The Blockchain Economy — ICON

iBriz.ai
iBriz.ai
Nov 6 · 3 min read
The Blockchain Economy - ICON

As technology proliferates globally, geography is not a barrier to work on startup ideas. Like how Silicon Valley used to be the hub of startups. But now blockchain companies have overthrown this concept because technology know how and capital is now available throughout the world. One such major startup is ICON — a startup with global reach but its roots in S. Korea.

Blockchain has been a fascinating technology which removes intermediaries, creates value for anything digital, makes it easier to keep a record, automates tasks with transactions, uses P2P infrastructure, focuses on decentralized decision making, uses new protocols and supports ownership model.

ICON has been true to most of the blockchain fundamentals since its beginning and they have tried to bring more innovation in how the decentralized governance is going to function as well. As with the teams that will be working with ICON in its governance, they seem proactive regarding the growth of the ecosystem. That is why they are trying to bring out innovation with the help of collaboration with the communities and people in governance. However, they will certainly need to focus on something that is not just new to the implementation but not replaceable or abstract from the old economic models to make its existence profound. This will help Token to create their space in the market with ease and not have to struggle like other startup with a new product.

The use of smart contracts has made it possible for the implementation of real utilities in the blockchain like ICON. When case studies were carried out around the transactions with other projects like ICON, it showed more transactions being carried out through the smart contracts, This only proves that they are not just moving the money but some business activities are being carried out. However, the token is important as much as it gets used.

Ideals of Decentralized Applications

ICON follows most of the ideals for a decentralized application. On top of that, it focuses on creating a medium between different governance. Some of the Ideals followed by ICON are:

  1. P2P infrastructure
  2. Underlying protocols
  3. Decentralized block production and validation
  4. Blockchain transactions
  5. Distributed Content
  6. End-user ownership Empowerment
  7. Decentralized autonomy
  8. Distribution of rewards/benefits

However, things like maintaining standards will promote ICON ecosystem for the adoption and faster operation is also implemented in ICON which will help ICON to scale. ICON is also focused on creating interoperability between different chains and help to create a nation of governance. Rather than killer features, ICON has focused on creating a good ecosystem that compromises no. of startup, the developers, the communities and everything that happens around it which makes it more special. With a good ecosystem and economic models in projects built around it, ICON seems promising in having a stable value in the coming days.

ICON has set a proper example of a Blockchain economy where like the decentralization of most of the things are being carried out, it also focuses on incentivizing with reward sharing and decentralized governance-based architecture. This might be the reason for many enterprises to have a good faith in this ecosystem. These key features of ICON is hopeful to bring some positive effects to the Blockchain economy.

Author: Saurya Paudel, iBriz.Ai

https://www.linkedin.com/in/sauryapaudel/

iBriz-ICONOsphere

With a deep history of commitment to building projects that foster community growth and personal empowerment iBriz is helping towards the common goal of creating a nation built on trust with icon.

iBriz.ai

Written by

iBriz.ai

With a deep history of commitment to building projects that foster community growth & personal empowerment we work to create a nation built on trust with icon.

iBriz-ICONOsphere

With a deep history of commitment to building projects that foster community growth and personal empowerment iBriz is helping towards the common goal of creating a nation built on trust with icon.

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