1 Level
5 Review
9 Karma
Review on ICON by Lisa Drechsler
ICON Republic is the “hub”, of sorts, for all the various communities on the…
ICON Republic is the “hub”, of sorts, for all the various communities on the ICON network. C-Reps are responsible for making and managing this connection. All of the above is powered by ICON’s “Nexus” multi-channel blockchain, which is itself based on loopchain. Loopchain uses a Loop Fault Tolerance (LFT) consensus algorithm, which is very similar to a DPoS system, where C-Reps are “delegates” for their own communities on the network.
Pros
- The ‘Korea Financial Investment Blockchain Consortium,’ a blockchain consortium backed by 25 securities firms, is the first group to implement loopchain technology, and is already using the Chain ID service for autonomous authentication and generating and verifying of digital signatures. The implementation of ICON should speed up the clearing and settlement process for a stock transactions, which, due to traditional intermediaries and centralised institutions, can take 2-3 days – the US spends over $9 billion on this process every year.
Cons
- Additionally, a partnership has been signed with Woori Bank – the 2nd largest bank in South Korea and a subsidiary of Woori Financial Group – whom the ICON team will be advising in the creation of a bank-issued digital currency which is tied 1-1 with the Korean Won, in the same way as Tether (USDT) is with USD, but in an auditable and trusted way.
