What is ICON? It was designed with the intention of becoming a gigantic ecosystem type that connects all the blockchain. A blockchain of banks, companies, universities, hospitals and all kinds of other organizations that can share their information thanks to ICON’s main blockchain, avoiding intermediaries by making automation possible among all.
The Korean company Dayli Financial Group is leading the project that has been in development for 2 years.
Currently, cryptocurrencies have their own blockchain that can not communicate with others, so it is a problem. For the moment, the ICON team has managed to make its blockchain compatible with Bitcoin and Ethereum, and in the future, it will add others such as NEO and Qtum.
It describes itself as “a decentralized network of blockchain communities that seeks to hyperconnect the world”.
But, why can ICON and others not?
Loop fault tolerance (LFT)
This is mainly because ICON uses the traditional blockchain in a completely different way. For this, it uses a system called Loopchain Fault Tolerance, (LFT), which is a continuation of the BFT23 algorithm “that is used by NEO. LFT seems to be something so beneficial that it can be seen as one of the most secure, powerful and scalable blockchain solutions.
Its greatest virtue is the ability to add infinite blockchains and functionality to its ecosystem according to the needs of the moment.
It is based on three fundamental points: individual nodes, each person represents a node, communities of nodes; the grouping of individual nodes, for example, the chain of blocks of a university; and the ICON Republic, basically the entire ICON network.
The connection between the nodes is very varied, several individual nodes can be connected to each other, and also be part of many ICON Republic communities.
Nodes receive rewards based on ICON activation performance. Its artificial intelligence system ensures the fair distribution of rewards, optimizing distribution and ensuring total decentralization. The reward is the performance of the commissions of the transactions that each node receives for its management of Light Clients and according to its position in the IISS ranking (its own incentive ranking system for ICON members).
ICON (ICX), as already mentioned, is being developed by the Korean company Dayli Financial Group, which was created under the name of Yello Financial Group and is currently valued at 4 billion dollars. It is the leader of the Korean market with more than 40 organizations.
The company has a team of 31 experts working full time on the project, 6 of which are, in turn, founders of the company itself. In addition, they consist of more than 15 developers of forts, 5 specialists in artificial intelligence and 5 specialists in marketing, design and security.
The company owns CoinOne, the largest exchange in Korea with a trading volume per day of half a billion dollars. So it is expected that ICX is not available in CoinOne, and may cause the collapse of the South Koreans.
In addition to the great team that works on the project, they have an “alliance of blockchain interoperability” with Aion and Wanchain. The 3 have the objective of connecting all the individual blockchain protocols and for this each one fulfills its role. ICON is the interconnected blockchain network that connects independent blockchains without an intermediary. Aion wants to serve as the common protocol used for these block chains, which ensures that more efficient and decentralized systems can be built. And Wanchain which is a distributed financial platform, guarantees that smart contracts can be made between different blockchain.
Your ICX token
Its main function is to ensure that transactions can be made through the ICON blockchain, which allows easy determination of the token exchange rate. ICX cannot be mined. Virtually all of its tokens, 800.4600.000 ICX, have already been distributed.
To acquire them you can directly access your DEX exchange, which also has its own wallet that accepts several cryptocurrencies that I could link to DEX. In addition, you can also buy them in the exchange known as Binance, Gate.io or Huobi. For the moment, the token can only be exchanged for other cryptocurrencies.