Updated: Dec 20, 2019
ICON is a decentralized network, which is more than just a blockchain. It is built to effectively connect the world’s blockchains, and bring some consistency to the crypto industry. This project is meant to solve the large-scale compatibility issues, the current variety of blockchain harbors. ICON’s token is traded under the ICX symbol.
This guide will talk about what ICON is designed for, the team behind it, the way it works, and various uses and applications.
What Is ICON Designed For?
Project ICON, according to its website, is intended to ‘hyper connect’ the world by creating one of the largest decentralized networks, on a global level. The team is currently building a massive platform, which allows various blockchains to interact with each other, using smart contracts.
The end game of this platform is to provide a space where players from security, financial, insurance, educational, healthcare, and commerce industries can go beyond simply coexisting to begin transacting on a single network.
Who Is the Team Behind ICON?
ICON was founded by Dayli Financial Group, a Korean Fintech company, in 2016. Dayli Financial is valued at $4 billion and also owns the popular Korean exchange Coinone. The team behind the project is replete with individuals from across the business including, A.I., engineering, blockchain, and marketing industries.
ICON advisors include Jason Best, who is part of Forbes list of top 10 crowdfunding organizers and Don Tapscott, a business executive who has fostered numerous technological innovations and adoptions. Jehan Chu, who co-founded the Bitcoin Association of Hong Kong (2014) and founded the Hyperledger HK community (2016), is also part of the advisory team.
How Does ICON Work?
ICON uses its loop chain platform to create an ecosystem of blockchain technologies, connected through the ICON Republic. ICON Republic exists within the network, and functions as the governing head for a federation of individual and independent blockchain bodies.
Communities at large are linked to the Republic through community representatives (C-Reps). This connects to Nexus, which is a loop chain-based blockchain underpinning the ICON Republic. C-Reps essentially act as Portals for various communities to interact with Nexus. By extension, all communities within the framework are connected through the ICON Republic.
ICON communities can best be explained as an individual blockchain or protocol that has its governing system. C-Nodes are responsible for maintaining and governing their individual community’s blockchain and building the infrastructure of each community.
Blockchains using ICON can exchange currencies by using the platform’s decentralized exchange (DEX).
What are Current and Future Applications of ICON?
ICX is primarily used on the ICON DEX, allowing communities to exchange value. There are more than 28 exchanges that list ICX, such as Binance, OKEx, Huobi and more. The coin is paired with major cryptocurrencies such as BTC, ETH, and USDT.
The native ICON wallet was launched in 2018, called the ICONex, which claims more secure payments, faster transactions, and liquid exchange across multiple cryptocurrencies.
ICON can be used towards the creation of varied types of Dapps. Some notable names in the Dapp ecosystem of ICON include:
This decentralized ecosystem for the self-employed empowers the global freelance community by offering the largest worker-centric decentralized ecosystem
weBloc is a tokenized advertising alliance protocol, which aims to shift the center of the advertising ecosystem from advertisers to users
This platform connects customers and companies through a mutually beneficial ecosystem
This decentralized data exchange platform seeks to solve problems faced by users, apps, and data consumers
Mecacoin is the most innovative blockchain casino platform, where players are integrated as nodes
This is a decentralized online travel agency platform, which has revolutionized the existing OTA (Online Travel Agency) process
ICON is working with several influential blockchain partners that range from cryptocurrency-focused venture capitalists, law firms, and global accelerators, including Pantera, Kenetic Capital, Token-as-a-Service, Coinsilium, CM Crypto Capital, and Mind Fund among others.
BIA (Blockchain Interoperability Alliance) is a notable alliance among ICON, AION, and Wanchain. The various organizations have collaborated to develop inter-operational standards, for interchain network and protocol architectures.
ICX currently has a market capitalization of $1.2 billion, which seems paltry in comparison with $140 billion of the market leader, Bitcoin. However, the cryptocurrency has the potential to lay the foundation for future interoperability among various blockchains, to truly connect the existing fragmented industry.
If ICON is successful in achieving its stated objectives and targets, it would truly result in a ‘hyperconnected world’.