Icon (ICX) Overview

icon

Icon wants to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.” Says ICX’s website. In order to accomplish this, Icon wants to develop a platform that will connect multiple blockchains and allow them to communicate via smart contracts.

The cryptocurrency was created by Dayli Financial Group, which is a Korean company worth an estimated $4 Billion that operates in the financial technology industry.

The goal of Icon is to allow entities and individuals from multiple different sectors (banks, insurance, hospitals and universities) to exchange value and information on one single platform. The different sectors will have their own blockchains called communities and the ecosystem will be called the Icon Republic.

Icon Republic

The ICON Republic is the platform that host the individual communities that are connected to the ICON platform.  Community Representatives (C-Reps) connect the individual blockchains (communities) to the Icon Republic.

ICON Republic runs on the Loop Fault Tolerance (LFT) consensus algorithm. Communities can choose their own form of consensus algorithms.

C-Reps are the representatives of their own communities in ICON Republic. C-Rep nodes are the ones who vote on ICON Republic’s currency, trading platform and issue resolving. However, they are not able to vote on the community rules.

Icon Communities

A community is an individual blockchain which has its own rules and governance system. Community Nodes (C-Nodes) are the ones who govern their community, they vote on the mechanisms and functions of their ecosystem.

Citizen Nodes allow anyone to connect to the Icon platform. These nodes allow community members to utilize decentralized applications and perform transactions but have no voting power in the communities of the Icon republic.

Icon DEX

DEX is a decentralized exchange that will be available directly on the Icon platform. It allows the different communities comprised in the Icon republic to exchange value with each other in real time.

This is basically a second gateway through which the communities and their members can connect to the republic. The C-Rep gateway is strictly use for governance while the DEX gateway is strictly used for value transfer.

Decentralized Applications (DApps)

Developers can use the Icon platform to create DApps with its Nexus Public Channel. All citizen nodes will be able to use the decentralized applications which will be available in the DApp store.

Icon has only been on the cryptocurrency market since November 2017. It now has the 22nd biggest market cap in the whole market.

Icon is a unique project which you should definitely research if  you are interested in blockchain ecosystems

. It will be interesting to see how they will deliver on their promises because it could change the way individuals and corporations interact with the blockchain technology.

 

Leave a Reply