Review on ICON by Gregoria Posner

Name: ICON
Item: ICON
Rating: 5

September 18, 2018

Where did ICON (ICX) come from? Icon is based off of loopchain, a distributed…

Where did ICON (ICX) come from?
Icon is based off of loopchain, a distributed ledger that provides industry specific blockchain solutions.
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Basically what happened is that its ownner, 'Theloop' partnered with leading financial institutions, offering services such as common authentication system, settlement systems without intermediary agencies, and trading systems that offer real time trade matching.
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Pros

What is ICON (ICX) ICON is designed to be a massive scale ecosystem, allowing different blockchains connecting to one another through their protocol. This means that universities, security firms, banks, hospitals and other private blockchains will all be able to share information through ICON's online ledger without intermediaries.

Cons

What is LFT (Loop Fault Tolerance)? LFT (Loop Fault Tolerance) is an enhanced BFT (Byzantine Fault Tolerance) 32-based algorithm with benefits that include faster consensus while ensuring the finality of the consensus without the possibility of forks within the network. In normal everyday terms this means... It rocks! Consensus essentially means agreement so this system has a way of ensuring all parties agree much faster than its competitors resulting in speedy high tech transactions and applications. If it still doesn't make sense, look at it this way, LFT supports faster consensus by creating a group among trusted nodes. LFT can accommodate diverse consensus structure by allowing such groups or nodes to freely determine the number of votes. This may still not make sense but don't forget, it rocks!