How to Hyperconnect the Blockchain Universe! 9 Things You Didn’t Know About ICON (ICX)


Hey guys, I’m Angelo & welcome back to Crypto
Coin Consultants.
Despite its fast & prominent rise to success,
there are still many people out there who
don’t really understand ICON’s technology,
and that’s what I’ll be discussing with you
today.
Here are 9 things you didn’t know about ICON.
But first, answer this quiz question: which
multi-billion dollar South Korean company
is responsible for founding ICON?
Samsung, LG Electronics, SK Group, or Dayli
Financial Group?
Let us know what you think the right answer
is in the comments section below, and stay
tuned to find out the right answer!
Number 9: What is ICON?
ICON is a platform aimed at building one of
the world’s largest decentralized networks
by creating an ecosystem in which independent
blockchains can connect and interact with
one another through smart contracts.
A major component of ICON’s vision to “Hyperconnect
the World” with its loopchain technology.
It will allow communities that exist within
what the developers have dubbed the “ICON
Republic” to seamlessly connect with each
other.
Number 8: Why was ICON Created?
A simple answer would be that ICON was created
to connect.
Their aim is to revolutionize the way members
work within communities, but also the way
in which communities work with each other.
It was created as a way of breaking down the
various boundaries that are characteristic
of current systems, and allowing blockchains
with their own systems of governance to transact
with one another without intermediaries.
ICON’s main goal is to offer a platform
where interested parties from healthcare,
education, insurance, security, financial
industries, and others can coexist and interact
on a single network.
Number 7: What are the Components of the ICON
Network?
In order to understand how the decentralized
“hyperconnectivity” in ICON works, it’s
important to first identify the different
components that exist within the network.
In simple terms, a Community within ICON is
a protocol or an individual blockchain that
has its own governing system.
The infrastructure of each community is made
up of Community Nodes (or C-Nodes), the policies
of which are determined by members of each
Community.
C-Reps, short for Community Representatives,
act like elected officials for their communities,
and are a governance component within the
ICON Republic, with voting rights for matters
like transaction verification and others.
Citizen Nodes are also components of the ICON
Republic.
Through dapps created on the loopchain, anyone
can participate as a Citizen Node.
However, they don’t have voting rights and
can only create transactions.
The ICON Republic is the connector for all
the different communities, and it doesn’t
involve itself in their governance, as they’re
free to make their own rules and choose their
own consensus algorithms.
Think of the ICON Republic as a hub accommodating
the independent communities coexisting on
ICON’s platform.
Outside of it, the platform has no control
over how these communities conduct their programs.
Number 6: How Does ICON Work?
Portals are nodes that allow C-Reps to connect
to ICON’s Nexus, which is a loop-based blockchain.
Portals connect through the Blockchain Transmission
Protocol, or BTP, which ensures that the connected
independent blockchains can easily transact
with one another.
Think of BTP as being similar to the standard
TCP/IP protocol that connects the world to
the internet.
Different computers around the world are connected
to networks that, in turn, are connected to
the Internet, which can be regarded as a “network
of networks.”
BTP ensures independent governance and only
makes mutual connections when needed.
Even though each blockchain is free to have
its own design and consensus algorithm, consensus
in Nexus and the ICON Republic is based on
Loop Fault Tolerance, or LFT.
As a multi-channel blockchain, Nexus also
features a Representative Channel, where each
Portal, as the C-Rep of its community, will
have voting rights on proposed operational
policies.
ICX (ICON’s native token), is embedded in
Nexus and will be used by interconnected blockchains
to transfer values between them.
Nexus also has reserve channels that allow
anyone to issue bonds and purchase ICX issued
from Nexus.
Notary Channels are what process BTP.
Nexus’ Public Channel will be open to anyone
who wants to participate in ICX transactions
as well to those who want to use or create
different dapps.
Citizen Nodes will be able to download and
use these dapps from ICON’s DAPP store.
Nodes on the Public Channel will be divided
into Light-Client based nodes—which can
register and confirm transactions—and Full
Nodes, which are tasked with validating transactions.
Number 5: What is Loop Fault Tolerance?
As I mentioned earlier, ICON uses its own
Loop Fault Tolerance consensus algorithm,
which is based on the Byzantine Fault Tolerance
(BFT) consensus algorithm.
If you’re unfamiliar with BFT, all you need
to know is that it achieves consensus by voting
for the validation of data and sharing the
results.
LFT on the other hand (or Loop Fault Tolerance)
ensures finality, thus removing the possibility
of network forks.
It also promotes faster consensus by creating
a group among trusted nodes, and it can also
allow said groups to freely determine the
number of votes.
LFT is an improved version of BFT, which,
much like the algorithm it’s based upon, can
be divided into leader nodes and validation
nodes.
Initially, validation nodes transfer the transactions,
which are about to be executed to the leader
node.
The leader node will then create a block from
the collected transactions, sign it, and transfer
it to all other verification nodes.
After each of the verification nodes receives
the block, they must 1) confirm the creation
of the block, 2) check if the block level
and the prior hash are correct, and 3) validate
the block data.
If all three steps are correct, “vote data”
is created and transmitted to every node.
There is still much to be said about LFT and
you can discover further information about
the consensus process by checking out the
LFT whitepaper provided by ICON…if you’ve
got the technical chops.
Number 4: SCORE
SCORE (short for Smart Contract on Reliable
Environment) indicates Smart Contracts provided
by a loopchain.
SCORE doesn’t run on a separate Virtual
Machine.
Instead, it runs directly in real runtime
based on a container separated from the blockchain
process.
This means that even if there’s an issue
with Smart Contracts, the basic blockchain
can still operate within set parameters.
SCORE also has a repository feature for versioning,
which basically means that it doesn’t require
data migration with each update, thus making
the process quicker & easier.
Number 3: The ICON DEX?
In the interest of taking connectivity even
further, ICON also boasts its own decentralized
exchange, or DEX.
DEX enables automated, anonymous, and trustless
transactions that are free from hacking and
server breakdowns.
It’s a bold description, but not one without
solid grounds to their claims.
Through DEX, ICON Communities will have another
gateway of connecting to the ICON Republic,
in addition to the C-Rep portals.
DEX will set currency reserves for each blockchain
community, thus allowing for the real-time
exchange of value within the ICON Republic,
using its coin ICX as the intermediary currency.
ICON’s reserve means that community members
will be able to trade currencies without using
public exchanges.
Blockchains connected to the ICON Republic
will be able to engage in trades and transactions,
and exchange rates will be set by DEX using
an Artificial Intelligence Analysis Model.
Number 2: Artificial Intelligence in ICON?
The AI Analysis Model is one of the key features
within its DEX, and it can be established
based on accumulated information, like transaction
frequency, total call volume, or the price
involved in different cryptocurrency transactions.
Not only can AI be used to manage exchange
rates and reserve values, but it also determines
the ICON Incentives Scoring System (or IISS
for short).
Each network node’s contribution will be rewarded
with an amount of ICX calculated through IISS
based on factors like the node’s frozen
ICX, C-Rep status, ICX exchange volume, ICX
exchange value of the whole community, or
ICX volume traded through their DEX.
Number 1: Who is behind ICON?
ICON has an extensive team behind it comprised
of experts from various fields such as engineering,
blockchain, AI, and marketing industries.
Advisors include Jason Best, a Forbes top
10 crowdfunding organizer, and Don Tapscott,
a Canadian business executive with extensive
experience in technological innovation and
adoption.
Don Tapscott co-authored the international
best-seller Blockchain Revolution with his
son, Alex Tapscott, and has been named one
of the world’s most important business thinkers.
Through a Korea-based company called “theloop,”
ICON has established itself as a dominant
market leader in Korea.
Theloop is in charge of ICON Nexus development
and its smart contracts.
ICON is also connected with the ICON Foundation,
a non-profit organization based in Switzerland.
DAVinCI LABS is providing ICON’s AI analytics
solution, but may also serve other functions
such as credit scoring, fraud detection, & underwriting.
So which multi-billion dollar South Korean
company is responsible for founding ICON?
Well I’ll let you know right now that all
companies listed here have the financial power
to fund, operate, and sustain such a blockchain
project, and all of them are involved—to
one degree or another—with technological
innovations.
Nevertheless, ICON was founded by the Dayli
Financial Group, a South Korean Fintech company
that owns Coinone, a popular Korean exchange,
and which has been valued at around $4 billion.
KJ Eee is the company’s CEO, and he’s responsible
for developing ‘SUHOSHIN’, Korea’s first
firewall.

6 Comments

Add a Comment

Your email address will not be published. Required fields are marked *