*Bookmark this page; we will be updating it regularly with a roundup of ICON related news (Hype and FUD); as well as any details of exchange listing.
Disclaimer: Speculator here; I am time-poor and only look closely at and write about projects i believe in, have invested in or plan on investing in. Information below aims to be impartial; however it is not investment advice. Do your due diligence. Crypto is a wild and turbulent environment. Good luck in the vols to come.
27Jan: Network of Networks
23Dec: ICON Network & Partnerships
13Dec: Price Speculation & Hype Roundup
12Dec: ICONnect Meetup #2
22Nov: HitBTC Futures | Accurate Price Prediction?
21Nov: ICON (ICX) – The Story So Far
27 Jan: Network of Networks
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ICON aims to facilitate the wholesale adoption of a decentralized and trustless society powered by blockchains. The adoption of which is dependent on the connectivity and interoperability of the blockchains powering the various organisations and factions of society. These factors become more and more important as the blockchain ecosystem develops and expands and is the driver behind ICON’s vision to hyperconnect the world – a world powered by a decentralised network that allows independent blockchains to transact fluidly with each other. To create this massive network of blockchains, ICON guarantees independence of governance to each blockchain and constructs mutual connections only when and as they are required.
ICON’s ambition hinges on its ability to bring real world communities/entities onto a shared ledger and extend organic connections between them. “As the number of communities connected through the ICON Network increases, the number of transactions increases exponentially, resulting in maximum utility of the network.” (Whitepaper)
Public, consortium and private blockchains are the three types of blockchains that make up the current landscape and entail varying degrees of private control required by the participating entities such as government bodies and financial institutions. ICON Republic is a protocol that facilitates the individual requirements of different blockchains whilst allowing them to coexist and inter-operate. Similar to how the internet connected computers and local area networks, ICON becomes the underlying infrastructure for the internet of blockchains.
Network of Networks
In its endeavour to hyperconnect the world, ICON is forging a connectivity infrastructure not bound by finite limitations or the inherent drawbacks of a centralised system. Bridging the gap between existing societal structures and the trustless function offered by blockchain technology, ICON provides a tether between nuclear communities creating a network of networks effect.
To fully convey the scope and breadth of the network of networks system, we have deconstructed its components, the connections between them and how they operate within the ecosystem.
Communities form the most fundamental layer of the ecosystem. A community within the ICON Network is comparable to a planet. The self-sustaining ecosystem of a planet enables inhabitants with complimentary needs to thrive and coexist within its boundaries. Similarly, the blockchain of a community enables nodes with complimentary characteristics and needs to operate within the bounds of the community ledger. For example, a healthcare community may enable the relevant participants such as hospitals, pharmaceuticals and medical research institutions to benefit from the symbiotic relations established by the shared ledger. When a community’s needs extend beyond its boundaries, it is able to connect to a larger network through the Nexus.
The Nexus of the ICON Network is comparable to a Sun at the center of a Solar system. Similar to how the gravity of the Sun keeps the planets orbiting around it, the Nexus blockchain acts as the core technology that draws multiple communities into coexistence.
Similar to how a galaxy comprises of multiple Solar systems the ICON Republic is made up of multiple networks, whereby ICON’s Nexus blockchain is able to connect to networks external to itself. This interoperability of networks is the fundamental reason for the formation of the Blockchain Interoperability Alliance (BIA) presently comprising of ICON, Aion and Wanchain.
ICON’s underlying infrastructure: loopchain
loopchain, is the proprietary blockchain technology used to build the ICON infrastructure. It is a high-performance blockchain with Smart Contract features that can be customized according to the needs of individual communities; so that they may operate independently and as part of a larger blockchain ecosystem. While loopchain is the native blockchain of the ICON Network, participating blockchain entities have the option to alternatively elect their own governance and consensus mechanisms. This approach is akin to modular architecture, where parts can be taken out, swapped or added; giving great flexibility to those joining the network whilst allowing the inter-chain functionalities to take full advantage of a fully connected ecosystem.
Breakdown of ICON Network Components
|Community||They are made of Community Nodes (C- nodes) and Community Representative node (C-Rep). Communities’ composition and size vary according to their characteristics and requirements. Each community is able to elect its own governance and consensus mechanisms.||The organic nature of community formation allows different manifestations. Two such examples are:
1)A community made of several hospitals who operate on the same blockchain
Bob goes to Hospital A and his doctors are able to verify his identity and medical history through the common ledger. Hospital A is also able to see that Hospital B has a certain drug required for Bob at their pharmacy.
2) A community made of several organisations under the umbrella of healthcare, such as hospitals, research institutes and pharmaceuticals.
|C-Node||C-Nodes are individuals or organisations that form a Community and can elect: |
- consensus algorithm
- operation of cryptocurrency within the community
|In a community made of 6 hospitals, each hospital is a c-node on the blockchain.
C-nodes can be formed from the individuals involved in the Hospital community, doctors, nurses, directors etc. It depends on how the Hospital Community structure is formed and is entirely up to the community.
|A C-Rep, is nominated by the Community to participate on the Nexus blockchain as its representative. Depending on the community’s consensus mechanism, the C-Rep can consist of one or more participating nodes or another alternative structure. The C-Rep is able to vote on the governance and verification of transactions that take place on the Nexus.||In a community made of 6 hospitals, C-Reps can be
1) one or more of the hospitals
2) a combination of:
- Jane the Director of Hospital C
- John the Director of Hospital A
- David the community administrator for the Hospital Consortium
|The Nexus, sometimes also referred to as ICON Republic, is a multi-channel blockchain called loopchain; made up of C-Reps and Citizen Nodes. loopchain, through its multi-channel feature groups these nodes and adjusts their voting rights within respective channels to execute various tasks. |
The channels that make up the Nexus include:
1. Representation Channel
2. Reserve Channel & Public Treasury (Wallet)
3. Notary Channel
4. Public Channel
|On a Nexus blockchain, the following communities might coexist via C-Rep participation:
- Hospitals Community
- Insurance Community
- Universities Community
A medical research department from university (C-Node) in the Universities Community is able to request access to medical records from a hospital (C-Node) in the hospitals community via the Nexus.
Similarly, an insurance company (C-Node) in the insurance community is able to request client record verification from a hospital (C-Node) in the hospitals community via the Nexus.
|Representation Channel||A channel through which C-Reps and other nodes with voting rights determine the governance of Nexus. Other nodes with voting rights include nodes that support off-chain transactions (side-chains and transactions that take place within an independent blockchain not participating as a community on the Nexus). |
Participating nodes within the Representation Channel manage node policies regarding:
● Node addition and removal in Nexus and Nexus channels
● Voting rights of nodes from different channels
● ICX Transaction fee adjustments
Voting eligibility within the Representation Channel is distributed proportionately according to community size and transaction scale to ensure accurate representation.
|Following on from the example of the Nexus above, each of the three participating communities’ (Hospitals, Insurance & Universities) elected C-Reps will make up the Representation Channel.
Node supporting off-chain transactions: Independent Banks Consortium
|Reserve Channel||A channel delegated with the authority to generate and distribute ICX in return for bonds issued by participating nodes. |
While anyone can participate in the Reserve Channel and exercise their right to issue a bond in return for ICX, the bond limit for each node is determined by the node’s contribution to strengthen the ICON Network.
A scoring system called IISS (ICON Incentives Scoring System) is used to measure a node’s contribution through the following criteria.
1) frozen ICX; ICX deposited by the node in the DEX reserve pool which enables DEX to maintain reserves.
2) C-Rep status
3) ICX exchange volume of the node
4) ICX exchange volume of the whole community if the node belongs to a community.
5) ICX volume traded through DEX if applicable
The ICON Network uses an A.I prediction model to optimise this scoring system on an ongoing basis.
The total amount issued by the Reserve Channel is determined by an A.I analysis model based on total money supply and transaction velocity, accounting for the inflation and exchange rate.
|Any node, such as an insurance company, will issue a bond to the reserve channel and receive ICX from the treasury; the obtained ICX can then be utilised by the insurance company to transact with a hospital to request for medical record verification.|
|Public Treasury of Nexus||Storage for ICX including transaction fees and ICX generated by the Reserve Channel.||The ICX storage from which the insurance company will receive its ICX according to the Reserve Channel example.|
|Notary Channel||The Notary Channel is dedicated to connecting transactions between blockchains linked to the Nexus i.e. Communities. The Blockchain Transfer Protocol (BTP) is the set of guidelines that governs this process on the Nexus. The process has three stages leading up to execution of the transaction.|
In the first stage, selected C-Nodes within the Community are given certain Notary Channel voting rights according to the Community’s consensus mechanism. The Community in this context is the blockchain which is initiating the transaction. The voting rights enable the C-Nodes to add signatures to transaction blocks authenticating their data. Once the blocks are authenticated internally they are registered as requests with the notary channel on the Nexus, pending stage two validation.
The second stage takes place on the Nexus, within the Notary Channels. The Notary Channels are made up of Notary nodes which in turn consist of light clients from each blockchain. Light clients are the links between the Communities and the Notary Channels on the Nexus. They validate the signatures on the incoming blocks using the LFT Consensus Algorithm to certify and transmit the transactions to the Receiver Blockchain through a portal. A portal in this context is simply the medium through which a transaction is sent from Notary Channel to the Receiving Blockchain. The LFT Consensus Algorithm requires two-thirds of the block signatures to be verified by the light clients before it is transmitted to the Receiver Blockchain.
Once the block has been transmitted to the Receiver blockchain, the transaction has entered its final (third) stage of verification. The Receiver blockchain will verify the transaction sent by the Notary Channel using the PKI system* to validate the certifications issued by the light clients. Essentially by validating the Notary certifications, the Receiver blockchain confirms and accepts the signatures of the transmitting blockchain, allowing the transaction to be executed.
*The PKI system is beyond the scope of this article.
|A research institute from a Research Institute Community wishes to access the historical records of a Hospital that belongs to a Hospitals Community.
The elected C-Nodes within the research Institute Community who have voting rights to the notary channel will authenticate the request before registering it to be processed with the notary channel.
The light clients representing each of the blockchains on the Nexus certify the registered blocks according to the LFT Consensus algorithm. Once two thirds or more of the signatures on the block are verified, the block is transmitted to the Hospitals Community through the portal.
The Hospitals Community blockchain verifies the transaction block according to the PKI system, to validate the certification issued by the light clients. The transaction is processed, and the Hospital records requested by the research institute are released.
|Nexus Public Channel||The Public Channel is open to anyone for :|
● Executing ICX Transactions
● Creation of DAPPs
● Use of DAPPs
The Public Channel includes light clients and full nodes. Light clients similar to their role in the Notary Channel, are able to register and confirm transactions. Full Nodes elected by the Representation Channel validate these transactions. While all Full Nodes will be incentivised, Light Clients are subject to discretionary incentivisation based on factors such Transaction Size and ICX deposit amount similar to a POS System.
|Citizen Node||Anyone can interact with the ICON Network as a citizen node via the Nexus Public Channel. Citizen nodes do not have voting rights and can only create transactions.||Examples of Citizen Nodes include:
a) A patient making a payment to the hospital for a surgery is able to execute this transaction through their access to the Public Channel
b) The creator of a medical data exchange DAPP. (See DAPP example b)
|Citizen Node (C-Rep)||Citizen Nodes become C-Reps with voting rights subject to approval by the participating citizen nodes of the relevant DAPP community.||The provider of the Medical Data Exchange DAPP stakes ICX to gain permission to act as representative for those using his/her DAPP.|
|DAPPs||Decentralised Applications built on the Public Channel of Nexus are accessible to anyone by downloading it from the DAPP store. |
Most DAPPS are available to the general public much like consumer software. However, there may be DAPPs created specifically for consortiums more akin to enterprise software.
|Any decentralised application that we see now could be replicated on the ICON network. Cloud computing, identity verification, housing, etc. The numerous applications that exist on Neo and ETH platform could similarly be replicated. ICON foundation will also demo 5 DAPPs at Mainnet Launch on 31st Jan.
Further examples of DAPPs built on the Public Channel of Nexus that take full advantage of the hyper-connected elements of society could include:
Publicly available DAPP:
a) A research lab service provider that offers external lab services to other nodes. In this example, a research institute (either operating as an individual node or as part of a Research Institute Community on the ICON Network) might find this support service useful for outsourcing some of their lab work; in which case, they will download the DAPP from the DAPP store to use their services in exchange for a service fee.
Consortium specific DAPP:
b) A medical data exchange DAPP that facilitates exchange of information among medical professionals belonging to hospital consortiums through real-time updates on the blockchain. For example, a Doctor prescribing medication for a specific diagnosis will be able to access alternative medications prescribed for the same illness and view how effective the alternative methods were. Through the DAPP, a medical professional anywhere in the world is able to have equal access to information better informing their decisions while data privacy is protected from public access.
|DEX||The DEX is a DAPP directly implemented into the native ICON wallet giving "ICONex” its name. It is a decentralised exchange that allows transaction between different cryptocurrencies through the ICON Network. DEX creates a link between ICX and the exchange cryptocurrency by forging a Reserve Smart Contract based on the Bancor Protocol to determine the rate of exchange. For example, if ETH is being exchanged for ICX, the ETH/ICX DEX would comprise of nodes from Ethereum and ICON with voting rights to the Reserve Smart Contract. |
The Bancor protocol in simple terms helps DEX establish the price of ICX in exchange for various cryptocurrencies. The exchange rate will vary for different cryptocurrency/ICX pairs depending on a number of factors which is beyond the scope of this article.
|With reference to Citizen Node example (A), a patient holding ETH may require ICX to make the payment to the hospital. In this scenario, the DEX is able to automatically exchange the patient’s ETH for ICX. The DEX and its respective reserve dedicated to facilitating the exchange of ETH/ICX determines the rate at which it will exchange the two currencies. This enables the patient to receive ICX and execute the hospital payment transaction without resorting to external or centralised mediums.
If alternatively, the patient possesses a different coin, XYZ, but requires ICX, the DEX dedicated XYZ/ICX will automatically carry out this exchange. The DEX facilitating this specific pair will have its own exchange rate determined by the Bancor Protocol.
Blockchain technology’s potential to truly transform the world as we know it into a completely decentralised ecosystem, built on peer to peer value exchange networks depends greatly on the speed and strength of mainstream adoption. ICON recognises the challenges of such large-scale adoption where not all entities that make up the social, economic and political constructs of our society are able to transact on public ledgers. Every entity has its own requirements whereby a one size fits all model will not be effective. ICON’s network of networks ecosystem and its native blockchain technology the loopchain resolve these issues by building in flexibilities that provide the stepping stones for society to ultimately operate on a decentralized system. By facilitating public, private and consortium blockchains to be part of one ecosystem ICON creates a conducive infrastructure for the various layers of society (individuals, enterprises, organisations, government bodies etc.) to comfortably move onto the blockchain and interact with one another.
In closing, much like we take the internet for granted, the realization of ICON’s ambitions will see an end user unwittingly interact with a society that runs on blockchain technology, taking for granted all its benefits.
23 Dec: ICON Network & Partnerships
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ICON Network & Partnerships
We’ve previously written about the distinguishing features of ICON and why it stands out in an increasingly crowded landscape; we wanted to do a deeper dive on it’s partnerships to further clarify one of its key strengths.
‘theloop’ as Enterprise blockchain provider & ICON as it’s public ledger manifestation
The strength of its real-world partnerships places the ICON project in a truly rarified sphere within the blockchain landscape. The breadth and scope of the ICON network can be a little difficult to grasp to begin with. It may be useful to define some of the central players first. ICON itself may best be thought of as the public ledger iteration of loopchain (a proprietary blockchain technology developed by “theloop”) and is stewarded by The ICON foundation established in Switzerland. There are two chief technology partners for ICON – “theloop” which provides the blockchain technology and “DAVinci” which will leverage artificial intelligence tech and big data analysis to optimise the function of the ICON network. Both theloop and DAVinci sit under the umbrella of DAYLI Financial Group.
theloop is already working with a multitude of real world partners (including securities firms, hospitals, universities and more) and is well positioned to meet the blockchain tech demands of ICON. DAVinci which is an industry leader in the application of Artificial Intelligence (partnering with the likes of Hyundai Capital, AXA Direct and Samsung Card) also brings invaluable expertise to the ICON project. DAVinci adds an interesting dimension to the ICON framework; it leverages big data analysis and AI algorithms to optimise ICX coin distribution, rewards and incentive policies on the ICON network. This added layer enables ICON to be responsive to different market conditions unlike the rigid operation of most existing blockchain networks. We believe that in trying to grasp the value of ICON’s network it is useful to think of ICON, theloop, DAYLI Intelligence, DAVinci and DFG as intimately related; the intertwined nature of the entities is revealed to anyone who looks at the overlap in business leadership. ICON, in acting as the public ledger manifestation of loopchain, theloop in building private blockchain for enterprise, and DAVinci in leveraging AI and big data to optimise network function form the foundations of a radical vision to first connect Korea, then the world.
The ICON project is underpinned by the philosophy that the value of a blockchain is inherently related to the value/size of the network it connects; this philosophy manifests itself in a visible pursuit of high calibre technology providers’ (theloop, DAVinci) and the continued pursuit of tangible industry partnerships. Enterprise blockchain technology is still in its infancy and as with any new technology, enterprise level adoption can be slow. By sending out their own development teams to work with various industry groups and develop tailored blockchain applications, theloop has not only accelerated the pace of Blockchain adoption but cemented its technology at the heart of that adoption. The path to success and critical mass will be defined by the ability to build strategic partnerships and coalitions with consortium groups and enterprise initiatives. ICON as the first public ledger iteration of theloop is best positioned to inherit and enhance the network effect of these enterprise chains, particularly given its focus on interoperabiliy.
“A lot of blockchain companies talk about “working relationship”, what differentiates us is that we have “contractual relationship” with real world companies such as banks, securities firms, hospitals, universities, insurance companies and so on. “ – Min Kim interview with Bite Size Bitcoin
DAYLI Financial Group: Founded in 2015, one of Korea’s leading fintech firms.
Operational Unit of DFG
DAYLI Intelligence: An operational unit of DFG (see below) that
Child Entities Of DAYLI Intelligence
theloop: A Korean business that sits under DAYLI Intelligence and has helped to develop loopchain; theloop is already working with real world partners including hospitals, universities and securities firms to provide blockchain solutions. theloop will be one of the chief technology providers to ICON.
DAVinci: An artificial intelligence tech company that also sits under DAYLI Intelligence; it will provide big data analysis to optimise the function of the ICON network.
Blockchain Technology Implementations
loopchain: A proprietary blockchain developed by ‘theloop’.
ICON: The public ledger manifestation of loopchain; stewarded by the ICON foundation which is registered in switzerland.
Strategic Vision to Build a High Value Network of Blockchains
The network of partnerships for ICON is anchored in its strong ties to theloop and DAVinci which both sit under DAYLI Financial Group (DFG). DFG founded in Feb 2015 and headquartered in Seoul was Previously known as the Yello Financial Group and is a subsidiary of Yello Mobile. In the two years since it was formed, it has gone on to become Korea’s leading fintech player and one of the largest fintech companies in Asia. Upon establishment, the DFG raised 600 million KRW (approx. 550,000 USD) in seed capital and went on to raise an additional 105.8 billion KRW (approx 97.3 million USD) in funding in 2015/16. The holding company has about 16+ companies under its umbrella with a total of 600 employees and has launched more than 30 fintech products and services.
DFG’s operational arm DAYLI Intelligence and its subsidiary company theloop have taken the spotlight when it comes to blockchain leadership. theloop is the sole technology provider to the capital markets blockchain consortium led by the Korean Financial Investment Association (KOFIA). Additionally, theloop was selected as the blockchain tech provider by the Ministry of Science and Technology in April 2017 to develop U-Coin, a simple payment and remittance system for private universities and nearby merchants. The pilot testing for U-Coin is now underway.
More recent developments for DAYLI Intelligence and theloop include the signing of a Memorandum of Understanding (MoU) with Samsung Securities in June 2017, partnership with Woori Bank also in June 2017 and the partnership agreement with Japan’s SBI Ripple in September 2017. The consistency with which the team has been able to deliver real world applications certainly bodes well for ICON.
Woori Bank is a subsidiary of Woori Financial Group, one of the largest commercial South Korean banks (15 000 employees; 9.7 Billion USD market cap). It is working closely with DAYLI Intelligence & theloop to test and commercialize Korea’s digital currency, WeeBee coin, with universities and local governments.
SBI Ripple Asia manages a consortium of more than 61 Japanese banks including mega-banks Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho who leverage Ripple’s enterprise blockchain technology for instant payments and settlement. The new partnership is a collaborative effort to bring Ripple’s enterprise blockchain solution for cross border payment to South Korea.
Consortium Blockchains that Focus On Various Industry Segments
theloop has demonstrated its ability to bring its vision to market effectively, here we look at four projects that are well underway.
- Capital Markets
The capital markets consortium is made up of 27 securities firms helmed by KOFIA. The consortium launched a first of its kind blockchain based personal authentication service called “Chain ID”. It enables direct authentication and generation/verification of digital signatures without third parties, reduces authentication cost by as much as 9/10ths, provides higher protection against data falsification and is valid for 3 years instead of the previous yearly renewal. The consortium also plans to expand its services to capital market processes, including clearing and settlement automation in 2018/2019 and over-the-counter trading of bonds and derivatives in 2020.
Backed by a government grant from the Ministry of Science, ICT and Future Planning the Insurance consortium is aiming to automate the entire insurance claiming process on theloop’s blockchain technology. The benefit of consumer experience, transaction processing efficiency and subsequent cost reduction provides a lucrative business model for all parties in the insurance sector. Prototype testing is underway.
With a grant from the Ministry of Creation and Science, three top tier Korean universities have signed Memorandum of Understanding in a joint venture with theloop to create “U-Coin”, that can be used for student services and around campus. Quoting the whitepaper, “U-Coin will expand its ecosystem by creating other cryptocurrency-based services that can be used in nearby communities and towns”. The introduction of blockchain technology into the day to day lives of students may accelerate the normalisation of the tech as it taps into a user base that is inherently tech-forward and open to early adoption.
Made up of major domestic hospitals, the Healthcare blockchain consortium plans to build a secured precision medical data sharing network. The consortium endeavors to provide interoperability between different hospital systems and manage the access rights of data records reliably, amongst other things.
Interchain Operability Alliance
On top of normalizing blockchain technology and permeating a wide spectrum of industries and verticals through theloop; ICONs position as a leader in interoperability is further enhanced as it joins forces with Canada’s AION and China’s Wanchain to form the “Blockchain Interoperability Alliance”. Announced at the Consensus: Invest in New York City in Nov 2017, the alliance boasts three projects building core protocol level solutions for cross-chain interoperability. While each project has its own initial focus and design, all are working towards a common goal. The Alliance’s first collaboration is scheduled for as early as Q1, 2018. Min Kim, ICON Foundation Council member, together with Aion Founder Matthew Spoke and Wanchain President Dustin Byington recognize the “shared vision for interoperability” as the binding factor for the Alliance.
It quickly becomes apparent that that the focus on building a robust network go far beyond the realm of rhetoric. By building strong real-world connections the ICON project has differentiated itself within the space and positioned itself as one of the early leaders of blockchain and interchain operability.
ICON Connections Summary
|DAYLI Financial Group (DFG)||DFG, previously known as Yello Financial Group, is a sister company of South Korea’s $4b unicorn Yello Mobile.|
Raised >$96M in less than 2 yrs of founding.
Launched over 30 fintech products and onboarded dozens of marquee clients including AXA, SK Securities, and ING.
DFG also has 16+ subsidiaries under its umbrella. (Source: DAYLI Financial Group)
500 - 600 Employees
|DFG was founded in Feb 2015 and headquartered in Seoul, Korea. Over the next two years, it went onto become Korea’s leading fintech player and one of the largest fintech companies in Asia specializing in innovative financial solutions built on Artificial Intelligence (AI) and Blockchain Technology. It achieved this mainly through its core divisions – DAYLI Intelligence(DI), Quarterback, DAYLI Marketplace(DMP) and CoinOne.||Parent company of DAYLI Intelligence, theloop and DAVinci
ICON Foundation council member from DAYLI Financial Group:
Min Kim – CSO of DAYLI Financial Group
(Operational Unit of DFG)
|6 companies under its operation including Solidware (DAVinci), Leevi, Heenam, theloop, Nomad Connection, Neuro Associates+||Builds financial infrastructure through artificial intelligence (AI) and blockchain technology.||Provider of theloop and DAVinci
ICON Foundation council member from DAYLI Intelligence:
KJ Eee - CEO of DAYLI Intelligence
Hoon Lee - CSO of DAYLI Intelligence
Min Kim - CGO of the DAYLI Intelligence
(Subsidiary under DAYLI Intelligence)
|Works with multitude of partners 35 and up including renown securities firms, universities and software development firms. See Tier 1 below for more details.||A leading provider of private blockchain solutions facilitating the development and advancement of various interconnectivity infrastructures from financial transactions and digital money to IoT in pursuit of a smart hyper-connected society.||Provider of loopchain, the underlying enterprise blockchain technology for ICON network; boasting high performance and Smart Contract features that can be customized according to operational needs and linked with other distributed ledger networks.
ICON Foundation council member from theloop:
JH Kim - CEO of theloop
Jay Kim - CFO of theloop
(Brand of DAYLI Intelligence)
|Consists of four solutions including DAVinCI Labs, DAVinCI Analyst, DAVinCI Bot and DAVinCI BigData||DAVinCI is a leading artificial intelligence. brand providing machine learning, analytics, scraping, and bot services.||Provider of the underlying AI algorithm and big data analysis technology for ICON Network’s ICX distribution, reward and incentive policies enabling ICON to be responsive to different market conditions unlike the rigid operation of most existing blockchain networks.|
theloop is the underlying blockchain technology provider for the Capital Markets, Insurance, Universities & Hospitals Consortiums.
DAVinci is the provider of AI technology for ICON Foundation.
|Korea University ||Established in 1905|
Academic staff , 5225 (2016)
Students, 28 431 (2016)
|Research university in |
Seoul, South Korea, it is one of the nation's oldest and most prominent institutions.
|MOU to develop U-coin, a cryptocurrency for university students.
(Source: ICON Blog)
|Sogang University||Established in 1960 |
Academic Staff; 432 full-time & 800 supplementary
|Leading research and liberal arts university in Seoul, South Korea.||MOU to develop U-coin, a cryptocurrency for university students.
(Source: ICON Blog)
|Pohang University of Science & Technology (POSTECH)||Established in 1986|
Academic Staff, 403 (2015)
Students, 3555 (2015)
|Research university in Pohang, South Korea dedicated to research and education in science and technology.||MOU to develop U-coin, a cryptocurrency for university students.
(Source: ICON Blog)
|Woori Bank||Market Cap: 9.7 Billion USD |
(Source: Wall Street Journal)
|Woori Bank together with its subsidiaries, provides commercial banking products and services to individuals, small- and medium-sized enterprises, and large corporations in South Korea. It operates through six segments: Consumer Banking, Corporate Banking, Investment Banking, Capital Markets, Credit Card, and Other Operations.||Woori Bank announced on August 16th that it has signed a business agreement with fintech companies, DAYLI Intelligence and theloop, for cooperation in the blockchain and digital money business. (Source: ICON Blog)
It is also a partner of DAYLI Intelligence DAVinci.
|Korea Financial Investment Association|
(KOFIA) - Govt.
|KOFIA is the sole self-regulatory organization (SRO) of the Korean financial industry.||Leads the Korea Financial Investment Blockchain Consortium to which theloop is the sole technology partner. (Source: CoinDesk)|
|Daishin Securities||Market Cap: 687 Million USD |
1001 - 5000 employees
|Daishin Securities Co., Ltd. provides various financial services in South Korea and internationally including dealing, brokerage, underwriting, investment trust, asset management, etc. |
Daishin is also the cryptocurrency leader (Source: Forbes) for the securities consortium.
|Partner of theloop and the cryptocurrency leader (Source: Forbes) for the Capital Markets Consortium.|
|Hana Financial Group||Market Cap:12.5 Billion USD |
|Hana Financial Group Inc., through its subsidiaries, provides banking and financial products and services. The company engages in commercial banking, investment trusts, foreign currency exchanges, and other related operations.||Partner of theloop and member of the Capital Markets Consortium
|Samsung Securities||Market Cap:3.0 Billion USD|
|Samsung Securities Co.,Ltd provides personalized asset management services. The company provides brokerage, investment trust, underwriting services in addition to cyber trading, mutual funds, asset backed securities issuing, and municipal bonds trading services.||Partner of theloop and member of the Capital Markets Consortium
|Korea Investment & Securities||Korea Investment & Securities is a subsidiary under Korea Investment Holdings which has a market cap 3.48 Billion (Source: Bloomberg)|
|Korea Investment & Securities Co., Ltd. provides financial and merchant banking services in South Korea and internationally. The company offers brokerage services for domestic stocks and futures/options to foreign institutional investors; and brokerage services for Korean investors to invest overseas, including overseas stocks and bonds.||Partner of theloop and member of the Capital Markets Consortium
|Yuanta Securities||Market Cap: 631 Million USD|
5001 - 10, 000 employees
|Yuanta Securities Korea Co., Ltd. provides various financial services in South Korea and internationally. The company offers various investment banking services for stock, stock-related bonds, paid-in capital increase, IPO, M&A, PE, etc||Partner of theloop and member of the Capital Markets Consortium
|Dongbu Securities||Market Cap:150 Million USD|
|Dongbu Securities Co.,Ltd. provides various financial products and services in South Korea. It engages in the provision of investment trading, including securities acquisition, and derivatives trading; investment brokerage of securities, intangible derivatives, and OTC derivatives; investment advisory and investment businesses.||Partner of theloop and member of the Capital Markets Consortium
|Kiwoom Securities||Market Cap:1.7 Billion USD|
|Kiwoom Securities Co., Ltd., together with its subsidiaries, provides online brokerage services in South Korea and internationally. The company offers home trading system to trade in foreign stock, local and overseas futures, F/X, and margin trading, as well as equity, futures, and option deals.||Partner of theloop and member of the Capital Markets Consortium
|Meritz Securities||Market Cap:2.54 Billion USD|
|Meritz Securities Co., Ltd. provides securities and financial services to institutional and corporate customers in South Korea and internationally.||Partner of theloop and member of the Capital Markets Consortium
|Hyundai Motor Investment & Securities||Hyundai Motor Investment & Securities Co., Ltd is an arm of the Hyundai Motor Group which has a market cap of 31.5 Billion USD.|
|Hyundai Motor Investment & Securities Co., Ltd. is the investment banking arm of the Hyundai Motor Group. It is a Korea-based company specialized in the provision of securities and financial services.||Partner of theloop|
|KTB Securities||Market Cap:196 Million USD|
|KTB Investment & Securities Co., Ltd. provides investment and financial services in South Korea.||Partner of theloop|
|Hanwha Investment||Market Cap:455 Million USD|
|Hanwha Investment & Securities is Korea’s top-tier asset management services provider, offering a full spectrum of financial services and products, including brokerage and equities acquisition, bonds, and derivatives||Partner of theloop and member of the Capital Markets Consortium
Also partner of DAVinci
|KB Securities||KB Securities is a subsidiary of KB Financial Group Inc which has a market cap of 21.6 billion USD|
|KB Securities Co., Ltd., an investment bank, provides various financial solutions in South Korea and internationally. It offers services in dealing, brokerage, underwriting, and investment trust. KB Securities Co., Ltd. is a subsidiary of KB Financial Group Inc.||Partner of theloop and member of the Capital Markets Consortium
|Eugene Investment & Securities||Market Cap: 288 Million USD|
|Eugene Investment & Securities Co., Ltd., through its subsidiaries, provides securities brokerage services in South Korea. The company is also involved in the investment banking, trading and direct investment, investment trust management, and derivatives brokerage activities. It is a subsidiary of the Eugene Group.||Partner of theloop and member of the Capital Markets Consortium
|Cape Investment & Securities ||CAPE Investment & Securities Co. Ltd. provides security brokerage services. The Company buys and sells securities, commodities contracts, and options.||Partner of theloop|
|Bookook Securities ||Market Cap:252 Million USD|
|Bookook Securities Co.is engaged in provision of financial services including retail brokerage, institutional brokerage, financial product sales,|
corporate finance (IPO, corporate bond, etc.),
project financing and structured financing business.
|Partner of theloop|
|Hanyang Securities||Market Cap:92 Million USD|
|Hanyang Securities Co. Ltd. provides investment brokerage, trading, and consulting services.||Partner of theloop|
|Mirae Asset ||Market Cap:6.39 Billion USD|
|Daewoo Securities is the largest stock brokerage and investment banking firm by market capitalization in Korea.||Partner of theloop|
|Eugene Investment & Futures||Market Cap:321 Million USD |
|Eugene Investment & Futures Co., Ltd. provides futures and options brokerage services in South Korea and internationally.The company offers clearing and settlement services related to futures trading; information vendor services related to futures trading; risk management and investment consulting services; over-the-counter transactions brokerage services; and foreign exchange transactions related to futures trading. It is a subsidiary of the Eugene Group.||Partner of theloop|
|Shinyoung Securities||Market Cap:487.2 Million USD |
|Shinyoung Securities Co., Ltd. provides brokerage, wealth management, investment banking, and capital market services in South Korea.||Partner of theloop|
|SK Securities ||Market Cap:352.1 Million USD|
|SK Securities Co., Ltd., a financial investment company that services both individual and corporate clients. The company develops mobile stock trading systems; and issues various ABCP and OTC derivatives, as well as other financial products in addition to asset and wealth management services.||Partner of theloop|
|NH Investment & Securities||Market Cap:3.65 Billion USD|
121 domestic & overseas branches
|NH Investment & Securities Co., Ltd. provides wealth management (WM), investment banking, and institutional client services in South Korea.||Partner of theloop|
|EBEST Investment & Securities ||Market Cap:405.8 Million USD|
|EBEST Investment & Securities Co., Ltd. engages in institutional sales, investment banking, and proprietary trading businesses in South Korea.||Partner of theloop|
|Shinhan Investment Corp.||Shinhan Investment Corp. is a subsidiary of Shinhan Financial Group which has a market cap of 21.6 Billion USD|
|Shinhan Investment Corporation operates as a securities brokerage and investment banking company. The Company provides securities trading, wealth management, and investment banking services, as well as offers merger and acquisition, investment trust, and corporate financing services. Shinhan Investment serves clients worldwide.||Partner of theloop|
|Kyobo Life Insurance||5 Million Customers|
(Source: Kyobo Website)
|Kyobo Life Insurance Co., Ltd. engages in life insurance business and related reinsurance contracts in South Korea. The company’s insurance products comprise individual annuity, pure endowment and endowment, death, and group insurance.||Partner of theloop
Leads the Kyobo Life Consortium, (Insurance consortium) consisting of insurtech specialist D. Lemon and Won.
|D.lemon||D.lemon is an Insurance Tech provider that compares products sold by insurance companies enabling consumers to directly compare premiums by company or product.||Partner of theloop and member of the insurance consortium.
|Won||Insurance Tech company.||Partner of theloop and member of the insurance consortium.
|Hyundai Card||Hyundai Card Co., Ltd. is a subsidiary of Hyundai Motor Company which has a market cap of 31.3 Billion USD.|
(Source : LinkedIn)
|Hyundai Card Co., Ltd., together with its subsidiaries, engages in the credit card business in South Korea. Its activities also include installment financing, leasing, etc. The company is based in Seoul, South Korea.||Partner of DAVinci|
|Hyundai Capital||Hyundai Capital Services, Inc. is a subsidiary of Hyundai Motor Company which has a market cap of 31.3 Billion USD.|
|Hyundai Capital Services, Inc. engages in the loan business. It provides installment, lease, housing, and automobile financing services, as well as personal credit loans.||Partner of DAVinci|
|AXA Direct Korea||1,001-5,000 Employees|
103 million customers worldwide, in 59 countries
AXA Direct Korea operates as a subsidiary of AXA SA which has a market cap of 73 Billion USD
|AXA Direct Korea sells direct insurance online and on phone. The company was founded in 2001 and is based in Seoul, South Korea.||Partner of DAVinci|
|Welcome Financial Group||Welcome Savings Bank has|
(Source: Official Website)
Consumer Finance Company
(Source: Official Website)
|Total retail financial company that provides a broad range of financial services. Business areas include Welcome savings bank, Consumer Finance Company, Welrix F&I Corporation, Welcome Credit Holdings etc.||Partner of DAVinci|
|Samsung Card||Market Cap: 4.4 Billion USD|
Employees : 2782
(Source: Forbes, 2015)
|Samsung Card Co.,Ltd provides financial services in South Korea. it offers card payment services, personal loans, installment finance and lease/rental finance, Insurance amongst others.||Partner of DAVinci|
|Quarterback Investments||Quarterback Investments is robo-advisor based asset management firm that offers global asset management portfolio based on financial bigdata and automated algorithms.It is a subsidiary of DFG’s operational unit Quarterback Group.||Partner of DAVinci|
|BNK Savings Bank||BNK Savings Banks is a subsidiary of BNK Financial Group which has a market cap of 2.9 Billion USD..|
|A leading savings bank of Korea providing services across financial products, lending, banking etc.||Partner of DAVinci|
|Korean Capital||KB Capital Co., is a subsidiary of KB Financial Group Inc which has a market cap of 21.6 billion USD|
|KB Capital Co., Ltd. provides consumer finance services to retail customers in South Korea. It offers leasing and installment finance services for various products, including automobiles, heavy machineries, and medical equipment, as well as micro lending services.||Partner of DAVinci|
|Shinhan Bank ||Shinhan Bank is a subsidiary of Shinhan Financial Group which has a market cap of 21.6 Billion USD. (Source: Bloomberg)||Shinhan Bank, together with its subsidiaries, provides a range of commercial and other banking services to retail and corporate customers. It operates through Retail Banking, Corporate Banking, International Banking, and Other Banking segments.||Partner of DAVinci|
|SBI Savings Bank||SBI Savings Bank Inc. is a subsidiary of SBI Holdings, Inc.which has a market cap of 505 Million USD|
|SBI Savings Bank Inc. operates as a financial institution in South Korea offering a wide range of services across commercial banking, loans and insurance.||Partner of DAVinci|
|Korea Federation of Savings Banks||4+ Million Customers |
(Source: FSB Website, 2013)
|Korea Federation Of Savings Banks operates as a central bank that helps savings banks achieve development and protects consumers. The company’s functions include providing support for the promotion and development of savings banks; delivering financial and IT assistance; and conducting public functions as central management organization, as well as assistance in the areas of planning and research, administrative support, general affairs, training, office audit, and legal affairs.||Partner of DAVinci|
|e-Credible ||Market Cap: 171 Million USD |
|e-Credible Co., Ltd. is a Korea-based company mainly engaged in the provision of credit authentication services for electronic commerce industry. Along with its subsidiaries, the Company provides credit authentication services, including digital networking authentication (DNA) service, electronic credit certificate service amongst others||Partner of DAVinci|
|Kwangju Bank||Market Cap: 583 Million USD |
|Kwangju Bank Co., Ltd. provides various banking products and services in South Korea including deposit, loan, and payment guarantee services; and foreign exchange, credit card, beneficiary certificates agency, and other electronic financial services.||Partner of DAVinci|
|SBI Ripple Asia||Ripple Labs:|
XRP: 8.9 Billion USD
3.29 Billion USD
|Ripple, a global provider of financial settlement solutions, and SBI Holdings, Inc.,a global financial services company came together to create SBI Ripple Asia.|
Their mission statement:
“By fusing the knowledge and technology of the SBI group and Ripple (ripple), we aim to realize "Internet of value" in Japan and Asia.”
The SBI Ripple Asia Bank Consortium includes 60 Japanese banks, representing over 80% of all Japanese assets.
|SBI Ripple Asia has a partnership agreement with DAYLI Intelligence, an operational unit under DAYLI Financial Group, to bring Ripple’s enterprise blockchain solutions for cross-border payments to the South Korean market. (Source: Ripple)|
|ChainToB||Startup founded in Nov 2017||ChainToB is a Korean blockchain startup that provides blockchain solutions to Electronics and Telecommunications Research Institute and Pusan National University Research Park. It aims to link blockchain technology to business services.||A strategic partnership in the nascent stage, with theloop as an investor.(Source: ChainToB)
|Coinone||Coinone Exchange: |
24 Hour Volume 16-12-2017: $500,000,000+ (USD)
Often sits in the top 10 Cryptocurrency exchanges in terms of 24 hour volume
Coinone exchange has the second largest 24 hour volume amongst all the Korean Cryptocurrency exchanges, trading over 709 million USD a day (23 December 2017). It also often sits in the top largest exchanges for cryptocurrency
|Coinone provides various blockchain and cryptocurrency related services, including cryptocurrency exchange center and foreign remittance service ‘Cross’.||Coinone is a subsidiary of DAYLI Financial Group.|
|Wanchain||In October 2017 raised USD 34,500,000 USD in its Initial Coin Offering. (ETH price at USD 300). |
The sale was open to Gold whitelisters for 24 hours with 6.8ETH hard cap and sold out within 10 minutes to Silver whitelisters on the following day.
|Wanchain is a distributed financial platform that enables private, cross-blockchain smart contract execution.||Co-formed the Blockchain Interoperability Alliance with ICON Foundation|
|AION||AION raised an initial amount of $ 23,010,994 USD in their private and pre-sale periods.||A multi-tier blockchain system designed to address unsolved questions of scalability, privacy, and interoperability in blockchain networks.||Co-formed the Blockchain Interoperability Alliance with ICON Foundation|
Media theorist, Author
Twitter: @dtapscott ( 90.2K Followers )
YouTube: dontapscottgroup ( 572 Subs )
FB: don.tapscottt ( 28,215 Followers )
in: Don Tapscott ( 556, 030 Followers )
|C.M., BA, BSc, MEd, LLD|
University of Alberta - Masters, Education Specialising in Research Methodology
Trent University - Bachelor, Science in Psychology & Statistics
|CEO, The Tapscott Group Inc.|
Senior Advisor, World Economic Forum
Chancellor, Trent University
Founder and Executive Chairman, Blockchain Research Institute
|> Leading authority (author, speaker) on the impact of technology on business and society.
> Advanced groundbreaking concepts for over 3 decades. His 1992 bestseller, Paradigm Shift, helped coin this seminal management concept
> Latest book, BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World is co-authored by his son Alex Tapscott.
> In 2017, Don and Alex co-founded the Blockchain Research Institute whose 70+ projects are the definitive investigation into blockchain strategy, use-cases, implementation challenges and organizational transformations.
>Member of the Order of Canada (2nd highest honor of merit , second to only Order of Merit which is a personal gift of Canada's Monarch)
> Ranked the 4th most influential management thinker in the world by Thinkers50 (the world's most reliable resource for identifying, ranking, and sharing the leading management ideas of our age)
Advisor, Fintech venture investor
W: kinnser.com (current client)
Twitter: @CrowdCapAdvisor ( 22.3K Followers)
in: Jason Best ( 3703 followers )
|Thunderbird School of Global Management - M.B.A|
William Jewel College - BS Business Management
|Principal of Crowdfund Capital Advisors (CCA), CCA is a Key Partner of the U.S. State Department's Global Entrepreneurship Program that works to further diplomacy and stability through building effective entrepreneurial and early-stage funding ecosystems.|
An Entrepreneur-in-Residence at UC Berkeley's Center for Entrepreneurship and Technology and co-founded the UC Berkeley Program for Innovation in Entrepreneurial and Social Finance to study crowdfunding globally.
Co-founded the two leading global crowdfunding associations: the Crowdfunding Professional Association (CfPA) and the CrowdFunding Intermediary Regulatory Advocates(CFIRA).
Recently, he was on the executive leadership team of Kinnser Software, ranked by Inc Magazine as one of the fastest growing private companies in the US for 1300% revenue growth.
|> Named 2017's Crowdfunding Person of the Year and selected as one of the 10 most influential people in crowdfunding by Forbes.com
> Jason has spoken at The White House, South by Southwest, TEDx, the World Bank’s Global Forum on Innovation and Technology Entrepreneurship and the Angel Capital Association. He is co-author of the Crowdfund Investing for Dummies book (published by Wiley), a contributor to TechCrunch and Venture Beat and has appeared in Fast Company, Bloomberg Markets and on CNN.
> Founding member of Startup Exemption, was one of the three people responsible for creating the CrowdFund Investment Framework used by the President in the Jobs Act, that helped change the laws making crowdfund investing legal in the US
> Attended the Rose Garden Ceremony at the White House on April 5, 2012 to watch President Obama sign crowdfunding legislation.
> Prior to his work in crowdfund investing, Jason was a successful healthcare technology entrepreneur with 2 companies in San Francisco, California.
Blockchain Engineer, Data science
Twitter: @yiseulcho ( 400 Followers )
GitHib: github.com/yiseul ( 3 Followers )
FB: Yiseul Cho
in: Yiseul Cho ( 4051 Followers )
|MIT - Master, information synthesis, predictive analysis, text mining|
Ecole Nationale superieure des Mines de Paris - MS Energy market and strategy, energy efficiency, market transformation
Korea Advanced Institute of Science & Technology - Bachelor of Science, Computer Science
|Blockchain Specialist at HSBC|
Blockchain Developer (self-employed), to experiment and explore the potential applications of blockchain and bring data analytics to blockchain, set up a Blockchain R&D agency.
Founder of Hyperledger London Meetup (1780 members) The group focuses on exploring Blockchain technology implementation in financial industry, and the event has been sponsored by Sapient Global Markets, HSBC, RBS, BNY Mellon and Barclays.
Works as partner at Blockchain angel investor group in Korea and specialized ICO marketing company for Korean market.
|> Project Manager at Facebook
> Co-Founder & CEO at Roomtomoney (RTM) helps short term rental of unused space in Seoul through a full service management, raised 300K to setup business.
Blockchain R&D + ICO Strategist
Twitter: @DisrupTiv ( 14.2k Followers )
in: Ismail Malik ( 23, 959 Followers )
Google+: +IsmailMalik ( 1,391 Followers )
|Birbek, University of London - International Relations, History of London|
School of Advanced Study , University of London - Commonwealth Networking, England Studies
UC Institute of Education - Degree
|Editor in Chief for ICO CROWD; World's first publication for the ICO industry|
Founder & CEO at Blockchain Lab; world’s first Blockchain Lab and first ‘DLT’ company within Level 39 in Canary Wharf (world’s largest Fintech accelerator)
|> Over 20 years experience in Technology related startups and entrepreneurship covering Asset Management, Cryptocurrencies, Mobile Payments in the City of London and Emerging Markets working with leading firms such as Vodafone, Cellnet and News International.
> He previously worked at Smartledger which develops smart contracts for Smart Cities.
> Editor-in-Chief of Bitcoin Entrepreneurs Investment Fund Quarterly Review, Cofounder at CoinViral, Coinflow Architect at Blockchain Lab, Cofounder at CoinDesk, Director at SqFt Crowd, Senior Recruitment Consultant at Crypto Devs, and General Secretary at Olympic Cricket Campaign.
> Ismail Malik is ranked 75 of the top 100 most influential Blockchain people according to Rise Global.
Simon Seojoon Kim
Blockchain Investor, Evangelist
Twitter: @seojoonkim ( 278 Followers )
in: Simon Seojoon Kim ( 500+ Followers )
|Pohang University of Science & Technology - Bachelor Computer Science & Engineering||Chief product officer & cofounder at Knowre, an education technology company that develops adaptive learning applications for the web, tablets.||> Co-founder of the top 10 innovative AI. math education company, "Fast Company"|
Pioneer Investor in Blockchain & Bitcoin startups, Venture Builder & Accelerator
Location: China/Hong Kong , London, France
Twitter: @startupeddy ( 4675 Followers )
in: Eddy Travia ( 11,483 Followers )
|Stanford University - Graduate Cert in Financial Engineering|
International University of Monaco - Bachelor of Science in Business Administration, Finance Major
|CEO at Coinsilium , an investment company focused on blockchain technology, harnessing growth through investment, acceleration and development. The company is listed on London’s NEX Exchange Growth Market under ticker symbol COIN.|
Co Founder & Chief Startup Officer at Blockchain Space, startup accelerator for talented visionaries creating innovative solutions using blockchain technology - popular blockchain workshops in Europe in June 2015 and acceleration program in 2016.
Co Founder & Chief Startup Officer at Seedcoin, world's first seed-stage digital currency startup virtual incubator.
1) DomRaider, French startup for open-source solution dedicated to real-time management of auctions based on blockchain technology.
2) CoinDash, world's first social trading platform for cryptocurrency investors
3) Indorse - Decentralised Professional Social Network, aim to revolutionise social networking among professionals using new models of tokenization and decentralisation
4) Gimli - real time live games betting platform (gimli.io)
|> Eddy has led investments in 17 blockchain companies around the world, including Factom, RSK, SatoshiPay, Minebox, CoinDash and Indorse.
> Living and working in China/Hong Kong for about ten years, he managed private equity investment funds focusing on Greater China. Previously, he was the Director of Admissions of a technology MBA (Theseus MBA) in Sophia Antipolis (France) now part of EDHEC business school.
> As an early advocate of blockchain technologies, Eddy advises sovereign funds, private equity funds, government agencies and corporate leaders on blockchain strategy and how to harness the transformative power of these technologies.
> Following founding Seedcoin, Eddy was ranked ‘Top 3 Most Influential Investors’ in Blockchain along with Marc Andreessen and Roger Ver at the Blockchain Awards 2014 in Amsterdam.
> Eddy is a regular keynote speaker at events worldwide such as the Shanghai Lujiazui Fintech Summit, the CFA Institute blockchain events in Scandinavia, Fintech Storm in London, and booked to speak at Crowdsourcing Week this Fall and Dublin Tech Summit in Feb. 2017. Eddy delivered a speech about the blockchain revolution at TEDx IE Madrid in June 2016.
Location: Hong Kong
Twitter: @collectionist ( 807 Followers)
WeChat: Jehan Chu 朱沛宗
in: Jehan Chu ( 3850 Followers )
|The Johns Hopkins University - BA International Relation||Co founder and managing partner of Kenetic Capital, one of the first Blockchain Venture Capital and Cryptocurrency Funds as well as Token Sale Consulting in Asia. |
Founder of Ethereum Hong Kong, 1100 members, personally hosted over 60 Blockchain events including Ethereum Founder Vitalik Buterin 7 times.
Founding Member of Bitcoin Association of Hong Kong
Founder of Hyperledger HK Community
Co-chairman (volunteer) for Blockchain Committee, Fintech Association of Hong Kong
He was a partner with the HKMA (HK Monetary Authority) on the Blockchain: Surge event, and a Gerson Lehrman Group (GLG) Council Member.
|> Jehan is a former front-end developer with ten years’ experience in web and enterprise application development.
> Jehan has been a cryptocurrency investor since 2013, with successful investments including Bitcoin, Ether, Litecoin, Melonport and acts as Advisor to the Melonport, QTUM and OpenANX.
Advisor, Blockchain and Cryptocurrency Investor
Twitter: @veradittakit ( 1969 Followers )
In: Paul Veradittakit ( 8942 Followers )
|University of California, Berkeley, B.A. in Psychology and B.A. in Political Science||Paul is Partner at Pantera Capital leading blockchain investments. |
Prior to joining Pantera, he worked at Strive Capital as an Associate focusing on investments in the mobile space.
Previously, he was at Hatch Consulting and LECG and performed business development and marketing for Urban Spoils, an early stage startup in the daily deal aggregation space.
|> Paul is an enthusiastic about blockchain and venture capital space having worked in the space for 6 years. He mentors at Boost VC, Golden Gate, The House Fund and Alchemist Accelerator.
> Paul on top of ICON is an advisor to Cofound.it, Enigma MPC, Blockchain Education Network and Orchid Labs
> In his career he has secured over 30 venture investments and key partnerships for portfolio companies around the world.
13Dec: Price Speculation & Hype Roundup
With the ICON team confirming that Token unlock checks are underway and that exchange talks are taking place this is an opportune time for some lighthearted price speculation and a pulse check on hype.
The rapid price appreciation in the crypto space over the last few months means that the value per ICX in USD terms will need to be marked at almost 2.5x pre-sale price just to keep pace with Ethereum price appreciation (ETH has gone from ~USD300 -> ~USD680). We will assume ETH price is USD680 (current at time of writing for below calculations).
Price at Pre Sale
1 ICX = 0.0004 ETH = ~USD0.12 (based on ETH price of ~USD300 at time of Pre Sale)
Price Now (If ICX trades at the same ETH ratio that it sold for at pre-sale)
1 ICX = 0.0004 ETH = ~USD0.27 (based on ETH price of ~USD680.0 at time of writing)
HitBTC IOUs (though this is notoriously inaccurate; see below)
1 ICX = 0.0032 ETH = ~2.2USD
What does 1x, 2x, 3x, 10x look like? (Multiples of Original ETH price VS Current USD price)
Pulse Check on Hype
The entire crypto space has undergone a meteoric rise since the time of ICON’s presale; many early ICON investors are wondering what price ICX will commence trading at. While some anxiety exists as to whether the opening price will commensurately reward early risk takers for the opportunity cost of tying up their ETHfor the last few months, the overwhelming feeling in the community is that ICX is a “long hold”. We hear whispers of $2, $5, $10 and even $100 depending on the time horizon as moontalk runs wild. There is no way to know for certain how ICX will perform but let’s indulge for a moment and look at the most compelling narrative elements that ICON has going for it.
Protocol Level + Interoperability: We have seen that the biggest winners in Crypto are those that provide infrastructure level solutions, the idea is that “fat protocols” will accrue the bulk of wealth in the near to medium term. ICON is not only a smart contract protocol in the vein of Ethereum it is also solving for interoperability. Interoperability is possibly the most underpriced infrastructure level element in the crypto space. It is an inevitable development that the blockchain ecosystem needs to develop on its way to maturity, Siloed projects need to be able to communicate for a truly decentralised ecosystem to manifest. However the interoperability space is only now beginning to build serious momentum (yes, this is still very early) and ICON is one of the earliest movers. SpecR subscribes to the view that interoperability will be the next big boom in crypto and ICON has its hat firmly in the ring.
Homegrown Korean Blockchain: Korea is the epicentre of crypto trading. The country is ranked 11th in GDP and 29th in GDP per capita, but is 2nd in gross crypto trading volume and 1st in trading volume per capita. ‘Loopchain’ (the technology used for ICON) is Korea’s first blockchain to be researched and developed from the ground up. ‘theloop’, the company behind the technology is one of the very few companies publicly funded by the Korean government to create an open source project. It has gained support and some grade of affiliation with multiple Korean government factions such as Korean Financial Investment Association (KOFIA), Ministry of Science, ICT and Future Planning (MSIP) and Ministry of Future, Creation and Science (MFCS). Korea seems to have the midas touch when it comes to crypto; a listing on one of the major Korean exchanges seems to be enough to manifest meteoric price action recently (those watching the space will remember the tremendous gains IOTA achieved shortly after listing on Coinone). ICON will be one of the first Korean homegrown projects and if the Korean community takes to it even half as well as they’ve taken to foreign technology we are in for some dramatic price action.
CoinOne Cryptocurrency Exchange: One of Korea’s largest cryptocurrency exchanges is owned by ICON’s parent company Dayli Financial Group (DFG), CoinOne ranks in the top exchanges in the world in terms of daily trading volumes with $992,998,300 24H volume at time of writing. CoinOne was the first exchange to introduce Ethereum (ETH) trading and Ripple (XRP) trading in Korea and provided the close relationship to ICON via DFG, it is popularly speculated (though not confirmed) to be one of the first exchanges to list ICX.
Dayli Financial Group (DFG): DFG is the parent company of theloop, DAVinci and ICON, it is one of the largest fintech companies in Asia with 16+ companies under its corporate umbrella. It sheer size and influence in Korea and Asia plays a critical role in backing up ICON’s partnerships development in the blockchain space. This already places ICON in a rarified space within the cryptoverse, where even projects with no significant real world affiliation are capable of achieving valuations in the hundreds of millions.
Real World Partnerships: With more than 30 highly reputable real-world affiliations across universities, securities firms, banks, hospitals and insurance companies, ICON leads its school of thought that the value of blockchain is not only in its technology but in its network (perhaps moreso). We will publish more on this in the coming week as we do a deep dive on ICONs connections.
Impressive Team: From the onset ICON boasts 8 advisors, 6 Foundation Council Members, a staggering 15 staff blockchain department, 5 AI specialists and 5 other functions support staff, the team has continued to grow to be one of the largest teams in the ICO space. The exact size of the team seems to be much larger now but we are still confirming the details (tentatively we believe it to be >50 individuals working primarily on ICON).
12Dec: ICONnect Meetup #2
ICONnect meetup #2 took place on the 12th December; The initial community reaction was mixed as investors expressed frustration on the lack of clarity about 1) Mainnet launch date 2) Token unlock; particularly with the ongoing boom in the cryptoverse and the high opportunity cost of illiquidity. However a closer inspection of the facts reveals a largely positive December for ICON.
Reviewing the Facts
We received clarification on the official blog that:
1) Testnet is operational and Quality Assurance tests are underway.
2) The goal for mainnet launch is still December (though the official launch party will be in January).
2) ICONex Wallet was demoed at the meetup and the one slide we see of it looks pretty slick.
3) Token unlock will take place “within a couple of days” of unlock list verification.
Reasons for Excitement
Looking at the Telegram Channel we see further confirmation that December is still the goal for Mainnet launch/Token Unlock/Exchange Listings. Perhaps most excitingly Min Kim (ICON Foundation member) talks about exchange partners and the ERC20 token release. From the wording we can extrapolate that the token release will coincide with one or more exchange listings; which we think is the absolute best approach (tradable tokens without a venue for safe, high volume trading typically results in poor early price action).
Dates Technical Roadmap provided at ICONnect:
Quarter 4 2017
-Nexus Testnet Launch
Quarter 1 2018:
-Nexus Mainnet Launch
-Reserve Channel open
-DEX (Ethereum/ ICX) launch
-Wallet – web / IOS / Android
Quarter 2 2018:
-Representation Channel open
-Public Channel open
-A.I. Advisor Launch
22Nov: HitBTC Futures | Accurate Price Prediction?
HitBTC Price: ~USD1.08 (9x from ICO price at time of writing).
In the weeks and months since the ICON pre-sale, early investors have had their ICX tokens locked up while the ICON foundation conducts KYC and AML checks. One of the most common questions asked in communication channels is: “are the HitBTC ICX prices real?”. Existing and new investors want to understand if these are actual ICX tokens or in any way indicative of the “real” value of ICX tokens.
What are the ICX tokens on HitBTC?
They are not ICX tokens. They are IOUs (a promise by HitBTC to swap the ICX-IOU for actual ICX tokens once ICON foundation unlocks the real tokens). It is likely that HitBTC or its partners purchased ICX at the pre-sale and they are simply allowing users to buy and sell a claim on those purchased tokens before the real stuff becomes tradable.
If i buy ICX-IOUs from HitBTC will i receive real ICX?
Yes, according to HitBTC – upon availability of real tokens, the IOUs will be exchanged for actual ICX.
Is the price on HitBTC in any way indicative of the real value of ICX?
Not really. HitBTC IOU prices are notorious for being wildly inaccurate at predicting future price. It is our view that the HitBTC prices are inflated (overvalued) as they do not reflect the actual supply and demand dynamics of the market. The value of ICX or any asset is a function of supply and demand (economics101). The price of an asset is the equilibrium point where supply meets demand. Broadly:
Decrease in supply (less tokens) AND/OR an increase in demand (more buyers) = Higher Price
Increase in supply (more tokens) AND/OR a decrease in demand (less buyers) = Lower Price
What is the demand for HitBTC ICX IOUs?
Theoretically infinite; depending on how many investors want to buy ICX-IOUs. Realistically the volumes on HitBTC IOUs are tiny (just 53k USD worth of trading in the last 24hours; at time of writing) and most users are unaware of the HitBTC IOUs or unwilling to touch them. Any new investors in the space that FOMO at the idea of having missed the ICO will contribute to demand, the rest of the demand is coming from IOU price speculators.
What is the supply of HitBTC ICX IOUs?
Severely limited; looking at the orderbook (at time of writing) there are a mere 260,700 ICX-IOUs available for sale. This is tiny. It is the equivalent of ~105 Ether worth of ICX purchased in the pre-sale. If just 4 users who filled their pre-sale cap of 30 ether each pooled together, they would be able to flood this market with an additional 300,000ICX and more than double the existing supply. In reality… they cannot flood the market or express a negative view on the price. For example if John who bought 75,000ICX at the pre-sale thought USD1.08 (9x what john paid) is a very tidy profit, he would not be able to realise said profit as he cannot sell his ICX for the ICX IOU price. The only people who can sell ICX IOUs are those who bought ICX IOUs through HitBTC (and there isn’t much point buying at USD1.08 now just to sell it is there?). In other words there is VERY little supply pressure.
What will happen when tokens become transferrable?
Once tokens become transferable and exchange listings take place, we will see a surge in volume as trading commences. Unmet demand will be present, given the 30Ether per user cap at pre-sale not to mention demand from investors who missed out on the pre-sale. However supply will also surge as 400,230,000 ICX tokens enter the circulating supply. If we conservatively assume that ONLY 10% of token holders will be looking to sell or day-trade we will see 40,023,000 ICX hit orderbooks; this is tantamount to ~153x increase in supply pressure (as compared to HitBTC IOU orderbook).
So where will ICX open?
We will not know for sure until trading commences and market forces allow an equilibrium to be realised. While it is unlikely that trading commences at the HitBTC IOU price (~9x from pre-sale price), the hype, ambition, long lock-up period mean that ICX is likely to open higher than the pre-sale price.
21Nov: ICON (ICX) – The Story So Far
Required Reading for this article:
Forbes – Could this Blockchain in Korea be the First to Connect an Entire Country
CrushCrypto.com ICO Analysis Verdict: Neutral Short Term/Good Long Term
Globalhalo ICO Analysis Investment Grade: 95%
Korea’s ICO Regulation Update – ICON Blog Post
In Depth Reading:
Total Supply: 800,460,000 ICX
Token Sale: 400,230,000 ICX
Circulating Supply: 400,230,000 ICX (What you see on coinmarketcap.com)
Conversion rate: 1 Eth = 2500 ICX
Price: 0.0004 ETH or ~USD 0.12 (based on Ether price of $300 at time of ICO).
Circulating Market Cap in USD: $48,027,600 (rank #92 on coinmarketcap, based on 1 ICX = USD0.12)
Token Distribution: ERC20 tokens to be transferrable after KYC is finalized and Anti Money laundering checks are completed. This is estimated to be late November/early December. ERC20 Tokens can be exchanged for actual ICX coins upon Q4 Main Net Launch of ICON.
Whats the thinking here?
ICON is a project out of South Korea that arrives on the scene at a time when crypto is at an all-time high in terms of popularity and market-cap. Bitcoin (~USD8200) is pressing ever-higher and Ethereum (~USD370) is grinding slowly towards its all time high. However there is a lot of ground left to cover as the blockchain space strides towards maturity. Issues of scalability, consensus generation and maintaining low transaction fees are just a few of the issues that continue to plague existing and emerging technologies.
ICON is a smart contract protocol following in the vein of Ethereum; early investors are hoping for a bull-run akin to other smart-contract protocols (NEO, STRATIS etc.) with the phrase “Ethereum/Neo of Korea” being thrown about. Like other protocols, ICON too hopes to solve for scalability and speed however the stand-out premise of ICON is its ambition to solve the issue of interchain operability. The current state of blockchain technology sees disparate projects operating in silos. As blockchain technologies mature and gain widespread adoption, a critical requirement will be the ability of various chains to communicate with each other to allow greater integration, utility, and real-world application. ICON is one of the first movers in this space in the sense that it will launch its main-net earlier than many of its interchain peers. Further to this, ICON boasts a stellar wrap-sheet of real-world connections and advisors which will help to cement its place in the upper echelon of the blockchain space and at the very forefront of the interchain-operability boom that is to come.
Pulse Check on Hype
Despite its ambition, team and wealth of real-world connections (which far outstrips many existing projects) ICON has been flying a little under the radar in the cryptoverse. It is far from a secret but has yet to garner the type of attention which warrants a moonshot; we do not see daily posts about it in /r/cryptocurrency, the community subreddit /r/helloicon is relatively inactive (608 subscribers) and indicates far less activity than even moderately successful projects. The bulk of activity for now takes place in the official ICON telegram channel (4.7k members) and the KakaoTalk channel (998 users; mostly Korean language speakers). The lockup period since the pre-sale has been extensive with KYC and AML checks underway, we anticipate that upon the commencement of trading activity – hype related to ICON will increase rapidly.
- >4.7k Telegram members (>5.3k in the announcement channel)
- >1.0k KakaoTalk members (Korean community)
- >7.0k Slack subscribers (ICON team closed slack as there were many attempts at phishing and impersonating team members)
- >2.5k Followers on FB
- >5.8k Twitter Followers
Future Exchange Listing
We have confirmation that upon launch of the ICON main-net in q4 2017 there will be a decentralised exchange (DEX) not unlike that described in the Bancor protocol, which will allow users to exchange Ethereum for ICX.
As for centralised exchanges, the team is unable to confirm any exchanges listing as yet, however there is strong speculation that Coinone may list ICX. Coinone is one of Korea’s largest exchanges and is a subsidiary of Dayli Financial Group (DFG) which also owns “the loop” (primary technology provider to ICON). With Coinone in the top20 exchanges worldwide for bitcoin volume, and being the second largest crypto exchange in South Korea, a listing could trigger positive price performance.
MarketCap of The Competition:
Note that these comparisons are only to gauge the potential of ICON in the current crypto market. These blockchains are competitors to ICON but could co-exist given the different markets that they could exist within and the variety of functions the chains offer.
|Chain||Market Cap||vs ICON||Purpose||Comments|
|ICON||48 mio USD||N/A||Protocol and Interoperability|
|ETH||35 bil USD||730x||Protocol|
|ARK||300 mio USD||6.0x||Interchain / Interoperability|
|Polkadot||143 mio||3.0x||Interchain / Interoperability||Marketcap based on ICO price|
|Wanchain||36 mio USD||0.75x||Protocol and Interoperability||Marketcap based on ICO price|
|Cosmos||101 mio USD||2.1x||Interchain / Interoperability||Marketcap based on ICO price|
Participate with an eye to the future. With its stellar partnerships/connections and having positioned itself as one of the forerunners in the interchain connectivity race, ICON could really surprise. With blockchain technology still in its infancy, the bulk of wealth will continue to accrue to projects that address the infrastructure level technologies required for blockchain efficiencies to be realised in the real world. ICON is solving for the existing issues of smart-contract protocols but it is its interchain operability ambitions that elevate it to a rarified group of projects. If it succeeds in what it has set out to do, the sky… or rather the moon is the limit.