How Does ICON Work?
Loopchain & LFT
As previously mentioned, ICON is heavily based on theloop’s Loopchain technology.
This is a blockchain utilising a unique consensus mechanism called Loop Fault Tolerance (as opposed to more traditional Proof of Work or Proof of Stake consensus mechanisms used in most other currencies), and it should allow for very rapid block times. As a result, ICON shouldn’t see the kinds of delays that can affect Bitcoin, Ethereum, and other currencies.
I won’t go into full detail here on how LFT works, but I recommend checking out the white paper for more information on that, and much more.
As well as this, ICON has some interesting method for running and executing Smart Contracts, among other things. Again, this is all in the white paper if you’re interested.
Nexus & Communities
It is a Loopchian-based blockchain called Nexus that ICON uses to connect individual blockchains (which they call Communities) together.
Any blockchain that want to connect to ICON is linked by Community Representatives, or C-Reps.
C-Reps are nodes elected within their own Community, and they get to vote on governance decisions within ICON. For example, they get a vote in transaction verification, or on ICX distribution. And, as a reward for doing these jobs, they will receive ICX.
Additionally, there are Citizen Nodes. These don’t have any of the voting rights that C-Reps get, but they can make transactions, build or run DAPPs, and do other tasks like this.
Contributions to ICON’s network is rewarded with ICX tokens.
The exact level of reward given out is determined using AI (hence the involvement of DAVinCI), which monitors different contributions to ICON and determines payouts based on ICON’s Incentive Scoring System (IISS).
Various factors, such as the amount of frozen ICX tied to a node, its C-Rep status, or the ICX exchange volume of its Community will be taken into account in IISS.전체 리뷰보기