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Review on ICON by Rakib Hasan
Icon coin is one of the largest decentralized networks which provide a massive…
Icon coin is one of the largest decentralized networks which provide a massive platform that allows various blockchain communities to interact with each other all over the world via smart contracts.It connects people from different industries such as financial, insurance, healthcare, educational and other similar industries to connect over a single network and perform the transactions by using ICON’s loop chain technology.
Pros
- Due to the interconnectivity, it makes an easier transfer of monetary values as well as sharing data between the available cryptocurrencies. - It allows each community to act as per their systems and policies while connecting to other communities on the network. - It reduces the involvement of unnecessary intermediaries while performing the transaction due to which transaction costs or fees are also getting reduced. - It aims to be available for the daily transactions to make effective use of it.
Cons
- It might have some issues with the regulations. - They might get challenges while balancing the loads as they are allowing so many communities to communicate with each other which involves multiple blockchain communities. - One major issue could be Scalability as in the blockchain platform, everything is verified by other nodes which could be of the limitation for the transactions.
