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
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…