The ICON Project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds, or blockchain multiverse. ICON itself can be viewed as both a living organism and an ecosystem.
ICON’s blockchain technology is being applied in the real world such as banks, securities firms, hospitals, and universities.
ICON has been in development for two years to date. It was founded by Dayli Financial Group, a Korean Fintech company valued at $4 billion that also owns the popular Korean exchange Coinone.
How does ICON Work?
First, ICON is developing a compelling solution to the problem of digital ID verification by implementing smart contracts as a tool for effectively establishing and conveying an individual’s identity.
ICON envisions customers using Blockchain ID to verify their identity for essential services like bank accounts and also for less sophisticated use-cases like customer loyalty cards or student discount initiatives. In other words, this feature could soon be everywhere, but it is not currently being used anywhere.
In addition, ICON is also focusing on payments and exchange through an integrated DEX (decentralized exchange). Decentralized exchanges, such as Radar Relay, will transform how cryptocurrencies are traded by removing the middleman. ICON uses these features to facilitate online payments and currency exchanges.
As major financial institutions including American Express, UBS, and MoneyGram enter into strategic partnerships to test Ripple’s capabilities to help their platforms, it seems plausible that other banks and financial outfits could do the same for ICON.
Payment & Exchange And A Decentralized Exchange:
One of the core features of ICON is the ICON Wallet, which can transfer, settle, and exchange currencies in real time through a decentralized exchange (DEX). It can be used in our everyday lives within the ICON community – like for banks, securities, insurance, universities, and other organizations built on the ICON network.
ICON is compatible with traditional blockchains like bitcoin and Ethereum, but it’s also compatible with all other third party blockchain networks. Thanks to this feature, ICON plans to blend together the crypto-world with the real world more effectively than other networks that just support a single blockchain.
Like other blockchain-based platforms, ICON aims for a decentralized governance model. Each blockchain connected to the central platform (called Nexus) holds its own governance, and Nexus progresses discussions with an equal level of representation on behalf of each independent blockchain, functioning like an indirect democracy. With that in mind, Nexus also has features like representation channels, which can be used to propose policies and cast votes.
ICON’s central technology revolves around loopchain, described as “a high-performance blockchain that can provide real-time transaction, which is based on enhanced Smart Contract.” Loopchain is built for enterprise use, and the smart contracts can be customized according to operational needs. Most importantly, those smart contracts can also be linked to other distributed ledger networks over the ICON platform.
ICON’s loopchain uses a Loop Fault Tolerance consensus mechanism, which is basically an enhanced Byzantine Fault Tolerance (BFT)-based algorithm that promotes faster consensus. The goal of Loop Fault Tolerance is to ensure the finality of the consensus without the possibility of forks within the network.
SCORE (Smart Contract On Reliable Environment):
SCORE is an enhanced smart contract feature of loopchain. SCORE is designed to ensure high performance contracts run directly in the node operation environment without a separate virtual machine (M). SCORE can be easily deployed and created for various applications because it runs separate from the underlying blockchain processes.
Blockchain Signature Infrastructure (BSI):
BSI is based on smart contract technology. ICON uses BSI to enable the construction of digital signature infrastructures like public key infrastructure (PKI). With ICON’s current PKI system, BSI does not need to manage separate keys for certificate issuance. Instead, it issues X.509 certificates, which are issued by creating digital signatures based on information processed on the Merkle tree-based proof of existence.
Ultimately, more technical details about the ICON platform can be found online in the ICON whitepaper.
The ICON Team
ICON’s team comes replete with 40 individuals from across the business, A.I., engineering, blockchain, and marketing industries. Its advisors include Don Tapscott, a Canadian business executive who has built his career on fostering technological innovation and adoption, and Jason Best, a Forbes top 10 crowdfunding organizer.
Where to Store ICON
ICX, ICON’s coin, is an ERC20 token, so any Ethereum-compatible wallet, such as Meta Mask, Ledger Nano S, My Ether Wallet, etc. will support it. The ICON team also plans to launch their own web, software, and Android wallet either at the end of Q4 2017 or Q1 2018.
Where to buy ICON
Binance dominates ICON’s trading market, accounting for just over 90% of its 24/hr volume. 73.44% of this trading is done in BTC, another 15.89% in ETH. ICON’s other exchange, OKEx, has its own ETH and BTC trading pairs, along with a USDT pair with only 0.05% of the currency’s 24/hr volume.
ICON is an ambitious project that aims to build of the success of Ethereum, Bancor, and EOS, among other platforms. Designed by a Korea-based team, the platform allows blockchains to interact with one another in a decentralized environment. Key features include smart contracts that can function across multiple blockchains.
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