This is a South Korean project. ICON has been traded on Binance and other exchanges since last October. In this short period, it has shown a high price increase, albeit with some pullback.
The project is based on cross-chain technology which combines different blockchain networks into a single decentralized network to provide interaction between them, including through smart contracts. Transactions between blockchains will also be enabled. The more blockchains are combined, the higher is the chance the price of the coins will grow.
The developers intend to combine blockchains of banks, securities markets, universities, insurance and healthcare institutions in South Korea. Insurance companies are already using it as an automated insurance service.
CHAIN ID is used for securities markets to protect ID users from thefts. In the future, the ICON technology will be used for clearing and settlements.
The bank community uses ICON’s technology to create a pre-paid digital payment system for introducing a system of digital account management, transfers, withdrawals and digital currency (DC) management system.
ICON became the first blockchain to be used by large South Korean universities for cryptocurrency charging using Smart Vending Machines and daily payments and transfers in the university.
Leading South Korean healthcare facilities are using the Precision Healthcare Information (P-HIS) to streamline and exchange data between hospitals.
We have selected this coin for investment, because ICON is a high-end Ethereum. When a project is supported by the government, it is a good signal to buy its tokens, as the real utilization and work to develop the technology are guaranteed, even if additional funding is required. What makes the project attractive in the first place is that it works to implement the cross-chain technology, and does this successfully.