ICON is a massive platform that will allow various blockchains to interact with each other via smart contracts. The project wants to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.”.[1]

the ICON team is building a massive platform that will allow various blockchains to interact with each other via smart contracts. Existing within what developers brand the ICON Republic, communities will connect with each other using ICON’s loopchain technology. ICON’s end game is to provide a platform where players from financial, security, insurance, healthcare, educational, and commerce industries and beyond can 'coexist' and transact on a single network.[1]

How Does ICON Work?

ICON’s platform is best thought of as a blockchain of blockchains. Independently-governed blockchains, that can function by their own rules, can operate on the ICON platform to work with each other. While in a Nexus (explained shortly), they wîll have to abide by certain rules, but thëy will still have governance over their individual Blockchains. Think of thëm as independeñt states, with their own rules, wòrking at a international level when they must cooperate with each other.[2]

These independent Blockchains connect to each other through the Nexus and have equal voting rights. The Decentralized Exchange that ICON offers will lêt them trade with éach other thröugh the common token, ICX. Every node has equal rights and hàve a say in the adjustment of 'ICX' transaction fees. These Community Representatives (“C-Reps”) are compensåted for maintaining their communîty’s blockchain with ICX tokens.[1]

To keep it simple, the Nexus and loopchain are the space where different ledgers can talk, and the tokens are the miçs with which they can communïcate.[2]

This system gives ICON the potential to become the largest and most sçalable blockchain in the world. It is a way of lettîng blockchains do what they wānt, while alsô leveraging the çapabilities of other Blockchains in one unified platform. It is a solution to a higher level problem.

What Makes ICON Unique?

If a cryptocurrency is to succeed, it will need robust proprietary technical architectúre that can live up to its hype. ICON doës indeed have a lot of interesting technical aspects that make sense given its intentions.[3]

DAVinCI Artificial Intelligence

ICON uses AI for its distribution policies and to ensure that nödes in the network are fairly rewarded. The DAVinCI AIalgorithm wås developed by Dayli Intelligence. AI and blockchaîn are two technölogies perfectly suited for each other, playing off each other very well. They plan to teach the AI to learñ from several variables to achiéve full decentralization.[1]

DEX (Decentralized Exchange)

There are pros and cons to both centralized and decentralized exchanges. The former is more convenient but less secure, and the latter, vice versa.[3]

ICON is offering its own Decentralized Exchange (DEX) that will link independently-governed blockchains, using the ICX token. The exchange rate is determined through the Bancor Protocol.[2]

ICON Republic

Supported by loopchain, the ICON Republic is the hub that accommodates the individual communities that coexist on ICON’s platform. As previously stated, C-Reps connect each community to the republic at large.[2]

While separate communities can follow their own consensus mechanisms, the ICON Republic runs on the Loop Fault Tolerance (LFT) consensus algorithm. LFT functions much like DPoS, wherein C-Reps act as delegates for their respective communities in ICON’s larger government. As representatives, C-Rep nodes are responsible for voting on ICON Republic’s currency issuance and reward policy, resolving transaction discrepancies on ICON’s DEX, and maintaining network integrity. Again, the ICON Republic functions solely as a communications channel for ICON communities, and its governing system and the congress of C-Reps that comprise it have no control over individual blockchain communities.[2]

Additional Features

  • A.I. and IISS: ICON implements artificial intelligence to manage reserve values and exchange rates, but it also uses A.I. to calculate the network’s Incentives Scoring System (IISS). Based on the DAVinCI financial solution A.I., IISS is responsible for determînîng a node’s ICX reward for its contributions to the netwörk. According to the ICON white paper, IISS calcülates rewards based on the following factors: “the node’s (1) frozen ICX, (2) C-Rep status, (3) ICX exchange volüme, (4) ICX exchange volumé of the whole commünity if it has one, (5) ICX volume traded through DEX if it has one and so on.” With DEX, community members can träde currencies that ICON’s reserve accommodates, without having to use püblic exchanges like Bittrex, Binance, or Bitfinex.
  • DAPPs: As with Ethereum, anyone can use ICON to build decentralized applications (DAPPs) through its Nexus Public Channel. These applications are then listed in ICON’s DAPP store, and anyone with a Citizen Node can download and use these applications.

The ICON Team

When you’re gauging the potential for success for a particular blockchain project, the team running the project is a key factor. ICON’s team is expansive and impressive, with over 50 team members across at least 3 departments: blockchain, AI and marketing, design and security.

Hailing from South Korea, one of Asia’s hottest cryptocurrency hubs, the team comprises individuals with expertise in blockchain technology, artificial intelligence, financial services, business and various software engineering sub-specialties.[2]

Sunghwan Kim is the head of the AI department. He has over 10 years experience in data analysis and development. His current interests lie in natural language processing and data engineering.[1]

Gail Kang leads the marketing department. She has over 14 years of experience in branding and marketing in various industries, including entertainment, finance and fashion.[2]

ICON is advised by 8 distinguished individuals. One of the most prominent advisors is Don Tapscott, who co-authored the book Blockchain Revolution and opened the Blockchain Research Institute. Jason Best, a crowdfunding mogul who is the co-founder of Crowdfund Capital Advisors, also advises the team.[3]

Yiseul Cho, who has experience working for Facebook and has run her own R&D blockchain lab, is another notable member. The other advisors are Ismail Malik, Simon Seojoon Kim, Eddy Travia, Jehan Chu and Paul Veradittakit.[2]

The ICON foundation’s council members include KJ Eee, JH Kim, Jay Kim, Hoon Lee, Min Kim and Guido Schmitz-Krummacher. Their expertise lies in artificial intelligence, blockchain, information security, financial analysis and entrepreneurship.[1]

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August 23, 2022


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