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ICON (ICX) has proven itself as one of the most promising blockchain startups to date but their journey has not been one without road-bumps. While the crypto bear market has been unforgiving for most projects, the ICON team has remained focused, making great strides along the way. From rebranding to ICX token buybacks - let's take a closer look at what ICON’been up to.

The ICON Foundation announced the rebranding of theloop to ICONLOOP. theloop is a private proprietary blockchain and technology that powers ICON. This is a partnership that benefits both theloop and ICON. theloop works to recruit massive established companies onto the blockchain that do not necessarily need to ICO. Essentially, they will have private blockchains. On the other hand ICON will connect those private blockchains while also creating public blockchains, using ICO’s.

Over the past year, we’ve seen many significant partnerships between theloop and South Korean institutions such as Banks, Insurance companies, and even the Korea Customs Service.Eventually, public blockchains will be able to connect to private blockchains. Imagine being able to send funds directly from your cryptocurrency wallet to your fiat bank account. ICONLOOP's mechanism, of connecting multiple blockchains together is what could make this work seamlessly in the future. In response to the current bear market and negative sentiment regarding token price in the general community, the ICON Foundation has approved a $5 million ICX buyback program. The new ICX repurchase program authorizes the foundation to repurchase up to $5 million worth of currently circulating ICX tokens. The purpose of this buyback is to keep price high by decreasing supply and thus increasing demand. 
It is a move which is extremely positive and proves commitment and belief the project is undervalued. ICON stated this buyback is the “first ICX repurchase”, so we may very well see many more in the near future.

Over the next two months, ICON will be open sourcing their project. This means the developer team has hit a major development milestone and is now ready to share their work for global contribution. This is great news, and will ultimately bring more developers to the ICON ecosystem while making the project more secure and reliable.

South Korea is making great strides in legalizing ICO’s. The lawmakers have held several meetings focused on ending the country’s ICO ban. Representatives of the Ministry of Science and Information and Communications Technology (ICT) were present at the meetings where
discussions to allow ICOs were gaining momentum. With so many exciting new Dapps coming to ICON, a country wide legalization of ICO’s would bring that much more attention to ICON.


Speaking of ICO’s ICON’s has 4 new exclusive Dapp projects scheduled to be launched before the end of 2018. MECA Coin, a foundation coin of MECA Casino, an online
decentralized gambling platform. STAYGE a blockchain protocol
that rewards a fans activities with cryptocurrency. weBloc will overhaul the current digital advertising ecosystem by creating a tokenized alliance protocol for all players in the market where they can exchange information rather than advertisements. ZenSports is creating the world’s largest peer-to-peer sports betting marketplace, where anyone can create and accept bets for live sporting events with anyone else in the world.

A Korean island could very well be the next blockchain and cryptocurrency hub in South Korea and ICON is right there in the mix of it all. Essentially, Blockchain start-ups will be allowed to conduct initial coin offerings on the island
a number of blockchain companies are reportedly in talks with the government of Jeju Island, including ICON. This is just one of the many steps South Korea has taken to increase blockchain adoption in its country which also includes, a plan to invest nearly $900 million in 2019 to accelerate the development of blockchain, artificial intelligence and other emerging technologies in South Korea.
This is clearly a very key time in ICON’s growth trajectory, as they invite their community to have greater access to the building blocks of the ICON ecosystem. And the community has responded with enthusiasm, which is a good sign for future cooperative efforts.

Projects such as: hx57, Decrypto,
And many more are starting to emerge and are constantly helping in build something much bigger than the sum of its parts. A hyperconnected community which grows stronger day by day.

A strong community is key.

#ICON #ICX #news