Review on ICON by Nadine Chartier

Name: ICON
Item: ICON
Rating: 4

September 20, 2018

These independent blockchains connect to each other through the Nexus and have…

These independent blockchains connect to each other through the Nexus and have equal voting rights. The Decentralized Exchange that ICON offers will let them trade with each other through the common token, ICX. Every node has equal rights and have a say in the adjustment of ICX transaction fees. These Community Representatives (“C-Reps”) are compensated for maintaining their community’s blockchain with ICX tokens.
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Pros

Connections between nodes in a single community – Communities are free to operate using their own self-determined consensus algorithms. Connection between nodes within ICON Republic – As previously mentioned, the consensus algorithm that governs the connection between nodes in ICON Republic is LFP. Connection between community and ICON Republic – ICON’s DEX facilitates for the transfer of value between communities and ICON Republic. Connection between different communities – C-Nodes in one community, are connected to C-Nodes in another community through the representation of their respective C-Reps in ICON Republic.

Cons

Community Independent blockchains that can operate with their own consensus algorithms and governance practices. Examples of communities given in the ICON whitepaper include: Financial institutions, governments, and even the Bitcoin and Ethereum protocols. Each community has its own blockchain, with no limitations placed on how different each community can be from another.