Posted on April 2, 2018
ICON is an interchain blockchain technology that aims to link several various blockchains such as, Bitcoin and Ethereum into one simple platform through smart contracts. The mission objective of ICON is to “hyperconnect the world” in building one of the largest decentralized networks in the world centered around financial institutions, universities, healthcare and big businesses.
ICON constitutes a network where various blockchain-based independent Communities are connected via C-Rep (Community Representative) to form a greater community, or ICON Republic. In basic ICON architecture, Nexus supports ICON Republic while Portals support C-Reps allowing blockchains to be connected to Nexus so that tokens can be transferred with speed and trust. A Nexus can connect to another Nexus, and this allows blockchain networks to scale and expand in diverse ways.
BTP (Blockchain Transmission Protocol) is a protocol to connect transactions among blockchains that are linked to Nexus. It is through the Notary channels in Nexus that the Transmitter blockchain transfers the transactions to the Receiver blockchain.
– Existing blockchains can join the ICON Republic, regardless of what blockchain they were built on.
– New blockchains don’t have to be built on ICON to join the network
– Each blockchain connected to ICON keeps its own governance, independently of what others on the network do
– Since all the blockchains only connect to each other when they want to transfer funds to one another, activities on one blockchain doesn’t create lag for the entire network
– Since ICON is very focused on connecting Communities in South Korea at the moment, a competitor with a wider focus could gain adoption faster
– The C-Reps decide on the inflation of the token, up to 20%. This could potentially hurt ICX’s value if demand doesn’t outpace supply.
– All interactions within a Community do not require the ICX coin, so even a very large partnership could have little long term affect on the value of ICX tokens.
The live network will be up on January 24th, 2018. The testnet has been up since Q3 2017.
January 24th, 2018:
– Release of the Nexus Mainnet
– V2 version (representation channel open, public channel open, AI advisor launch)
– 2nd Developers meet-up
-Expansion of DEX reserve pool to most of major cryptocurrencies
-Expansion of partnership with blockchain net works
– 3rd Developers meet-up
– U-coin expansion: 10 universities
– Financial investment consortium: second service launch
ICON essentially aims for a decentralized governance. Each blockchain connected to Nexus holds its own governance, and Nexus progresses discussions with an equal level of representation on behalf of each independent blockchain like an indirect democracy. To this end, Nexus also includes Representation channels to propose policies and cast votes, Reserve channel to issue and manage ICX, in addition to Notary channels to process BTP.
Other Interconnectivity blockchains include: AION, Cosmos and PolkaDot
ICON is in partnership with many Korean universities, banks, financial services companies, insurance companies and credit card companies.
ICX is mainly traded on Binance and Huobi.
ICON is a blockchain layer.
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Jan-18-2018: 8.42 USD
Dec-2017: 1.35 USD
Oct-27-2017: 0.41 USD
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations