free to participate and join their preferred blockchain.
ICON is a network of variant communities. It is based on blockchain technology. The platform intends to set up a decentralized network where all communities can become connected to each other to share various products and services by keeping their business isolation intact. To make payment communities use blockchain IDs, whereas, to exchange currencies of variant communities desk wallets are used and this is how various products and services offered by involved communities are accessed.
How Does ICON Work?
As it has already been shared that ICON is a network of various blockchain based communities. We now move forward by telling you how does Icon actually work? Let’s understand this following a simple example.
Suppose Mr. John had an appointment with a doctor in XYZ hospital. Mr. John was diagnosed with some health issues that are covered under the health insurance policy of Mr. John. After, Mr. John has done with the medication and treatment. He now intends to claim his medical insurance.
So, he requests the hospital to authenticate their blockchain ID and send medical data to the insurance company through ICON network. The insurance company sends the payment to the hospital immediately after getting it verified.
Alternatively, Mr. John could have used the insurance benefits anywhere inside the network such as he could have pay utility bills or college fee, buy stocks, or done e-commerce.
Earn ICON Tokens
To earn ICON tokens people needed to participate in the crowd-sale of the ICO. People who wished to earn ICON tokens could have participated in the pre-sale of the ICO as well. Anyhow, since the public sale of the ICO has already been concluded, therefore, those investors who are interested to earn ICON tokens need to exchange them against different cryptocurrencies supported on variant exchanges.
Buy ICON Tokens With E-Wallets
Since ICON is an ERC20 token based platform, therefore it is necessary for people who wish to buy ICON tokens that they open an e-wallet account first. Many companies around the world are offering free e-wallets these days. People who want to buy ICON tokens just need to make sure that they open an e-wallet account with a reliable company so they can safely store their ICON tokens in it.
The ICO Distribution
The ICO was launched in September last year. Although we couldn’t find information about the opening or closing date of the ICO. However, as per the information available on the official website of the ICO, the ICON has a token supply of around 800,460,000 tokens and a market cap of USD 2,271,697,475. The ICO target amount was 150,000 ETH. The starting price of the ICO was 0.0004 ETH and it was expected to remain the same.
The token allocation of the ICO was planned to follow the following proportion.
- 50% of the tokens were planned to be made available to the general public to subscribe
- 16% of the tokens were planned to be kept as reserve
- 10% of the tokens were planned to be allocated to team members, early contributors, and advisors
- 10% of the tokens were planned to be allocated to strategic partners and community group
- 14% of the tokens were planned to be allocated to the Foundation
The funds generated through ICO are planned to have following weightage.
- 10% of the funds generated are planned to be spent on making strategic partners
- 15% of the funds are planned to be spent on the business development
- 8% funds are planned to be spent for running marketing campaigns
- 12% funds are planned to be spent on operational activities of the platform
- 20% funds are planned to be spent on Information Technology
- 35% Remaining Funds Breakdown is as follows
- 20% funds are to be kept as reserve to meet immediate unplanned issues
- 15% funds are to be kept as to deal with unforeseen issues.
The ICO has a long list of team members that follows below.
- HangJin Kim is the Chief Business Officer of the ICON
- KJ Eee is the member of Foundation Council at ICON
- JH Kim is also the member of Foundation Council at ICON
- Jay Kim is another member of Foundation Council at ICON
- Hoon Lee is also another member of Foundation Council at ICON
- Min Kim is yet another member of Foundation Council at ICON
- YG Lim is the Product Manager at ICON
- Nathan Kim is also the Product Manager at ICON
- Flora Kim is another Product Manager at ICON
- Amy Jung is also one of the Product Managers at ICON
- Jiyoung Lee is yet another Product Manager at ICON
- Henry Hyunil Lee is also the Product Manager at ICON
- Dongok Ryu is the Blockchain Developer at ICON
- Hyunkoo Shin is also the Blockchain Developer at ICON
- Byunggil Sohn is another Blockchain Developer at ICON
Invest In ICON
After a careful review of the ICO, we hereby, conclude that ICON seems to have a sound workable objective. The platform tries to establish a blockchain based network that helps different entities to collaborate with each other in a safe environment without observing limitations of jurisdictional boundaries. We suggest people should invest in ICON for once at least.