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1/ “Nothing is more powerful than an idea whose time has come.”
15 Million ppl will use the @Helloiconworld ICON public chain & $ICX in the entirety of 1 of Korea’s 9 provinces, Jeju.
This is just the start of ICON's promise: mass public chain adoption.
A Twitter storm below
15 Million ppl will use the @Helloiconworld ICON public chain & $ICX in the entirety of 1 of Korea’s 9 provinces, Jeju.
This is just the start of ICON's promise: mass public chain adoption.
A Twitter storm below
2/ 3 years ago ICON was one of the most ambitious projects I encountered but it also struck me as having the best shot at hitting its goals.
It had a seemingly impossible task of connecting Korea, but that was its allure.
It had a seemingly impossible task of connecting Korea, but that was its allure.
3/ I understood how expansive ICON’s Network was.
ICON’s network involves the world's largest entities such as Samsung, LINE, Korea’s largest banks & key govt entities including the Seoul Govt.
ICON's network/tech stack has grown steadily regardless of the market, bear or bull.
ICON’s network involves the world's largest entities such as Samsung, LINE, Korea’s largest banks & key govt entities including the Seoul Govt.
ICON's network/tech stack has grown steadily regardless of the market, bear or bull.
4/ However, a lot of the network was based on ICON’s private chain, which uses the same core engine as the public one.
Partners embraced the tech but due to factors such as lower risk due to regulatory uncertainty regarding public blockchains, they stuck with private chains.
Partners embraced the tech but due to factors such as lower risk due to regulatory uncertainty regarding public blockchains, they stuck with private chains.
5/ Yesterday’s news changes everything.
Jeju Province of 600,000 people, with the hottest domestic flight route in the world, has partnered with ICONLOOP to deploy ICON's DID solution to ALL of its 8 districts.
This uses ICON's public network & $ICX.
Why is this significant?
Jeju Province of 600,000 people, with the hottest domestic flight route in the world, has partnered with ICONLOOP to deploy ICON's DID solution to ALL of its 8 districts.
This uses ICON's public network & $ICX.
Why is this significant?
6/ Let's take a step back. What's the path to mass adoption?
There isn't 1 answer, but I believe the FASTEST path is a top down approach starting at the govt level.
Govt > Corporations > Consumers
This is truer for tech that involves regulation (i.e., blockchain/crypto).
There isn't 1 answer, but I believe the FASTEST path is a top down approach starting at the govt level.
Govt > Corporations > Consumers
This is truer for tech that involves regulation (i.e., blockchain/crypto).
7/ Let's look at the Jeju partnership. What actually happened?
This is the first major adoption of a public chain product deployed at a regional scale in Korea.
That itself was massive. But this was adoption by a major GOVERNMENT entity. That is unprecedented.
This is the first major adoption of a public chain product deployed at a regional scale in Korea.
That itself was massive. But this was adoption by a major GOVERNMENT entity. That is unprecedented.
8/ This changes everything. With government adoption comes increased legitimacy and increasingly frictionless adoption.
It's happening NOW.
As a result of the Jeju partnership, in addition to the govt sites/buildings, ICON's solution will be adopted by 50 PRIVATE businesses.
It's happening NOW.
As a result of the Jeju partnership, in addition to the govt sites/buildings, ICON's solution will be adopted by 50 PRIVATE businesses.
9/ This is a perfect example of ICON's network effect in action.
For years people have downplayed ICON's continually growing network as irrelevant as they don't understand that a growing network means so much more more than simply +1 user.
For years people have downplayed ICON's continually growing network as irrelevant as they don't understand that a growing network means so much more more than simply +1 user.
10/ A growing network means more connections, resources, and opportunities beyond the scope of its immediate utility.
Regardless of whether it's based on the private or public chain, it also proves the efficiency and legitimacy of the tech stack of the network.
Regardless of whether it's based on the private or public chain, it also proves the efficiency and legitimacy of the tech stack of the network.
11/ We saw ICON's network effect spilling over to its public chain. But this is just the beginning.
This event itself will have its own spillover effects to accelerate adoption. Other public & private entities will undoubtedly take notice.
This event itself will have its own spillover effects to accelerate adoption. Other public & private entities will undoubtedly take notice.
12/ This is the culmination of years of ICON investing in its network, BOTH private and public.
With a major govt entity having adopted a public chain product at scale, the floodgates are open and all bets are off.
ICON has arrived.
With a major govt entity having adopted a public chain product at scale, the floodgates are open and all bets are off.
ICON has arrived.
