The ICON cryptocurrency increased 90 percent in value in a single day
The ICON cryptocurrency increased 90 percent in value in a single day. ICON sources said there is no obvious reason for the run up, but others within the industry think the event is related to the “MyID” project. ICON’s price rise According to local cryptocurrency exchange Upbit on Tuesday, ICON was being traded at around 500 won, which is up more than 90 percent from a day earlier. It peaked at 800 won during the day. ICON has risen as much as 700 percent since early last month. Why the increase? Sources believe that the sudden increase was driven by ICONLOOP, developer of ICON, and its involvement in the “MyID” project, that was started last year. MyID is a decentralized identification (DID) platform that earned regulatory sandbox approval. Around 47 corporations and entities, including Samsung Electronics and Shinhan Bank, are participating in the MyID Alliance. “There’s no direct cause for it,” an industry source said. “It is believed that the foreseeable visible launch of the MyID service could have had the most impact.” ICONLOOP demonstrated a decentralized identification-based entrance control system named VisitMe in a seminar last month. “ICON’s DID platform uses public and private systems, and it seems like the public one gained some attention from overseas recently,” the source said. “The entrance control service is also adding to the increase, it seems like.” Jess' note: Could it be because of Ahn Cheol-soo’s comments? Former Bareunmirae Party Leader Ahn Cheol-soo announced Sunday he is considering using blockchain technology in managing his new political party. Some have been hopeful that the blockchain platform will be incorporated into administrative management systems.