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ICON

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About ICON

ICON is a blockchain platform that aims to hyperconnect various communities and economies through its decentralized network. Based in South Korea, ICON uses a loopchain technology to allow independent blockchains to transact with one another without intermediaries. This interoperability positions ICON to become a critical bridging component of the new digital economy.

ICON Goal

At its core, ICON seeks to remove barriers that have traditionally separated various industries, communities and economies from efficiently transacting with one another. Whether geographical, political or technical – ICON envisages a future where all blockchains and their linked communities can seamlessly interact through its network protocol.

This hyperconnected world offers extensive possibilities, from decentralized identification and payments to insurance and healthcare data sharing across borders. ICON’s overarching vision is an inclusive one, bringing together both private and public sector players to participate in this blockchain ecosystem.

Loopchain Technology

Central to ICON’s hyperconnective ambitions is its proprietary loopchain technology. Loopchain allows the linking and transacting between independent blockchain communities through ICON’s core blockchain loop.

These interlinked blockchains maintain self-governance and sovereignty over their networks while being plugged into the greater ICON blockchain ecosystem. This enables use case specific chains to co-exist with the key ICON chain, while benefiting from the security and integrity that is collectively maintained.

ICON Republic and Governance

Governing this ecosystem of hyperconnected chains is the ICON Republic. The Republic functions through the native ICX token, which provides voting rights and staking abilities to participate in network decisions.

ICON uses a Delegated Proof of Contribution model, where ICX holders stake tokens to vote for representatives, called Public Representatives (P-Reps), who validate transactions and propose improvements. This governance structure retains an element of decentralization while avoiding the energy intensity of traditional PoW models.

ICX Tokens

As the native cryptocurrency of the ICON network, the ICX token facilitates transactions between different blockchain communities. ICX coins also serve the aforementioned governance functions, allowing holders to shape the future direction of the ICON Republic.

The total supply of ICX is 800,460,000, with nearly 492 million currently circulating. ICX tokens are traded on leading exchanges like Binance, Huobi and Okex. It has shown significant volatility historically, with an all time high around $12 in early 2018.

ICONex Wallet

ICONex is the official wallet built specifically for the storage and transfer of ICX tokens. The light wallet offers an intuitive interface and robust security features. Users can also participate in staking from the ICONex wallet to earn rewards for contributing to the network.

As adoption grows, wallets like ICONex will play a key role as the primary gateways for users to interact with all the possibilities on offer through ICON and its DApps.

ICON DApps and Real World Use Cases

ICON boasts an increasingly vibrant decentralized application (DApp) ecosystem that leverages its interoperability to deliver real-world use cases. From blockchain-based authentication and payments to insurance and healthcare, ICON DApps are driving utility.

Notable DApps include visitMe, which facilitates insurance claim processing, and MyID Alliance, which offers decentralized identity verification. Such apps highlight the power of linking and scaling functionality across community chains. And with its focus on interoperability, ICON is uniquely positioned to host these pragmatic solutions.

Partnerships

A key part of ICON’s strategy is establishing partnerships with significant public and private sector players. Memorandums of Understanding (MOUs) have been signed with massive institutions like Samsung and the South Korean government.

These alliances lend credibility and offer growth pathways into new industries. With blockchain adoption in South Korea markedly high, ICON’s positioning in the local business and governmental landscape provides a strategic advantage. More partnerships are certainly on the horizon as the platform expands.

The ICON Team

Led by experienced fintech entrepreneur Min Kim, ICON boasts a team of blockchain specialists and professionals from a diverse set of backgrounds.

Notable advisors include Don Tapscott, a thought leader on the impact of blockchain technology and author of the book ‘Blockchain Revolution’. Such an impressive team lends technical prowess and entrepreneurial vision to ICON’s ambitious project.

Future Outlook

ICON has established itself as a leading smart contract platform, with an aptly named goal of hyperconnecting the world. Its promise of interchain operability, strong network of partnerships and community of DApps point to a bright future.

As blockchain adoption grows globally across industries, ICON appears uniquely positioned to rise in utility and value as an integral blockchain ecosystem. While challenges certainly exist, the fundamental vision of linking disparate groups through technology continues to be a profound one.

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FAQ

ICON (ICX) is a decentralized blockchain network with a focus on interoperability. It aims to facilitate a connected environment allowing independent blockchains to interact with one another. This network is designed to integrate disparate blockchain communities through ICON’s unique protocol.

ICON was founded by the ICON Foundation, a South Korean organization. The team behind ICON includes prominent figures from various industries, led by Min Kim, with a background in finance and technology.

ICON operates through a loopchain platform. It employs a consensus algorithm called Loop Fault Tolerance (LFT), which enhances performance and voting accuracy. This mechanism allows different blockchains, with their respective governance structures, to connect and transact with one another through the ICON network.

ICON is used to facilitate interoperability among different blockchains, enabling them to interact and transact. Its use cases span various sectors, including healthcare, education, and financial services. It provides a framework where various blockchain networks can share information and conduct transactions seamlessly.

ICX can be purchased on numerous cryptocurrency exchanges. Some of the well-known platforms include Binance, Upbit, and Kraken. Investors should consider the exchange’s reputation, security measures, and transaction fees when choosing a platform for trading ICX.

ICX can be stored in several types of wallets. Options include hardware wallets like Ledger Nano S and Trezor for enhanced security. For ease of access, software wallets such as Trust Wallet are suitable. Additionally, non-custodial cryptocurrency wallets like IronWallet offer a balance of security and control, as they allow users to retain their private keys while facilitating easy access to their funds.

ICON distinguishes itself through its interoperability protocol. Unlike other blockchain networks that operate in isolation, ICON facilitates seamless interaction and transactions between various blockchains. This feature positions it as a pivotal player in the blockchain ecosystem, aiming to create a vast, interconnected network.

ICX cannot be mined in the traditional sense like Bitcoin. Instead, it operates on a Delegated Proof of Contribution (DPoC) system. In this system, ICX holders can stake their coins to participate in network governance and earn rewards. This process is more akin to staking than mining, focusing on contribution and participation in the network rather than computational work.