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ICON (ICX)

ICON is a comprehensive platform designed to enable various blockchains to communicate with each other through smart contracts. The project aims to "Hyperconnect the World" by constructing one of the largest decentralized networks globally. By utilizing ICON's loopchain technology, different communities can interact within what is known as the ICON Republic. The ultimate goal is to create a platform that facilitates interaction among various industries, including finance, security, insurance, healthcare, education, and commerce.

Ticker ICX
Category Smart Contract Platform
Website https://icon.community/
Twitter @helloiconworld
Telegram iconblockchain
Reddit https://www.reddit.com/r/helloicon

How ICON works

ICON is often described as a "blockchain of blockchains." It supports independently governed blockchains, each operating under its own rules, to function and interact on the ICON platform. These blockchains connect through a structure called the Nexus, allowing them to collaborate while maintaining their governance. The system operates similarly to independent states working internationally when cooperation is needed.

Through the Nexus, these blockchains have equal voting rights and can trade using ICON's decentralized exchange (DEX) with the common token, ICX. Every node in the system has equal rights and participates in adjusting ICX transaction fees. Community Representatives (C-Reps) are rewarded with ICX tokens for maintaining their community’s blockchain. The Nexus and loopchain facilitate communication between different ledgers, with tokens serving as the medium of exchange.

What makes ICON unique

For a cryptocurrency to thrive, it requires a robust technical architecture. ICON stands out with its innovative technical features that align with its goal of creating a decentralized network connecting various industries.

DAVinCI artificial intelligence

ICON employs artificial intelligence to manage distribution policies and ensure fair rewards for network nodes. The DAVinCI AI algorithm, developed by Dayli Intelligence, leverages AI and blockchain technologies to enhance network operations. The AI is designed to learn from various variables, driving the network towards full decentralization.

DEX (Decentralized Exchange)

ICON offers its own Decentralized Exchange (DEX), enabling independently governed blockchains to connect using the ICX token. The exchange rate on this platform is determined through the Bancor Protocol.

ICON Republic

The ICON Republic, supported by loopchain, serves as the central hub for individual communities on the ICON platform. C-Reps play a crucial role by linking each community to the larger ICON Republic. While communities can follow their own consensus mechanisms, the ICON Republic uses the Loop Fault Tolerance (LFT) consensus algorithm. C-Reps act as delegates within ICON’s governance structure, participating in decisions regarding currency issuance, reward policies, and resolving transaction discrepancies on the DEX. The ICON Republic functions mainly as a communication channel, without exerting control over individual blockchain communities.

Additional features

  • AI and IISS: ICON uses artificial intelligence to manage reserve values and exchange rates. The Incentives Scoring System (IISS), based on the DAVinCI AI, calculates a node's ICX rewards based on various factors such as frozen ICX, C-Rep status, and exchange volumes. With DEX, community members can trade currencies without relying on public exchanges.

  • DAPPs: Similar to Ethereum, ICON allows the creation of decentralized applications (DAPPs) through its Nexus Public Channel. These applications are available in ICON's DAPP store and can be used by anyone with a Citizen Node.

The ICON team

The success of a blockchain project often depends on its team. ICON's team is large and diverse, with over 50 members specializing in blockchain, AI, marketing, design, and security. Based in South Korea, a hub for cryptocurrency innovation, the team includes experts in blockchain technology, artificial intelligence, financial services, and software engineering.

Sunghwan Kim leads the AI department, bringing over a decade of experience in data analysis and development, with interests in natural language processing and data engineering. Gail Kang heads the marketing department, with extensive experience in branding across various industries.

ICON is supported by a team of advisors, including Don Tapscott, author of "Blockchain Revolution," and Jason Best, a crowdfunding expert. Other notable advisors include Yiseul Cho, with experience at Facebook and her own blockchain lab, along with Ismail Malik, Simon Seojoon Kim, Eddy Travia, Jehan Chu, and Paul Veradittakit.

The ICON foundation's council members, such as KJ Eee, JH Kim, Jay Kim, Hoon Lee, Min Kim, and Guido Schmitz-Krummacher, bring expertise in artificial intelligence, blockchain, information security, financial analysis, and entrepreneurship.