In the Crusher of the Month series, we will write about a coin/token that we have the most conviction in each month. The time frame will be around 1 month, or until we publish the next Crusher of the Month. In April 2018, our Crusher of the Month is ICON, ticker ICX.



Those who have been following us for a while should be familiar with ICON as we have written a report on the project before its ICO. Dubbed “the Ethereum of Korea” by Bithumb, ICON is a blockchain platform that currently has the best team and development in South Korea in our view.



It is also listed on 2 of the 3 major Korean exchanges already. It is not yet listed on Coinone, but as it is owned by the same parent company as ICON, we expect ICX will be listed on the exchange in the near future. This shows how much the Koreans love ICON.

Why do we like it?

Focus on Real World Adoption

We believe that the best metric to assess the value of a blockchain is actual usage, and the best proxy is the number (and value) of transactions performed on the blockchain.



The ICON team is business-minded and focuses on getting more people to use their blockchain. Starting from South Korea, the project has partnered with numerous organizations to achieve its goal of connecting the world using blockchain technology.



For example, there is already a pilot program at two South Korean universities (Sogang University and Postech University) where ICX tokens can be used to purchase items at vending machines.



ICON also attracts high quality decentralized applications (dApps) to be built on their platform as the team provides blockchain development support to those projects. This is very valuable as blockchain talent is extremely difficult to come by.



Six dApps were officially announced at the ICX Summit in January 2018, all of which are very solid. We believe that there are more dApps lined up and they may be announced after the ICON ICO platform is live.



Being a country that is at the forefront of new technology, South Korea currently has the greatest level of cryptocurrency adoption globally. ICON, being the most advanced blockchain platform created in South Korea, has tremendous potential in achieving wide adoption in the country and abroad.

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Relative Valuation in the Current Market Environment

We believe ICON is significantly undervalued at its current level, in part due to there being some delays in the project’s development progress.



The main net token swap and the mobile wallet were scheduled to be completed in Q1 2018 but neither are finished yet. The token swap is basically ready now and is just pending exchange integration. Development of the mobile wallet is far less important in our view so we are not as concerned with the delay in its deployment.



We believe the coming couple of months will be very exciting for ICON because there will be lots of development milestones for the platform:

Main net ICX trading on exchanges

ICO platform goes live

Cross-chain transactions, starting with Ethereum, showing significant development

More partnerships with established companies

More dApps/ICOs to be announced

With a barrage of news incoming for the project, we believe there will be numerous catalysts in the coming months to push the price of ICX tokens to new highs.



Currently, ICX is the #21 most valuable cryptocurrency according to Coin Market Cap with a market cap of $1.1 billion. We believe it has the potential to become one of the top 10 coins by the end of the year, with a valuation comparable to Neo or EOS.

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