ICON is a decentralized network formed by various independent societies connected by blockchain. ICON has connected various societies belonging to many banks, securities companies, insurance companies, hospitals, universities, e-commerce, etc. in Korea. In this way, distributed application (DAPP) services such as blockchain ID, payment and transaction can also be used across domains.

ICON is a South Korean benchmarking Ethereum blockchain project, known as "Korean Ethereum".

Project Highlights

Decentralization
The goal of ICON is to realize a distributed world. ICON is a decentralized network connected by independent societies with various modes of governance. Anyone can create their own decentralized applications (DAPPs) and participate in the ICON network.

Usability
The goal of ICON is to inspire blockchain technology in real life. ICON established a blockchain alliance for the first time in South Korea's banking, securities, insurance and other financial circles, medical circles, university communities, and e-commerce fields and expanded the blockchain application field. In addition, we are trying 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 to various blockchains such as Bitcoin and Ethereum, but also conveniently connect to blockchains based on real life. ICON will combine various businesses based on the connection between virtual currency and everyday situations. This enables each business to transcend its isolated environment and experience unlimited potential for expansion.

Application scenario

ICON has connected various societies such as banks, securities companies, insurance companies, hospitals, universities, e-commerce, etc. in Korea. In this way, distributed application (DAPP) services such as blockchain ID, payment and transaction can also be used across domains.

For example, blockchain IDs issued by securities companies through ICON can be used for secure digital signatures in other fields; digital currencies issued by hospitals can be used for payment and exchange.

Blockchain ID
The blockchain ID issued through the smart contract can be used for confirmation and digital signature in all real worlds connected to ICON.

Payment & Exchange
ICON Wallet can conduct real-time remittance, payment and exchange through the distributed exchange (DEX), and communicate with banks, securities companies, insurance companies, hospitals, universities, e-commerce, etc. on the ICON network Use directly in real life after world connection.

ICX, the token of ICON

ICX token is a smart contract digital agreement based on loopchain, which is used to facilitate, verify and pass the negotiation agreement of all 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 tokens. Higher demand for ICX tokens means higher prices too.

How does the ICON network work?

ICON network consists of 5 parts: Community, Community Node (C-Node), Community Representative (C-Rep), ICON Republic (ICON Republic) and Citizen Node (Citizen Node). The network is connected through four connection methods: node connection within a single community, ICON representative node connection, community and ICON republic connection, 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 composition and size of nodes. A community node is a key factor in a community that affects consensus or decision-making. Community nodes are available to 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 also a unit of ICON Republic governance. ICON stands for Connectors of different communities. Composed of community representatives, ICON representatives are voted by community representatives. ICON Republic is a communication channel between decentralized communities, and also runs the Loop fault-tolerant consensus algorithm. Citizen Nodes are a component of ICON Republic through which regular ICON users connect to the network.

The community and the ICON Republic are connected through ICON's decentralized exchange (DEX). DEX provides an exchange rate between the community and ICON Republic, and exchanges value in real time based on this rate. Connecting different communities through ICON Republic.

Currently there are hundreds of blockchain projects, and more blockchain projects will emerge in the future. Intercommunication and connection between blockchains will be a hard requirement. Not surprisingly, the first project to achieve cross-chain functionality will achieve great results. ICON seems to be determined to win in the interoperability between blockchains, but the competition in this field is also fierce, with opponents such as AION, Cosmos, Polkadot and other projects.

Related information:

ICON In-Depth Report Part 2: ICX Coin Application and Valuation

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