ICON Cryptocurrency Review
What is ICON?
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.
The aim and objective of ICON is to create a “Hyperconnected World” by “building one of the largest decentralized networks in the world.” To accomplish the mission, ICX tokens allow transactions between various cryptocurrencies following their exchange rates via the DEX Reserve.
In 2016, an organization of worth $4 billion named Daily Financial Group founded the project. Many of the team members were engaged previously with the organization. This organization also possesses a Korean exchange known as Coinone.
ICON takes insurance and medical sector as examples of the arena of its application. A customer can simply pay his medical bills for his health insurance if both the service providing hospital and the insurance provider are connected to the network of ICON and the transaction will take place using ICX.
How ICON works?
ICON can be accepted as the blockchain of the blockchains. Independent blockchain networks can interact with each other on this platform. There are Nexus and loop chain which act as space where the ledgers can communicate and exchange their tokens.
Nexus implies a few rules over the communication on the platform without hampering the governance over their own platforms. The blockchains connected through ICON enjoy equity in case of voting.
The decentralized exchange offered by ICON allows trading across different blockchains using ICX as a mediator.
Component of the Network
Blockchains of different generations form a community on ICON platform. The whitepaper mentions a few examples of such communities as protocols of Ethereum or Bitcoin, financial institutions, governments and so on. Each community possesses their own authority, their own blockchain without any limit to which they can differ from one another.
It stands for Community Node which shapes the communities mentioned above. Any individual or any institution is able to operate a C-Node within their own community.
Community-Representatives, C-Rep in short, are the selected representative nodes of the community. ICON Incentives Scoring System is in charge of assessing the performance and contributions of individual nodes in order to select C-Reps. There is a minimum score to be achieved in order to be chosen as a C-Rep. They take part in determining governance decisions through a voting process.
- ICON Republic
The entire network consisting different communities, C-Nodes, C-Reps is considered as the ICON Republic. It runs on the Loop Fault Tolerance consensus algorithm.
- Citizen Node
They are also constituents of the ICON Republic but they cannot enjoy the right to vote and therefore, they are not a part of the governing body. They participate via DApps created on Loopchain.
Mining, Buying and Storing ICX
ICX tokens cannot be mined because of the implementation of Delegate Proof of Stake by the Network.
Tokens can either be stored in the official ICON Wallet or can be stored on ERC20 token-compatible wallets like MyEtherWallet, Coinomi, MetaMask, Trezor, Ledger Nano S etc.
With the stunning feature of connecting blockchains, ICON will hopefully be the most scalable and the largest platform ever existed.