1 Level
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10 Karma
Review on ICON by Giang Le
The ICON cryptocurrency (or ICON coin) uses its ‘loopchain’ platform - called…
The ICON cryptocurrency (or ICON coin) uses its ‘loopchain’ platform - called the Nexus - to connect multiple blockchains. This is done via the ICON Republic, which is the governing body for a group of independent blockchain communities.
These blockchain communities connect with the ICON Republic via their representatives, which are elected by the communities themselves.The blockchains can then exchange value between each other using ICON’s own decentralised exchange (DEX).
Pros
- Decentralization: ICON envisions a decentralized world consisting of free communities. ICON is a hierarchical network, where communities with different governance structures can connect and interact. ICON allows anyone to join the ICON Network by creating a new DAPP with stand-alone administration.
Cons
- There are other cryptocurrency projects that are trying to solve the blockchain connection issue as well.
