Review on ICON by Fabrizio Zampieri
ICON, a blockchain technology company based in South Korea (a friendly-cryptos…
ICON, a blockchain technology company based in South Korea (a friendly-cryptos Country).
It's essentially a giant network of networks that aims to help them all connect instantly and automatically, facilitated by a shared central ledger and token (ICX).
Anyone interested in creating a decentralized network may set up a “Community” or DAPP (Decentralized Application) on the ICON Network and freely interact with the other Communities and DAPPs there.
This freedom to define separate regulations for each Community also allows global participation in the ICON Network without the need to craft a system satisfying the variety of crypto regulations found throughout the world. Communities on the ICON network will follow the relevant local regulations, with ICON simply acting as a central hub and inter-Community transaction facilitator.
There is no mining process for ICX, but the available supply may be increased in the future as a result of annual C-Rep meetings. C-Reps are simply Community Representatives from the various Communities on the ICON Network, and they may authorize up to a 20 percent increase in the ICX supply per year, although they are under no obligation to introduce inflation if they don't want to.
Pros
- the ICX token still has great potential if it becomes the standard unit of exchange for even one major industry. If Korean hospitals adopt it to streamline their relationships with local insurance providers, those transactions alone would amount to billions of dollars in annual transactions. The developers of ICON have placed a clear emphasis on the token's practical use. And it's worth mentioning that the project is led by an impressive team of advisors, including Don Tapscott (author of the international best-seller Blockchain Revolution) and Jason Best (one of Forbes.com's 10 most influential people in 2017). ICON wallets have access to a Decentralized Exchange (DEX) that facilitates currency transfers and exchanges without relying on public exchanges such as Coinbase or Kraken. Most major cryptocurrencies are already available, including Bitcoin and Ethereum. This enhances ICON's universal appeal by allowing users to exchange ICX for nearly any other cryptocurrency whenever they want to. The ICON Republic blockchain also uses a Loop Fault Tolerance (LFT) consensus algorithm. This is an enhanced version of the Byzantine Fault Tolerance (BFT) algorithm that enables faster transaction processing while eliminating the possibility of a fork in the blockchain. It functions by allowing trusted nodes to form groups empowered to determine how many votes each participant receives, significantly expediting the process.
Cons
- Current quotation understimated. There is still a long work to do. Project is at initials steps.
New products
Comments (1)
October 02, 2019
Yes sir, you phrase about that project is at initials steps was true because and now ICON looks like a shitcoin and nobody want to buy it. I don't find good updates, new listings on major exchanges or united team. We see how this project die.
