ICON is a decentralized blockchain network build out of South Korea with a vision to Hyper connect the world which in layman meaning implies connecting different communities, systems through a massive decentralized blockchain network. The ICON blockchain is called loopchain
ICON as explained above is a massive blockchain platform which provides following key functionalities on the platform
1. Decentralized Applicationa (DAPP) Support
ICON like ethereum has built a blockchain platform on which you can build any Decentralized APP. ICON might in future host ICOs for the DAPPs built on the ICON platform
2. Super Scalable
ICON is super scalable and works well with bitcoins and ethereum blockchain.Not just these public crypto block chains ICON works well with private business blockchains also. This means ICON can connect digital crypto world with real world blockchain use cases creating synergies which can lead to greater innovation.
3. Decentralised Network
ICON is a fully decentralised network which ensures network ensuring trust and seamless interaction between different networks and communities even though different blockchains can have different governance mechanisms.
4. Bringing blockchain to real life
ICON aims to bring blockchain solutions to real life problems. Focus of ICON is to solve real world problems with blockchain technology at scale . ICON alreadh has has a trusted artificial intelligence solution DAVinCI.
1.SCORE: The smart contract platform
2. Consensus Algorithm: A consensus algorithm named Loopchain Fault Tolerance (LFT) – which enables large transaction through put
3. Interchain Interoperability – different blockchains can be connected with the ICON Network
4. Multi-channel – transactions can be taken place on a channel basis by configuring separate channels for each task on a single blockchain network
5. Delegated proof of stake consensus algorithm for communities to ensure faster transaction
1. Open Source of loopchain
2.1st Developers meet-up
3. Partnership with major bank
4. Nexus testnet launch
1.Initial Coin offering and Listing of ICX
2. Financial investment consortium
3.Blockchain ID service open
4. Nexus Mainnet launch
5.U-coin pilot service open
6.Insurance: blockchain based auto-claim
pilot service open
7. DEX(Ethereum/ICX) launch
1.Public channel open
2. A.I. advisor launch
3. Expansion of DEX reserve pool to most of major cryptocurrencies
ICON is being developed and backed by consortium of organisations based out of Korea who have formed a ICON foundation based in Switzerland. Some of the key players behing ICON are as below
1) The Loop : Which helps build blockchain and smart contract platform
2) DAYLI Intelligence : Which brings Artificial intelligence capabilities in the form DAVinci to the table.