In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress

A goodbye document from Deblock’s now-former Head of Research divulged the progress of their ICON blockchain project in all these months. And they gazed extremely positive.

As he left the company to follow his startup, Markus Jun noted ICON as one of the very few blockchain projects designed to demonstrated substantial attainments despite staying inside a bleeding crypto market.

” My go at Deblock and ICON coincided with one of the worst declines in the cryptocurrency marketplace. In spite of this, I can say that the ICON team has obligated extraordinary progress ,” Markus wrote while been argued that their interoperable blockchain projection till this time produces the South Korean blockchain industry.

” I’ve discovered ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government, receiving the Minister Award for being an industry commander in the blockchain space, and propelling demonstrations and several activities in conjunction with the Seoul Metropolitan Government. I’ve realized various hires in every ICON department, including senior prestiges, the majority of members of which weren’t made publicly available and the team is still actively hiring to this day .”

Markus likewise fetched focus to ICON’s international expansion floors, which included the launch of their world-wide accelerator curriculum ICONLOOP in partnership with the Singapore government, followed by its continue in Tokyo and San Francisco.

” Beyond this, there are ongoing efforts to expand ICX Station globally. All acts considered, it’s clear that ICON isn’t letting world markets dip affect them in moving forward ,” Markus explained.

The said expansion is too producing important collaborators to ICONLOOP. In addition to the Seoul government, ICON has gained approval from LINE, Smilegate, Kyobo Insurance, and Jeju Island to develop blockchain solutions for them. It overall makes a long-term use-case for ICON’s ICX public structure, revealing a stable emergence for its native token ICX as well.

Solvent after Crash

At the time of the ICO, ICON’x ICX token auction fostered closely connected to 75,000 ETH. Their smart contract split the funds into 30 separate Ethereum pouches. Between December 2016 and November 2018, ICO team moved circa 70% of their funding was other portfolios- perhaps as part of a sale. After the post-ETH crash adjusments, the team nurses around$ 5 million in ETH reserves.

The illustrations prove that ICON is far from being insolvent at this time, in contrast to several other ICO projects that have either started out of business or in a coin crisis.

Forrester Research’s premier consultant Martha Bennett predicts that a majority of these ICOs are heading towards an outright demise in absence of users and funds.

“Sooner or afterward, this would have led to a contraction regardless. The crypto clang behaved as both catalyst and wake-up call.”

Big crypto startups like Coinbase and ConsenSys have also laid off works in the past 2 month, indicates that the crypto market, in general, is running out of money.

ICON, with a provable business modeling and a rise in use-case among well-known societies, could still exist the bloodbath owing to a lack of an actual demand for service.

” I’ve looked the best of ICON in the worst of periods. That’s why I’m confident ICON to stay ,” Markus noted.

The post In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress appeared firstly on NewsBTC.

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