The recent ICON coin news has brought a lot of excitement regarding this South Korean blockchain platform. During the Seoul Metropolitan Government Blockchain International Digital Festival, the ICON team decided to present its three new projects. The projects were developed with the goal of using the blockchain technology for improving Korean society.
ICON’s demonstration was a result of collaboration between ICONLOOP and several of the country’s government entities. The Seoul Metropolitan Government and Korea NIA (National Information Security Agency) were among the most notable ones. Furthermore, the country’s National Election Commission supervised the event.
The demonstration also represents yet another way for ICON to strengthen the ties with the South Korean government. The project is entering important discussions with the government on regular basis, and their main goal is the acceleration of crypto legislation in Korea. Considering how friendly Korea is to the crypto world, there is a lot that the two entities can achieve to change life in this country through mutual effort.
As a result, the latest ICON coin news has brought three new initiatives that will make the Korean society more democratic, reliable, and prosperous, as ICON’s Medium post says. The projects that ICON has introduced include an ID card, a new voting system, as well as S-Coin payments, all of which are based on ICON’s own blockchain.
ICON’s blockchain-based ID card
The first of the three demos revolves around a citizen ID card based on blockchain technology. The concept of it is simple, and user details and photo are simply recorded on the blockchain. A new QR code is generated, and when scanned via phone, it displays this information. Right now, the system is still quite rudimentary, and there is room for improvement. However, the fact that information recorded on blockchain cannot be changed makes this technology perfect for recording and safely storing such sensitive data.
ICON introduced a new blockchain-based voting system
The second of the three initiatives concerns voting. ICON has presented a new system that many consider being the next gen election system. By using this system, users will easily register their votes via the voting platform, and as a reward, they will receive S-coin. Furthermore, the S-coin, which was backed by Korean Won for the purpose of this demonstration.
This project has the potential to completely digitize voting. Additionally, the qualities of blockchain technology would completely eliminate any kind of tampering or vote manipulation.
ICON’s S-coin Payments
The third and final project that ICON has been working on is a prototype crypto named Seoul Coin, or S-Coin. The coin is designed to serve as a new way to make digitized payments throughout the city of Seoul. Users would have the currency stored in their crypto wallets, and by simply scanning QR codes on different products, they would transfer the product’s price and details via the app that would allow them to pay for the product instantly.
If this type of payment gets introduced, it would effectively eliminate any need for carrying cash and even cards.
The ICON coin news has caused a lot of excitement, as the projects do promise to change a lot of things for the better. However, the positive reaction to ICON’s demonstration has yet to reflect on its own coin, ICX. At the time of writing, ICON is experiencing losses, with the coin’s value dropping by 3.30% in the last 24 hours. Its current price is at $0.622471, which is the lowest that the coin has experienced in the last two weeks.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…