Project Overview
ICON is a decentralized network formed by various independent societies connected by blockchain. ICON has connected various societies in South Korea, including banks, securities companies, insurance companies, hospitals, universities, and e-commerce. In this way, distributed application (DAPP) services such as blockchain ID, payment and transaction can also be used across fields.
ICON is a South Korean benchmarking Ethereum blockchain project, known as "Korean Ethereum".
Project Highlights
Decentralization
ICON's goal is to realize a distributed world. ICON is a decentralized network of various independent societies connected by the way they govern. Anyone can create their own decentralized applications (DAPPs) and participate in the ICON network.
Usability
ICON's goal is to inspire blockchain technology in real life. ICON has established a blockchain alliance for the first time in Korea's banking, securities, insurance and other financial circles, medical circles, university communities, and e-commerce fields and expanded the application field of blockchain. Furthermore, we are working hard to find the best conditions for the expansion of the ICON network based on our artificial intelligence software 'DaVinCI'.
Scalability
ICON can not only connect with various blockchains such as Bitcoin and Ethereum, but also easily connect with blockchains based on real life. ICON will combine various businesses based on the connection of virtual currency to everyday situations. This allows each business to transcend its siloed environment and experience limitless expansion potential.
Application Scenarios
ICON has connected various societies in South Korea, including banks, securities companies, insurance companies, hospitals, universities, and e-commerce. In this way, distributed application (DAPP) services such as blockchain ID, payment and transaction can also be used across fields.
For example, blockchain IDs issued from securities companies through ICON can be used for secure digital signatures in other fields; digital currencies issued from hospitals can be used for payment and exchange.
Blockchain ID
Blockchain ID issued by smart contract can be used for confirmation and digital signature in all real world connected by ICON.
Payment & Exchange
ICON wallet can conduct real-time remittance, payment, exchange through distributed exchange (DEX), and communicate with banks, securities companies, insurance companies, Hospitals, universities, e-commerce and other real worlds are connected and used directly in real life.
ICON's token ICX
ICX token is a loopchain-based smart contract digital agreement to facilitate, verify and pass negotiated agreements between parties within ICON.
Loopchain is a high-performance blockchain that provides real-time transactions based on enhanced smart contracts. This makes the ICX token a utility token for real-time payments on the ICON blockchain. This means that the more successful the ICON blockchain, the higher the demand for its ICX token. Higher demand for ICX tokens means that prices will also rise.
How does the ICON network work?
ICON network consists of five parts: Community, Community Node (C-Node), Community Representative (C-Rep), ICON Republic (ICON Republic) and Citizen Node. The network is connected through four connection methods: node connection within a single community, ICON represents node connection, connection between the community and the ICON Republic, and connection between different communities.
A community is a network of different nodes with the same governance system. Financial institutions, governments, schools, e-commerce platforms, healthcare, Bitcoin and Ethereum can all be considered communities. Each community has a different node composition and size. Community nodes are a key factor in a community that influences consensus or decision-making. Community nodes can be used by individuals and organizations such as banks, brokers, insurance companies, schools, governments, etc. Node policies are determined by members of each community. Community nodes are responsible for the governance and operation of the community blockchain. The community representative is the representative unit of the community and a unit of the governance of the ICON Republic. The ICON representative is a connector for different communities. Composed of community representatives, ICON representatives are voted by community representatives. The ICON Republic is the communication channel between the decentralized community and also runs the Loop fault-tolerant consensus algorithm. The Citizen Node is a component of the ICON Republic through which regular ICON users connect to the network.
The community and ICON Republic are connected through ICON's Decentralized Exchange (DEX). The DEX provides an exchange ratio between the community and the ICON Republic and exchanges value in real time according to this ratio. Connectivity between different communities through the ICON Republic.
There are already hundreds of blockchain projects, and more blockchain projects will emerge in the future. Interoperability and connection between blockchains will be a hard requirement. Unsurprisingly, projects that are the first to implement cross-chain capabilities will achieve great results. ICON seems to be determined to win in terms of interoperability between blockchains, but the competition in this field is also fierce, with opponents such as AION, Cosmos, Polkadot and other projects.
