You might be a part of the ICON community as an ICX investor, P-Rep, developer or even just as a crypto fanatic. In fact, if you’re reading this, you’re probably familiar with terms like smart contracts, staking and hodling.
However, in order to spread the word about ICON, one must first know how to explain it – including what it does, how it works and why it exists. The ability to do this is crucial in convincing people to get involved with one of the world’s most ambitious projects.
So the crucial question is: can you explain ICON to your grandparents?
We’ve broken it all down for you, ICONists, so that you have a short ICON pitch at the ready.
How does it work?
In order to understand ICON, knowing how blockchain technology works is essential. It is a tamper-proof and transparent online ledger, which means that information recorded on the blockchain is permanent and irreversible. The details of all transfers are held safely forever.
But how does this differ from a bank?
Well, your bank manages all of your transfers and saves a record. However, they’re prone to mistakes, hacks and high service fees. Blockchain eliminates the need for central authorities and replaces them with a global network of independent computers updating and verifying information on an online ledger.
All of this is possible through an unhackable and uncontrollable technology that is blockchain.
Ok, so what has ICON got to do with it?
ICON is a blockchain protocol and they have a mission to ‘hyperconnect the world’ using their technology. ICON imagines a world in which different industries like healthcare, finance and education connect seamlessly and in real-time for efficiency, better customer experience, improved transparency and maximised revenue.
The aim is to provide an underlying technology infrastructure upon which any product or service could logically connect to one another with ease.
For example, let’s say you fall ill and end up at the hospital. With blockchain, the hospital can securely pass on details to the insurer, who can pay for it using cryptocurrency. There is no paperwork involved, resulting in a hassle-free, safe process.
How is ICON being used?
The ICON chain is constantly growing and being used in real life, securing partnerships with high-profile establishments – including Nonghyup Bank, one of South Korea’s biggest banks. Jeju Island also uses ICONLOOP’s (ICON’s private blockchain) app as the main check-in method at public places, to help with Covid-19 efforts. Paul Bassett, a hip Korean cafe chain, has utilized ICONLOOP’s VisitMe to track visitors for anti-pandemic purposes.
The ICON blockchain has its own currency called ICX. Holders of ICX can vote for public representatives, community representatives and officially subsidized ICON projects. Furthermore, all community members (including voters and delegates) who take part in staking can gain ICX as a reward for their contributions to ICON.
ICX is also a popular cryptocurrency for investors. It consistently places within the top 100 cryptocurrencies on CoinMarketCap and the price recently spiked in the last few months, valuing at over $1 most of the time. This makes ICX an attractive investment to add to your crypto portfolio.
As the general public becomes more and more exposed to blockchain and the limitless opportunities it presents, it is now more important than ever to be part of the ICON revolution.
Feel free to use these explanations as you see fit. We hope that this article has helped you or others in understanding ICON, and that it has stirred up interesting discussions.
To help you further, we’ve compiled a list of useful resources for reference.