ICON is a blockchain technology project that aims to build one of the world’s largest decentralized networks. Find out how this ambitious project works today in our review.
What Is ICON?
ICON, found online at ICON.foundation, is a project that could change the way blockchains interact with each other. The ICON project is building one of the largest decentralized networks in the world.
The network involves a group of independent blockchains working together. ICON can facilitate transactions between blockchains – even when there are independent blockchains with different governances.
ICON claims to have “dozens of reputable institutions” in its network already. Meanwhile, anyone can use ICON to create a new blockchain project and join the network.
You know how the internet brought together many different websites and protocols? ICON envisions a similar system – but for blockchain technologies. Their system is also built off the success of projects like Ethereum or Bancor.
ICON is built by a Korea-based team of developers.
Uses For ICON
Some of the potential uses for ICON include for e-commerce, banks, hospitals, securities trading, insurance, and even universities.
Today, ICON’s network already hosts communities with all of these institutions. The network hosts decentralized apps, or DApps, including blockchain ID and payment/exchange apps. ICON’s blockchain ID system can be issued by financial securities organizations, then used for verification in other communities.
Ultimately, the systems built for one purpose – like for identity verification – can be utilized by other applications within the ICON network.
ICON emphasizes all of the following features:
Payment & Exchange And A Decentralized Exchange:
One of the core features of ICON is the ICON Wallet, which can transfer, settle, and exchange currencies in real time through a decentralized exchange (DEX). It can be used in our everyday lives within the ICON community – like for banks, securities, insurance, universities, and other organizations built on the ICON network.
ICON is compatible with traditional blockchains like bitcoin and Ethereum, but it’s also compatible with all other third party blockchain networks. Thanks to this feature, ICON plans to blend together the crypto-world with the real world more effectively than other networks that just support a single blockchain.
Like other blockchain-based platforms, ICON aims for a decentralized governance model. Each blockchain connected to the central platform (called Nexus) holds its own governance, and Nexus progresses discussions with an equal level of representation on behalf of each independent blockchain, functioning like an indirect democracy. With that in mind, Nexus also has features like representation channels, which can be used to propose policies and cast votes.
ICON’s central technology revolves around loopchain, described as “a high-performance blockchain that can provide real-time transaction, which is based on enhanced Smart Contract.” Loopchain is built for enterprise use, and the smart contracts can be customized according to operational needs. Most importantly, those smart contracts can also be linked to other distributed ledger networks over the ICON platform.
ICON’s loopchain uses a Loop Fault Tolerance consensus mechanism, which is basically an enhanced Byzantine Fault Tolerance (BFT)-based algorithm that promotes faster consensus. The goal of Loop Fault Tolerance is to ensure the finality of the consensus without the possibility of forks within the network.
SCORE (Smart Contract On Reliable Environment):
SCORE is an enhanced smart contract feature of loopchain. SCORE is designed to ensure high performance contracts run directly in the node operation environment without a separate virtual machine (M). SCORE can be easily deployed and created for various applications because it runs separate from the underlying blockchain processes.
Blockchain Signature Infrastructure (BSI):
BSI is based on smart contract technology. ICON uses BSI to enable the construction of digital signature infrastructures like public key infrastructure (PKI). With ICON’s current PKI system, BSI does not need to manage separate keys for certificate issuance. Instead, it issues X.509 certificates, which are issued by creating digital signatures based on information processed on the Merkle tree-based proof of existence.
Ultimately, more technical details about the ICON platform can be found online in the ICON whitepaper.
The ICON Token Sale
There will be a total supply of 400,230,000 ICX tokens. The target amount of fundraising is 150,000 ETH. 1 ETH will buy you 2500 ICX. The developers are only accepting ICX for their token sale.
The token sale is scheduled to start in October 2017, with a pre-sale taking place towards the end of September.
Meanwhile, the ICON mainnet launch, the decentralized exchange launch, and the online/mobile wallet launch are all expected to take place before the end of the year.
Who’s Behind ICON?
ICON is led by KJ Eee, JH Kim, Jay Kim, Hoon Lee, and Min Kim. They’re all listed as members of the Foundation Council. The Korea-based team has an extensive background in computer science and engineering. They’re supported by dozens of other team members, all of whom are listed on the official ICON.foundation website.
ICON has partnered with The Loop, a leading blockchain solution company based in South Korea, and DAVinCI, a leading AI company, to help bring the ICON project to fruition.
ICON is an ambitious project that aims to build of the success of Ethereum, Bancor, and EOS, among other platforms. Designed by a Korea-based team, the platform allows blockchains to interact with one another in a decentralized environment. Key features include smart contracts that can function across multiple blockchains.
To learn more about ICON and prepare for the company’s upcoming ICO, visit them online at ICON.foundation.