Review on ICON by gregori cordova
hyperconnecting the world of blockchains and facilitating their use and scalability towards the real world
The benefits that cryptocurrencies can provide not only to the global financial system but to the real world are too many and are becoming increasingly noticeable. There are usually many adoption and connection problems in many of the cryptocurrencies mainly due to the fact that they are not compatible with other blokchains in the market, creating a certain limitation so that these can become widespread in all spaces of today's society. Icon, is one of the largest public blockchain projects in Asia and its objective is to offer a giant ecosystem that encompasses and connects all the blockchains that we know and where links are created between them so that everyone can connect without difficulty. . This project uses a new consensus system called Loopchain Fault Tolerance, (LFT) in which various functionalities can be added to your blockchain to make it more secure and more scalable. presents 3 node systems: individual nodes, node communities and icon republic which can be connected to each other and which are rewarded precisely through an artificial intelligence system. the token that gives life to the ecosystem is called ICX and it cannot be mined since all were distributed in the beginning. As is common in most projects, it started as an erc-20 token on the ethereum blockchain while it was in the fundraising phase, but upon launch in 2018 a shift was made to its own blockchain. The platform also offers a wallet called ICONex that supports several cryptocurrencies and that can be downloaded for free from its website, at the same time that it offers a decentralized Exchange to exchange cryptocurrencies efficiently and with low commissions
In general, this project has grown exponentially since its inception, and it has managed to have the backing of the South Korean government and important technology companies such as Samsung. In addition, by using an artificial intelligence mechanism called davinci that many financial institutions around the world currently benefit from, it gives the project a great level of credibility.
Pros
- It is a huge ecosystem that connects all the blockchains that we know and that serves as a bridge to create and facilitate the use of cryptocurrencies en masse in all areas of society.
- The company dayli financial group is in charge of the development of the project, some great experts in finances in the Asian region
- It serves as an environment to create decentralized applications on its own blockchain and to create Icos, which provides service companies with a safe and reliable environment
- Fair rewards can be obtained through their node systems and the use of AI
- They offer a free wallet that can be downloaded directly from their official website
- The project has partnerships with the Korean government and giant tech companies like Samsung
- The system can process transactions much faster thanks to the implementation of the Loopchain Fault Tolerance consensus algorithm.
Cons
- Despite being a project with many innovations, it has strong competition in the market and is not well known outside the Asian continent.
