. What is ICON (ICX)? Here is the Crypto Currency ICX Coin in All Details – In this article, What is ICON (ICX)? We will answer the question and try to present details about the project.
What is ICON (ICX)?
The ICON project wants to “Hyperlink the World” by “building one of the largest decentralized networks in the world.”
To do this, the team is building a huge platform that allows various blockchains to interact with each other through smart contracts. The communities that exist within the developers’ ICON Republic brand connect with each other using the loop-chain technology of projects. The goal is to provide a platform where players from the gaming, finance, security, insurance, healthcare, education and business sectors can coexist and trade in a single network.
ICON has been in development for two years. It was founded by Dayli Financial Group, a Korean Fintech company worth $ 4 billion and also owns the popular Korean exchange Coinone.
How Does ICON Work?
Using the loop chain platform, ICON connects an ecosystem of blockchain communities through ICON Republic. As the name suggests, Republic functions as the executive chairman of a federation of otherwise independent blockchain bodies. You can picture the ICON Republic as the United States, with each ICON community representing a state.
Communities are largely linked to Republic through community representatives (C-Reps) connected to Nexus, the loop chain-based blockchain that forms the basis of the ICON Republic. C-Reps act as Portal for communities to interact with other communities through the Nexus and, accordingly, the ICON Republic. Blockchains using ICON can exchange currency using the platform’s decentralized exchange (DEX).
ICON Communities
Simply put, an ICON Community is an individual blockchain or protocol with its own management system. Community nodes (C-nodes) form the infrastructure of every community. C-Nodes are responsible for managing and maintaining their community’s blockchain. Each community operates according to its own rules and its own consensus algorithm, meaning the project itself has no control over how community members run their programs outside of ICON Republic.
Citizen nodes are gateways for the average individual to connect to ICON’s network. You can use these nodes to create transactions and use DAPPs. However, they do not have the governing power in local blockchain communities nor across the ICON Republic.
C-Reps function as elected officials for their community. Each community chooses its own representative, and each C-Representative is responsible for managing issues such as transaction verification and others within the ICON Republic.
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