The price of ICX is surging.
According to CoinMarketCap, ICX was trading at US$0.31 on Monday, 18.09% higher than it was the day before. Over the last month, it has climbed 181%.
Analysts say the surge in price is being driven by ICONLOOP’s DID projects, particularly the MyID Alliance. A local investment official told the Korean-language news outlet News1 that ICONLOOP’s aggressive activity and PR work regarding DID, focused on the MyID Alliance, had sparked investor expectations and influenced the spike in the price of ICX.
Speaking of the MyID Alliance, the alliance held a conference last week at ICONLOOP’s office in Seoul.
Sogang University professor and MyID advisory committee member Lee Gunhee told the audience that the internet still suffers from problems related to securing and using personal information and protecting privacy. While he doesn’t believe DID can perfectly resolve these problems, he expects it will play an important role in establishing the framework for protecting personal information. He said the future of DID would be DID for identification, DID for logging into services and DID that serves as certification, and that cooperation between the government, financial services and IT companies is needed to develop the technology.
Jeong Ji-hoon, an official from the popular hotel booking service Yanolja, spoke about the importance of DID in the travel and hospitality industry. He said the existing hotel reservation system makes too many requests for unnecessary personal information such as your citizen ID number or your passport number. He said Yanolja is working to build a simplified system through DID that will allow guests to choose only the information they need to provide.
MyID Alliance Deputy Executive Director Josh Choi explained what sets the MyID Alliance apart from other DID initiatives, noting in particular that MyID is the only local DID service that complies with the real-name confirmation requirements demanded by Korean financial laws.
He also said the MyID Alliance could allow for the creation and sale of hyper-personalized products based on personal information in an environment in which individuals controlled and transacted their data.
He added, “My ID Alliance is the best platform for startups to be ready for the era of digital ID as the alliance seeks a highly business-driven environment where the partners can test various new business models together built on MyID DID platform.”
ICONLOOP used the event to show off its DID-based entry system. Attendees could enter the venue — the ICONLOOP Lounge — using a visitor pass issued by ICONLOOP’s VisitMe app. Visitors could install the app on their smartphones and get their pass simply by entering their mobile phone number.
Kwak Chang-won, the head of ICONLOOP’s DID service development team, said this service would allow users to control access to places such as shared offices while protecting personal information.