Icon Updates – Korean Government, ICX Crypto DEX, Roadmap, & Incentive Program

today I'm taking a look at our old buddy icon the etherium of Korea or well just icon because last time I checked aetherium also works over in Korea so it's kind of just icon anyway what has icon been up to these days well I thought it was worth actually reminding ourselves about the vision behind icon and the vision was to create a system whereby information could easily be exchanged between government banks financial firms health care providers educational institutions and of course private companies all the big actors essentially hyper connecting the world the aim of icon is to create unique tailored blockchain solutions for each client and then to connect these distinct block chains within the icon ecosystem this is all made possible because of the icon protocol not only allowing for the creation of smart contracts and apps but also the interoperability between various block chains both inside and outside of the icon ecosystem just refresher anyway now on to what Ikon has accomplished recently and is aiming to accomplish soon the Ikon public blockchain has been used to issue mobile letters of appointment to the blockchain governance team of the Seoul Metropolitan Government now this is just the first step in bringing ikons public blockchain into action for administrative services in government and institutions but the issuance records of the letter of appointment were developed by Ikon loop and are stored on the icon public blockchain thus of course making falsification and fake issuance of such certificates impossible now Oki know what you're thinking that sounds rather underwhelming but let's think about it what does that actually mean it means that the Seoul Metropolitan Government is using icons blockchain for public administration I realize this is just a very small first step guys but all great journeys begin with the first step somewhere actually icon has been working on a few different projects for the Seoul Metropolitan Government for example icon developed concepts for a stable coin for payments within the government digital identity applications and even voting applications which is pretty cool if it becomes the go-to blockchain solution for the city of Seoul just the city of Seoul that'll be massive and actually icon loop is behind many of the initiatives to bring blockchain technology into everyday use in Korea even though we have of course lots of other Korean blockchain projects which are increased increasingly making an impact like Flett a– h DAC high con and ergo I seriously need to do an update video on Ergo one of these days soon then we have the IC X station this is essentially a global accelerator program funded by Ikon with offices in San Francisco Tokyo Seoul and Singapore and is providing up to $100,000 for projects as well as in-depth tech support business guidance and preparation to actually take your projects to the market of course this is really essential in onboarding new companies and new projects to icons blockchain Ikon has also recently published the icon lap 100 which is an enterprise blockchain Alliance program focused on icons public blockchain particularly use cases for big businesses through icon lap 100 I con is seeking to bring in more decentralized app location partners are both b2c and b2b products icon and Jeju have held a briefing session on the topic of constructing the Jeju blockchain regulatory sandbox now you're asking yourself what is Jeju will Jeju is a small island off the south coast of the Korean Peninsula which has been exploring becoming the ICO and blockchain hub of South Korea and that is super important considering the anti ICO stance of the central government the purpose of the meeting was to create a bridge between governments and companies to aid in the growth of the domestic blockchain industry if we can see real development on this topic then icon of course could be at the forefront along with the island of Jeju in bringing ICO mania to Korea icon loop has partnered up with SBI Savings Bank to release a blockchain based personal authentication service now you will note that I said icon loop and that icon the blockchain yes this is on the private version of icon called icon loop now it has integrated its blockchain technology to SBI savings banks personal authentication service called SBI simple authentication the first blockchain based authentication service launched in the Korean Savings Bank industry is now open to the public so that's very cool now what does that actually mean for icx token holders well the eventual goal will be linking the icon network via the icon Nexus and every transaction will require icx for transaction fees so the private chain does not simply exist in a vacuum somewhere it is part of the network this technology is being used for a few different identity verification products all being developed by the icon team and this technology of course is very important at a great use for blockchain particularly Korea where ID confirmation technology is currently outdated back on February 26th puls news Korea revealed that icon loop was mulling over an IPO however the CEO of icon loop immediately denied the rumors claiming that they didn't have any intentions to go public there have actually been quite a few IPO rumors floating around in crypto land recently but this is just a rumor for now the use cases for the icx token should be expanding as well as the network grows when there was a very important thing for icx token holders and this will be welcome news if you are a token holder who has stuck out that bitter crypto winter the icx token will be used of course for the basic stuff paying for a transaction and smart contract fees identifying how much stake in the icx platform an individual actually has and rewarding them in proportion to their stake and contribution as a node in the IC X network IC X will also be accepted in any icos which are hosted on the IC X platform and importantly used as a base trading pair in the decks and also used as the base currency in the IC X platform overall there are also two big updates to the transaction fee system the first is a fee sharing feature which will essentially allow DAP providers instead of the users to pay the transaction fee which is pretty awesome and the second is fee payment using something called virtual step which is obtained through staking there are also a variety of technological upgrades which are scheduled for icon and include important pieces of architecture like parallel processing which will be a big boost for icon in terms of scalability other interesting map points include desktop and mobile ikonics wallet and ike honest platform for icx based i cos that don't require coding which will of course be very important for onboarding a wider range of clients and icon blockchain tracker a wallet app for the ledger nano s score updates software development kit databases for java python iOS a decentralized identification and key management service stable coins solutions as well as an IC x based decks and even security token offerings on the platform now all of these things are in various stages of reality we can say at the moment but I want to highlight two very interesting things the sto market will be huge and while catering to the sto world is nothing unique to icon it is essential for block chains moving forward to have this capability they have developed a new token standard to help support this initiative in IRC 16 token which is designed to allow for the transparent and simple issuance of tokenized assets and securities on icons public blockchain furthermore the new token standard will also support the tokenization of physical assets via a modular architecture for built-in compliance for legal regulations particularly related to asset ownership and transactions this is a must-have feature for hosting security tokens and the second I want to highlight is the decks this will be super important as a piece of infrastructure for icon icon is at the moment working on integrating the decks score with the icon wallet service ikonics icons decks will work to provide liquidity between IC x and IRC tokens this will be achieved based on a system of reserves eliminating the need for the kind of bid and offer style order book and will function in a similar fashion to what might see on bank or for example the release of the icon decks will be super important because icon DAPs or IRC tokens that are yet to be listed on any major exchanges will be able to provide liquidity to investors into companies via ikonics basically the decks will help icx and IRC too similar to the ERC 20 the theorem tokens sent bantered holders exchanged their tokens in a safe transparent way without needing to rely on third-party exchanges but like all things icon I will believe it when I see it there were a lot of delays and the road map of 2018 was yeah there were a lot of failed deliveries things coming out six or twelve months late for example and I know I know guys good tech takes time but you also really need to take care of your community and communicating with that community and to set realistic goals for when you're going to bring things out can they deliver on the roadmap this time around I hope so and finally the icon team is developing features for the election of Pia reps this is icons incentives scoring system which will allow icx holders to be able to receive and I score as an incentive by staking their icx and vote is voting for registered P rep candidates in total there will be 100 public representatives or P reps who will be elected for the icon network by delegation of the Icona Stahl ders the top ranked 22 P reps will then participate in the block production block verification and making governance decisions there are 200,000 Ike honest hsihu are waiting to vote for the eligible P rep candidates I'm definitely excited to see this move forward and the test net for P reps is launching soon that is all of the updates for icon 2 they let me know what you think about icon or any of the updates covered here in this video down below in the comment section make sure to check out cryptocurrency explained my free course on cryptocurrency it is a perfect course for beginners but there is also great value out there for anyone involved in cryptocurrency and of course feel free to share it with any friends who might be getting into crypto just tell them to visit the crypto LARC dot org thank you so much for watching today's video as always you guys are super super awesome so thank you so so much and if you enjoyed this video leave a thumbs up on and make sure to subscribe the channel if you are new around here long live the blockchain and peace out the next time

34 thoughts on “Icon Updates – Korean Government, ICX Crypto DEX, Roadmap, & Incentive Program”

  1. always a good show…bro…. (hey..as an aside..that nut cheese you are developing thaI just read below in the comments , ? , now that sounds amazing, seriously..you'll do so well – globally – mate if you get that one up n running.. and yeh , I'd hate to even imagine the red tape, hoops etc, you gotta jump through….keep us posted, please)

  2. Great video larkkkk, icon constantly been building. No idea how it's still this cheap.
    Very informative keep it up ! #icx $icx

  3. Nice work on Icon mate. will share it to my sister who is wanting to look at crypto. This is and Nano are the only 2 projects outside of Eth and BTC that I have brought the whole way down. well Stellar and Digitex futures as well. Top dOGGS!!

  4. Awesome content Lark!! Can you do a review at Coss they being doing a lot of updates and price still really low, compare to bnb and kucoin. thanks

  5. I have the Loop, Icon + Wanchain + Aoin to complete the loop! By having all three completes the loop and they all have to protect each others:) and the Boscoin to hedge

  6. I picked up a bunch of ICX over the past couple of months. I'm very optimistic about its future. I am also very patient 🙂

  7. It would have been nice if you went through a recent ICON dapp. Velic dot io is a really high quality exchange with innovative services like vault, initial auction offering and more. Nice recap though, you got a lot said in 15 minutes.

  8. Excellent! I did a ton of research in 2017 to position myself with top 10 coins. I just forgot to take more profit off the table from 6000% returns in 2018 because I thought the market would go higher. Stupid me getting 6% on mutual funds is pretty good so why didn’t I cash out? Anyway, been hold a small bag of icon for all the right reasons!
    Ps I bought eth for 8$ in 2016 but was a total nubie and was robbed from gatecoin of 96 eth

  9. Thank you for update. Long long time to go. Dexed already exist and point to issue ico’s , smart contracts , fiat gateway, NFT . WAVES already done most of it what ICX trying to do …

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