Icon (ICX) is designed in a way that it can scale up as a massive ecosystem and thus allow different blockchains connecting to one another through their protocol. This can be a huge opportunity for universities, banks, hospitals and other enterprises to create private blockchains and be able to share information through ICON’s online ledger. The prime motive of Icon is to connect the real world to the crypto technologies.
What is ICX
Unlike the other public ledger blockchains such as Bitcoin, Neo, and Ethereum, Icon is very different aims to bridge the gap between the real-world entities and the crypto technologies and it thus uses a dissimilar blockchain at the protocol level. The icon is based on a loop chain, a distributed ledger aimed at providing individual blockchain solutions based on the industry requirements. Loop chain already has several strong partnerships in the insurance industry for providing automated insurance claims and payments. The partnerships with financial institutions allow it to offer services including a common authentication system and a settlement system without any intermediate agency.
An ICX token is a utility token that can be spent to make a transaction within the Icon ecosystem. They exist as a token on the Ethereum blockchain as an ERC-20 token and can be used as currency for ICON based ICOs in the future.
Technology behind ICX
Icon uses LFT or Loop Fault Tolerant consensus algorithm which is based on Byzantine Fault Tolerance and is an improved version of it. This helps it ensure faster verification and also nulls the possibility of forks within the network. LFT brings in support for faster consensus by creating a group among the trusted nodes and LFT can also accommodate a very diverse consensus structure by allowing the groups or nodes to determine the number of votes.
ICON is not limited in terms of the scalability to public blockchains, even private and interchain blockchain networks are made possible using ICON. The protocol works by making Icon as the center of the differently connected blockchains to build a more scalable network. There is a transparent governance system and Artificial Intelligence guided incentive system at the core of ICON’s network. The C-Reps and Nodes will actively contribute to the ICON network through mutual trust earned within the system.
26 Korean security firms have launched the Korea Financial Investment Blockchain Consortium which is the largest blockchain organization and in 2014 Icon was successful in launching the world’s first enterprise blockchain service as the “Chain ID” that prevents ID theft. The company is also working on automated clearing and settlement mechanism which is expected to go live this year. We’ve also seen a consortium of top insurance companies use the loop chain service to create an automated insurance claiming process. Talking about the banks, Icon network banks are developing a pre-paid digital payment system which aims at implementing digital management for transfer and withdrawals.
Few major South Korean universities have also implemented U-coin which is the first blockchain cryptocurrency platform to be used by them, this enables the Students to use cryptocurrency at the Smart Vending machines for daily use payments.
Why should you invest in ICX?
There are three major reasons that set ICX apart from rest of the cryptocurrencies and these are the major reason why you should consider investing in them.
Helps connects complete economies.
Almost every other blockchain implementation for a digital currency or protocol aims at connecting specific communities, Icon, on the other hand, is perhaps the only crypto that aims at connecting entire economies by harvesting the power of blockchain. This helps connect banks, hospitals, insurance companies and almost any industry can create their own blockchain which is then connected to the Icon blockchain. It creates massive opportunities for corporations to implement blockchain to improve efficiency and security and we have already started seeing several companies in South Korea adopting Icon(ICX).
Allows inter-blockchain communication
Icon not only allows corporations to create their own blockchain but also allows these blockchains to connect with each other to communicate within themselves. This creates a mesh wherein all the participants of the economy can communicate with each other. This has the potential to turn ICX into a utility that runs the economies powered by Icon.
Traction gained in South Korea
As we talked above, Icon is gaining a lot of traction in South Korea which is one of the global leaders in the crypto market. The Icon ICX coin has already been adopted by several South Korean companies and this high rate of adoption is expected to drive investor interest in the coin which has the potential to further bump up the value of the coin. The trading volumes are huge right now which is a sign of keen interest from the investor’s end.
Things to know about ICX
- Protocol to interlink blockchains.
- Provides inter-blockchain communication.
- On the rise in South Korea, one of the major Crypto markets.
- Connects multiple economies.
- Helps corporations create their own blockchains.