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Review on ICON by Céline Turcotte
ICON operates utilising the Loopchain distributed ledger. Here, blockchains of…
ICON operates utilising the Loopchain distributed ledger. Here, blockchains of different communities are connected to the central Blockchain of the ICON Republic called the ‘Nexus’ which then connects all of these blockchains to each other. The native token of ICON Republic is ICX which can be used to utilize the resources on the ICON network, build or use dApps, convert one token to another using the ICX DEX (ICX based Decentralised Exchange), as incentives to Community Representatives (C-reps), and to invest in ICOs launched on the ICON platform. The C-reps determine how independent bockchains interact with the Nexus. This is called Blockchain Transmission Protocol (BTP).
Pros
- ICON is a South Korean company that is developing a Blockchain interoperability platform to connect different communities like Banks, Insurance companies, Universities etc. to a decentralised distributed ledger called ‘Loopchain’. The project is owned by Dayli Financial Group, one of the biggest Fintech companies in South Korea. Dayli also owns one of the largest exchanges in South Korea called CoinOne. The project has been running successfully for over 2 years now. The ICO ended in October 2017, raising 150,000 ETH.
Cons
- ICON aims to build the largest decentralised network by connecting new blockchains to existing blockchains. Interoperability within these blockchains will be made possible by making one blockchain a light client of the other. By achieving this feat and creating the ICON Republic which will have its own governance (this won’t affect the other communities), the project will connect different communities to each other and enable flow of information and value among these communities without the need for a third party (using smart contracts
