ICON Review and Rating

Mountaintop Sage by Ken Jun

ICON Foundation Whitepaper (as of Aug 15, 2017) includes a couple of short paragraphs dedicated to network’s architecture and tokenomics, however, mostly, it has general character, which makes it difficult to analyze this piece other than by “non technical” Singularity-Volume- Empathy-Timeline (“Vision”) sub-rating.

Conceptually ICON consists from “loopchains” (independent blockchains built around social groups, institutions or whole industries) connected by “C-Rep portals” (elected representatives) to “ICON Nexus” (the main chain).

Citing:”The vision of the ICON Project is to introduce the new era of decentralization by redefining the meaning of communities and creating a new world by connecting such communities.”

This vision is very vague and only the fact that ICON intends to focus on Korean market on the first phase of its existence has made me to slightly raise its “Singularity” (measures project’s uniqueness) to “c+”.

Citing:”The Republic of Korea presents an ideal environment for blockchain technology and cryptocurrency disruption. Korea is the top ranked ICT (information and communications technologies) country in the world and the 11th largest economy”.

Indeed, 51 million consumers (among which more than 20% people in their twenties actively use crypto-currencies) and $1.5 trillion economy are impressive. However, although, ICON plans to scale through all Asian region in a future, it still leaves most of the world out of its planned expansion area. Result: “b” on the “Volume” (potential market size) side.

As to the “Empathy” (emotional “impact”) I’ve raised it to the “a-” level because ICON declaration that it wants to “hyperconnect Korea” appeals to national sensibility of its auditory. Under the present political climate it might boost ICON wider adaption within the country (“-” is assigned for contradiction existing between this and the “Asian expansion” statements).

Project’s “Timeline” it’s very sketchy and narrows ICON ambitions to the “partnership with major bank” and a dozen universities, which suppose to form the “Financial Investment Consortium”. That is not exactly what we might have in mind thinking about “hyperconnecting” Korea and introducing “the new era of decentralization”. On a positive side, project’s road-map, although, not at all inspiring, might be, nonetheless, viewed as “down-to-earth”. Result: “b”

Singularity-Volume-Empathy-Timeline sub-rating: c+ba-b

Link: http://docs.icon.foundation/ICON-Whitepaper-EN-Draft.pdf

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