ICON

What is ICON?

ICON (ICX) is lead by Seoul-based company called ICONLOOP (formerly theloop). It is a subsidiary of Dayli Financial Group, and aspires to hyperconnect the world. ICONLOOP was found in 2016 and its mission is essentially to connect independent blockchains with different governance models, allowing them to interact with eachother in real time, rather than needing to rely on exchanges. Until now, interoperability has been one of the biggest barriers to widespread use of blockchain technology.

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” (Don Tapscott, 2017).

How does it work?

Each transaction that is made on the network requires ICX. ICON Network is a distributed computing platform and is fueled by the computing power of its Public Representatives (P-Reps), who validate transactions on the blockchain and are rewarded with ICX. Its new algorithm is called Loop Fault Tolerance 2.0 (LFT 2.0) which also aims to enhance the scalability of Practical Byzantine Fault Tolerance (PBFT) and improve the bandwidth of the network.

Who are the founders of the ICON Project?

The ICON Project was CO-created by Min Kim who is also CO-founder of the ICON Foundation based in Switzerland. ICONLOOP, formerly theloop, is the tech company working alongside the ICON Project. It developed the underlying blockchain called loopchain and its main focus is research and development of various distributed ledger solutions for corporations and government entities.

What is the purpose of the ICON Project?

ICON has a vision of building a digital nation known as the ICON Republic and aims to “hyperconnect the world” by building a decentralized network of blockchain communities. With its interoperability protocol BTP it will be possible to share and seamlessly transact value and information across its network from both, public to private and also other blockchain protocols.

ICON Network programming languages and tools

The most commonly used programming language for smart contracts on ICON Network is Python.

Handy tools that facilitate creating Dapps and interact with the ICON Network is SCORE (Smart Contract on Reliable Environment), which is a smart contract library. T-Bears provides basically a project template for SCORE to help you bootstrap your project.

The most interesting Dapps running on Ethereum

SOMESING – social online karaoke platform that utilizes the ICON Network to allow people to earn rewards for contributing karaoke content to the ecosystem.

Webloc – is tokenizing advertising and aims to shift the power from advertisers to users.

Velic – is a financial services platform that provides a whole range of services related to blockchain-based assets.

STAYGEOne – is a DAPP which aims to create an Artist-Fan ecosystem based on incentivized communities. STAYGE incentivises fans to interact and contribute in exchange for tokens.

ICONbet – is a decentralized gambling application which gives its users governance rights and also a dividend payments for holders of TAP Token.

ZenSports –  is an online betting marketplace, where anyone can create and accept bets for live sport events.

AC3 – is a platform for users to earn products directly from companies and rewards its users to create viral marketing activities.

Partnerships and enterprise adoption

The MyID Alliance

Their vision ist to develop and implement a trusted decentralized ID (DID) ecosystem through ICONLOOP’s proprietary solution, MyID. Their mission is:

  • User-Centric: Develop use cases and enhance user convenience
  • Business Focused: Grow the business based on trust authenticated by the financial sector
  • Glocalization: Glocalize MyID-based business model, connect and expand the IDs of countries around the world

MyID Alliance currently has 68 organizations and corporations in various industries such as commercial banks, security firms, e-commerce companies, and manufacturing companies. On top of the overall financial sector, many other industries including fintech, e-commerce, sharing economy, and health care will be subject to the expanding cooperative relationships, making pioneering use cases of blockchain technologies.

Its list of members is very impressive and consists of world renown global players and many small and medium sized companies:

Samsung Electronics, Yoti, Posco, Binance Korea, Bithump Korea, as well as financial entities such as Shinhan Bank and IBK Bank, just to name a few.

Broof

ICONLOOP partnered with Postech University to issue Diplomas on its BROOF Blockchain Application and signs a MoU with Saramin HR to build a Blockchain-based HR recruitment ecosystem.

Where can I buy / how can I invest in ICON?

Name Price
ICON (ICX)
$2.03

 

Binance: www.binance.com

CryptoCom: https://platinum.crypto.com/r/x435kt5m89 (50 Euro Bonus)

The Blockchain Trilemma

  • Scalability
  • Security
  • Decentralization

This chart refers to the tradeoffs that crypto projects must make when deciding how to optimize the underlying architecture of their own blockchain.

Specific features of a blockchain

Here is a list of features that most of the commonly used public blockchain protocols provide :

  • Immutability
  • Peer-to-peer digital transactions
  • Cryptographically secured
  • Trustless System based on code
  • Decentralized
  • High transparency
  • Opt-in privacy features
  • Process automization through Smart Contracts

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