ICON (ICX) Research

ICON (ICX) Research Details

ICON (ICX) ICON

INTRODUCTION

ICON is a smart contract-enabled public blockchain protocol and aggregator chain that was established by the ICON Foundation in 2017 and is very easy to use with other blockchains. The ICON crypto ecosystem uses the ICX token as its native cryptocurrency.

Icon utilises a high throughput blockchain engine, ICONLOOP, to run the ICON Network. This technology has been appropriately named "Loopchain '' after its development team.

ICON Network operates on a Delegated Proof-of-Stake (DPoS) consensus paradigm with only 22 nodes. These nodes, called Public Representatives (P-Reps), generate and verify all network-wide transactions. In addition, ICON Network is capable of processing and storing up to 1,300 transactions every two seconds. This high throughput is enabled in part by the LFT (Loop Fault Tolerance) consensus method, which enables Byzantine Fault Tolerance (BFT).


HISTORY AND FOUNDER

The ICON project was founded in 2016 by employees of DAYLI Financial Group, a South Korean fintech startup. The development of the ICON platform was a collaboration with Loop Inc., a South Korean technology company specialising in blockchain technology.

The ICON platform was made by a group of more than 50 experts in blockchain, smart contracts, artificial intelligence (AI), marketing, and design. Notable persons include Min Kim, the founder of the DAYLI Group, Sunghwan Kim, the chief of the AI department, and Gail Kang, who managed marketing.


REASON TO BUILD THE PROJECT

ICON was intended to overcome perceived obstacles in building and deploying "real world applications" for consensus-driven, block-chain-based, decentralised technology. The team sees immense potential for block chains beyond the basic use case of currency. ICON also hopes to enable more developers and customers to create and use block chain applications, bridging the gap between the real and "crypto" worlds.


BASE OF PROJECT

  • Icon Republic- The network's governing structure and the group that makes decisions about how the blockchain works. Icon Republic is made up of nodes from Icon communities.

  • Icon Communities- Icon communities, which operate as a network of nodes within a single governance system, can have their own set of rules and consensus processes.

  • Community Representative (C-Rep)- Selected nodes from each community were trusted to communicate with the Icon Republic. C-Reps are given ICX for their work.

  • Community Nodes (C-Nodes)- Serve as infrastructure for each community and are in charge of running and maintaining the blockchain for each community.

  • Citizen Nodes- Have no voting rights, but can conduct transactions within a community, with other communities, and with the Icon Republic.


USE CASE

The ICX token is the native cryptocurrency and multi-use token of the ICON blockchain ecosystem. In the Icon blockchain ecosystem, the ICX token is used for every transaction. It is required for paying transaction fees and engaging with the ICON blockchain's decentralised apps (dApps). Furthermore, as part of ICON's Delegated Proof-of-Stake (DPoS) consensus method, ICX token holders can opt to participate in various staking features.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

24/03/2021

Focusing on non-fungible tokens (NFTs) and interoperability helps Icon (ICX), Ark, and Axie Infinity soar

+70% Increase

28/12/2017

ICON (ICX) will be listed on Huobi

+42% Increase


CONCLUSION

ICON's effort to connect all the blockchains in the world into a single, unified, organic system that allows communication between blockchains is not only admirable, but also makes sense.

In a world where different industries are likely to be backed by multiple coins and platforms specialised to that specific use case, there is a critical need for a platform that allows these distinct coins to connect with one another. ICON is a kind of economy that helps micro-economies.

This is the type of long-term perspective cryptocurrencies require. ICON is trying to solve a problem that will always exist in the cryptocurrency market: how do different blockchains work together?

Since no single blockchain will cover all possible uses, there will need to be a system that allows different blockchains to work together. Because of this and the fact that it has a strong number of business partnerships, ICON could perform very well in the upcoming years. 


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.