ICON is a decentralized network formed by various independent communities connected through blockchain. ICON has linked multiple societies, including those within banks, securities firms, insurance companies, hospitals, universities, and e-commerce platforms in South Korea. This enables the cross-sector use of decentralized application (DAPP) services such as blockchain IDs, payments, and transactions.

ICON is a blockchain project in South Korea that rivals Ethereum, often referred to as "South Koreas Ethereum."

Project Highlights

Decentralization
The goal of ICON is to achieve a distributed world. ICON is a decentralized network of independently governed communities with diverse governance structures. Anyone can create decentralized applications (DAPPS) and join the ICON network.

Usability
ICON aims to integrate blockchain technology into real-life applications. In South Korea, ICON has established the first blockchain consortium in the financial sector, including banks, securities, and insurance, as well as in healthcare, university communities, and e-commerce. Additionally, we are working on expanding the ICON network using our artificial intelligence software DaVinCI to find optimal conditions for growth.

Scalability
ICON can not only connect with various blockchains like Bitcoin and Ethereum but also conveniently link with blockchains based on real-world applications. ICON will combine virtual currency with everyday scenarios to create various business opportunities. This allows each enterprise to transcend its isolated environment and experience limitless expansion potential.

Use Cases

ICON has connected multiple societies, including those within banks, securities firms, insurance companies, hospitals, universities, and e-commerce platforms in South Korea. This enables the cross-sector use of decentralized application (DAPP) services such as blockchain IDs, payments, and transactions.

For example, a blockchain ID issued by a securities firm can be used for secure digital signatures in other sectors; digital currencies issued by hospitals can be used for payments and exchanges.

Blockchain ID
Blockchain IDs issued through smart contracts can be used for authentication and digital signatures across all real-world entities connected to ICON.

Payment & Exchange
The ICON wallet can perform real-time transfers, payments, and exchanges through a decentralized exchange (DEX), directly connecting with banks, securities firms, insurance companies, hospitals, universities, e-commerce platforms, and other real-world entities through the ICON network.

The ICON Token ICX

The ICX token is a digital asset protocol based on loopchain, facilitating, verifying, and executing agreements between parties within the ICON ecosystem.

Loopchain is a high-performance blockchain capable of providing real-time transactions based on enhanced smart contracts. This makes the ICX token a utility token for real-time payments on the ICON blockchain. The more successful the ICON blockchain becomes, the higher the demand for its ICX tokens. Higher demand for ICX tokens means the price is likely to increase.

How Does the ICON Network Work?

The ICON network consists of five components: Communities, Community Nodes (C-Nodes), Community Representatives (C-Reps), the ICON Republic, and Citizen Nodes. Connections are established through intra-community node connections, ICON representative node connections, community-ICON Republic connections, and inter-community connections.

A community is a network of nodes with a shared governance system. Financial institutions, governments, schools, e-commerce platforms, healthcare providers, Bitcoin, and Ethereum can all be considered communities. Each community has a different composition and size of nodes. Community nodes are key factors influencing consensus or decision-making within a community. These nodes can be utilized by individuals and organizations such as banks, brokers, insurance companies, schools, and government agencies. Node policies are determined by the members of each community. Community nodes are responsible for the governance and operation of the communitys blockchain. Community representatives are the unit representing a community and also a unit of governance within the ICON Republic. ICON representatives serve as connectors between different communities. They are elected by community representatives. The ICON Republic serves as a communication channel between decentralized communities and runs the Loop Fault Tolerance (LFT) consensus algorithm. Citizen Nodes are a component of the ICON Republic, through which regular ICON users connect to the network.

Communities and the ICON Republic are connected through ICONs decentralized exchange (DEX). The DEX provides exchange rates between communities and the ICON Republic, enabling real-time value exchange based on these rates. Connections between different communities are facilitated through the ICON Republic.

There are already hundreds of blockchain projects today, and many more will emerge in the future. Interoperability and connectivity between blockchains will become a necessity. It is expected that projects that successfully implement cross-chain functionality will achieve significant results. ICON seems poised to excel in interoperability between blockchains, but competition in this space is intense, with competitors like AION, Cosmos, and Polkadot.

Related Materials:

ICON Deep Dive Report Part 2: ICX Token Application and Valuation

https://medium.com/hx57chinese/icon-deep-dive-report-part-2-icx-token-application-and-valuation-c1038ccf50df