ICON spiked a good 26% in just one day, what is the reason for that?
For who don’t know, ICON built a giant platform that allows various blockchains to interact with each other via smart contracts.
Its objective is to provide a platform where companies from financial, security, insurance, healthcare, educational, and commerce industries can coexist and transact on a single network.
Let’s start talking about the possible reasons for this surge.
Announcements & Developments
The tweet refers to the article published today from The ICONist where it’s described how “ICONSENSUS” works and how it’s beneficial for the whole ICON ecosystem, focusing on its first milestone, the election of P-Rep (Public Representatives).
The original announcement happened on the 17th of January 2019 with this article, where it’s described the four key items for the blockchain mass adoption like P-Reps(Public Representatives), C-Reps (Community Representatives), DBPs (DApp Booster Programs), and EEPs (Ecosystem Expansion Projects).
The article published today might have given more awareness about the real power of this amazing platform, describing in details the first milestone, P-Rep.
As stated in the article: “A P-Rep is a full node on the ICON Network, where the representatives have the distributed responsibility of preserving the ICON Network, producing and verifying blocks, verifying transactions, proposing and voting on network policy changes, and driving the growth of the ICON Ecosystem.”
In the table below it’s explained how the representative reward system works:
In another tweet from a few days ago, the ICON twitter re-tweeted a video content which also describes the huge amount of development happened in ICON’s house and how this project is going to be one of the main players in the blockchain industry, especially in Asia.
Let’s see synthetically what ICON achieved in the last years of activity and how it dominates the major industries in South Korea.
Partnerships & Joint Ventures:
Between the many partnerships, we can see major ones like:
- Partnerships with Woori Bank and Nonghyup Bank, two of the largest banks in South Korea;
- Partnerships with the larger healthcare blockchain consortium in South Korea;
- Partnerships with the larger insurance consortium in South Korea backed by the Ministry of Science;
- Partnerships with Samsung;
- Partnership with Daily Financial Group;
- LINE instant messaging app (Joint Venture) for the creation of UNCHAIN.
New Features & Upcoming
- Chain ID & DID – Decentralised ID system;
- Loop Chain;
- STO offering;
- S-Coin payment;
- ICON DEX;
From what we have seen above, ICON had developed a majestic ecosystem with huge partnerships in South Korea. As today the platform has more than 100 full-time employees and recently expanded its offices allowing around 470 employees to work there.
The team also informed that the project still holds $5 Million USD in Ethereum, which is half of the funds raised in the ICO stage. ICON don’t need to worry about that anyway since it had an income from ICONLOOP, which is a pro-profit branch active since 2016.
About the price, we have seen a daily gain of 26% with a subsequent retracement after the crossing of the 200 EMA (blue line) on the 4 hours time frame, as we can see in the image below:
Considering the chart below (1D time frame), the price surge could’ve also been caused by the bouncing on the previous resistance at $0.18 USD, creating, in this case, a double bottom:
In conclusion, looking at both sides, development and price movements, in our opinion ICON has reached its bottom at the price cited above ($0.18 USD) and therefore it could be ready for a possible bull-run.
Considering the huge expansion it had in South Korea, the massive partnerships reached with giants like Samsung and the joint venture with LINE messaging app, which has more than 200 million users, ICON will definitely perform well and it’s going to be among the projects that will survive this bear market.
The upcoming introduction of the staking system will also create a scarcity of ICX Tokens, which automatically will increase the price.
What do you think about ICON? Let us know below in the comment section and remember that this is not financial advice but our personal opinion about the projects and their development.
We are coming out with one daily news every day of the week for our loyal followers, so don’t forget to follow us on our social media channels like Twitter, Facebook and Reddit. We also have a Telegram channel where we post our daily articles.