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Review on ICON by Louise Griffin
ICON is engaged with various industries, such as hospitals, universities, banks…
ICON is engaged with various industries, such as hospitals, universities, banks, insurance companies, and securities firms. Tying these normally completely disparate communities together under one ecosystem would enable faster, cheaper, and more efficient transacting of communications, finances, and data between “worlds”; with smart contracts being able to take over a vast workload and automate proceedings, and the blockchain network generally enabling safer communications and handling of sensitive data.
Pros
- ICON’s primary goal of connecting separated blockchains into one overall blockchain ecosystem requires a fairly complex setup. The proprietary loopchain technology is the core fundament behind the system, with loopchain being powered by Loop Fault Tolerance (LFT) consensus, which is intended to be faster and more efficient than most other Byzantine-based consensus algorithms – here’s a good LFT primer from a more detailed technical perspective.
Cons
- Five main parties further make up the network: Communities, C-Nodes (community nodes), C-Reps (community reps), Icon Republic, and Citizen Nodes. The following is somewhat simplified, for the full explanation please consult the ICON whitepaper.
