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ICON Coin News: New Blockchain Projects In Seoul

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ICON coin news

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.

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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.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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