The blockchain technology has taken the world by storm with the number of use cases it has. The second bull run made it evident that the technology has untapped potential which requires the redirection of resources and efforts. However, there are also plenty of issues with the blockchain space which need to be resolved before a mass-scale adoption can occur. One of the major problems with blockchains is that each blockchain is an independent universe of its own. As each blockchain has its own code and workings, it is not possible for them to interact with each other – something that is crucial for adoption. ICON is an interoperability layer which allows different blockchains to interact with each other and facilitates the transfer of data.
What exactly is ICON?
ICON was founded in 2017 by a South-Korean based firm, the ICON Foundation. The aim of the firm is clear – to enable the adoption of the cryptocurrency sphere through interoperability. Within the platform, each network – referred to as community – is defined as a network of nodes. Apart from blockchains, banks or other institutions can also participate as communities. This is what sets apart ICON from other interoperability layers as it focuses not only on blockchain interoperability but also interoperability between blockchains and external institutions.
Another aim of ICON is to create a “digital nation” by allowing different communities to issue their own form of value – tokens or digital assets. The network aims to build one of the largest decentralized networks in the world by allowing all agents to interact with each other through its central network.
What is the future of ICX?
The network has held its first BTP integration with Kusama’s parahcain Moovriver. The testing results are said to be satisfactory and a web application – Nexus – is in the works to demonstrate the utility of the smart contracts. Nexus will be made available to the users soon giving them a firsthand experience of BTP.
Moreover, the development team has also planned the transition to ICON 2.0. The migration from ICON 1.0 to 2.0 is nearly complete with the testing being almost done. The launch will be held soon per the updated roadmap of the network.
These major developments are expected to help the cryptocurrency to reach new heights. The future outlook is bullish. According to the estimates of Wallet Investor, the cryptocurrency is expected to be trading hands at $2.62 in a year’s time. Digital Coin Price projects a price of $2.42 by the end of 2021.