ICON [ICX] shoots up by 34% post the rebranding of TheLoop to ICONLoop

Recently, the ICON Foundation posted an interview on their YouTube channel of Hoon Lee, the Business Strategy Incharge for the foundation. Lee who is also a member of the ICON Foundation Council spoke about ICON’s key announcement that was made last week and the chief reasoning behind it. Lee answered a few important questions that the ICON community had put forth.

“The ICON project has mainly been functioning in two directions until now. One aspect of the project was focused on the application of blockchain technology into companies and public institutions with a large number of users and to bring that user base to the cryptocurrency world. And projects in this direction were mainly done under ‘TheLoop’ brand.”

He further added:

“The other set of projects are similar to what many other blockchain platforms do. Which is making dApps and building an ecosystem where those dApps work well on the protocol layer. And the kind of work that entails building and furthering the ecosystem. These set of projects were done under the brand name, ‘ICON’.”

According to Lee, the reason that the foundation has been doing their projects in two directions is because they believe that mass adoption is one of the most important factors that would lead to success in blockchain. Blockchain is a new technology that not many people are aware of to the extent that a few people involved in cryptocurrency exchanges themselves don’t have a clear understanding of how blockchain works, stated Lee.

Lee then said:

“Since blockchain technology entails so many different fields of knowledge including mathematics, cryptography, programming and some knowledge of economics it is difficult to have a comprehensive understanding of blockchain by studying just a few aspects of it.

He then continued:

“We then came to the conclusion that mass adoption cannot occur in blockchain at present. As we have been doing our businesses in the two directions and under two separate brand names, we  gradually realized that our work should no longer exist separately.”

Lee during the interview accepted the fact that although the ICON foundation may assume that the two brands are in fact united in their cause because they exist as two different brands, it would stop people from having a better understanding of their core ecosystem. Lee concluded by saying:

“And that’s why we have decided to rebrand “TheLoop” to “ICONLOOP”.Unifying the two brands was a first step to completing our goal of actualizing mass adoption of blockchain technology.”

Lee confirms that ICONLOOP will now take the lead in creating a bigger ecosystem by enabling B2B interactions by signing MOUs and partnerships with other businesses. ICON has also been preparing its B2C approaches.

Keeping the two brands as separate approaches has sometimes been a burden to the foundation in terms of technology or not being able to announce things publicly, agreed Lee.

He then concluded:

“Now that ICONLOOP’s work in both approaches is quite even in terms of the level of development and maturity, a bigger synergy has been generated by bringing the two together.”

Jesse Rinne, a blockchain enthusiast commented:

“See that wasn’t so hard was it? To put someone in front of the camera and give something to the community? Much appreciated and waited for. Keep doing it in the future too, thanks.”

Twitter user, Kalaish23 commented:

“Really interesting and useful update. Great to hear more about ICONs strategy and approach, which I personally think is the right approach.”

Recently, ICON announced a strategic partnership with Certik, a smart contract auditing firm to further a more secure ecosystem for the foundation.

At the time of writing, ICON [ICX] is trading at $0.90 with a market cap of $349 million. The coin is currently at the 27th position and has been showing a bullish trend in the past 7 days with a massive hike of 34.65%. Also, the coin has gained its value by 24% since yesterday. ICX is currently being traded on prominent exchange platforms such as Binance, Bithumb, Upbit, Huobi etc with the highest trading volume being $30,475,196 in the past 24 hours.