Is ICON A Potential Moonshot? (Opinion)

HYPERCONNECT the World...The ICON project is building one of the
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Is ICON A Potential Moonshot? (Opinion)

Sat Jul 14, 2018 9:41 am

A “moonshot” is an altcoin that can surge in value, multiple times its current worth based on its functions, achievements and reality.

Most cryptocurrencies today do not label themselves as any kind of financial product or security, to avoid heavy scrutiny from financial regulators. This has drawn the criticism of cryptocurrencies from many in the traditional finance sector, calling them worthless.

However, the true value of money or any medium of exchange is first trust, and then community. If it can be trusted and a community is totally in tune with it, it will remain and stand the test of time. Blockchain has brought trust to the financial system through absolute transparency. Although the technology is still in its infancy, its value of trust cannot be deemed negligible.

Yet, it takes more effort to build a solid community, especially when it comes to transitioning those who are still both feet deep in the traditional system. An excellent investment in blockchain would be one that has a great technological framework and can drive traffic (i.e. people, products, companies, services, etc.) from the traditional system to the blockchain.

Moonshots are often cryptocurrencies that are underpriced and show great promise over the medium- and long-term. Day traders and short-term traders make decisions based on speculation and daily price fluctuations. This often does not catch the moonshot. The focus of a moonshot is towards the medium/long-term.

What is ICON?

ICON is a South Korean venture similar to the blockchain projects Ark and Ethereum. ICON has been tagged the ‘Korean Ethereum’. The mission of ICON, as it can be seen boldly on their website, is to “hyperconnect the world.” ICON can be seen as a decentralized network and ecosystem that aims to connect different blockchains together. ICON has its own smart contract platform to make individual projects—however, the primary goal is to connect blockchain-based projects, assets, etc.

The vision of ICON, according to the whitepaper, is expressed as so:

“The ICON project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds or blockchain multiverse. ICON itself can be viewed as both a living organism and an ecosystem.”

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