Review on ICON by francis fernandez
ICON-Universal connection by blockchain!
ICON had its launch in April 2017. Its digital currency was identified with the acronym ICX.
This platform was born with the purpose of incorporating multiple blockchains within its own chain of blocks.
With this, it would become the ideal platform for organizations that require applications with particular characteristics that satisfy specific needs or solve certain problems.
The network operates on its own consensus algorithm called Loochain that has the property of integrating with other blockchains and providing multiple functions to its platform according to the requirements at a given time.
Its technology is focused on three key points: personal nodes, community nodes and the ICON network.
The fundamental utility of ICON lies in the fact that it aims to solve problems in the daily lives of people and companies through the use of blockchain technology applications.
In this way, this platform could be used to integrate and solve particular and general problems of individuals, communities, banks, official entities, financial and insurance institutions and any public or private body.
Its wide flexibility of adaptation in specific and general problems has earned it a privileged position in the crypto market, which classifies it as one of the blockchain networks with the largest global presence.
Its functions include:
* Elaboration of smart contracts.
* Serve as a means of payment to transfer, settle and carry out exchanges in cryptocurrencies through your wallet.
* It is compatible with other blockchains thanks to its high scalability.
Pros
- It is a fully decentralized network; which means that it can be accessed freely.
- It allows the interaction between digital currencies, communities, individuals and institutions in a blockchain technological environment.
- Their ICX digital currency works as a payment instrument in real time and also to carry out exchanges of blockchain technology protocols.
Cons
- This platform has almost reached the limit of its generation capacity (800,460,000), therefore it cannot be mined.
