ICON is a blockchain project from Korea and is often compared to big projects like NEO and Ethereum. The ICON wants to bring about the construction of the largest distribution network in the world with the slogan “World Hyperlink”.
To do this, the ICON development team is building a vast platform that allows different blockchains to interact with each other through smart contracts. Communities will connect to each other using ICON’s loop chain technology. The ultimate goal of ICON is to provide a platform for industries from finance, security, insurance, healthcare, education and commerce and more to coexist and transact on a single network.
ICON has been in development for more than 4 years, and was founded by Dayli Financial Group, a Korean Fintech company worth over US $ 4 billion and owns the Coinone exchange.
Team
ICON project was founded and developed by Dayli Financial Group – a financial group in Korea and also the owner of the Korean giant exchange Coinone. ICON’s development team is quite strong and continues to grow with about 50 members in charge of 3 main areas: blockchain, AI and marketing, design and security. All ICON team members are experts with years of experience in blockchain technology, financial services, artificial intelligence, and some of them are software engineering engineers.
Founding members of the project include KJ Eee, JH Kim, Jay Kim, Hoon Lee, Min Kim and Guido Schmitz-Krummacher. They all have extensive experience in artificial intelligence, blockchain, data security, financial analysis, and corporate collaboration.
In addition, the ICON development team also received advice from 8 independent experts. Inside:
Don Tapscott – a business manager in Canada, he has built his career in promoting technology innovation and adoption.
Jason Best – a leading organizer of the crowdfunding of Forbes magazine.
How does the ICON platform work?
ICON’s platform can be understood as a blockchain of blockchains, an independently controlled system that operates based on its own rules that allow blockchains operating on its platform to work and link with together. Blockchains that operate on ICON’s platform naturally follow the same rules, though they still have the autonomy to run their own blockchain.
These blockchains will link together through a common network called the Nexus, and at the same time, have the same voting rights on this network. To trade with each other, these blockchains will use the system’s coin, the ICX token. Each node has equal rights and is able to make comments about the adjustment of ICX transaction fees. The representative of this community is C-rep and it also gets ICX tokens for maintaining the common network.
Basic information of ICX
Symbol: ICX
Blockchain: ICON
Algorithm: Loop Fault Tolerance (LFT)
Token Type: Coin
Average time to create block: Not determined.
Average time of trading: 9000 TPS
Token standards: IRC2, IRC3 & IRC16.
Total supply: 800,460,000 ICX
Circulation: 473,406,687 ICX
Salient Features of ICON (ICX)
Smart contracts: Blockchain IDs are issued through smart contracts for verification in all communities. Opening a new ID only takes a few seconds and can get a discount.
Payments and transactions: Based on the real-time Wallet trading, payment and currency exchange platform via DEX (decentralized exchange), you can use ICX with community networks such as banks, securities, insurance, university, …
Availability: ICON uses Blockchain technology to build practical applications for communities.
Scalability: ICON is compatible with blockchains like Bitcoin or Ethereum, and all other third-party Blockchain networks connected to the real world. ICON connects the virtual world with the real world to inspire new business connectivity possibilities.
Decentralization: ICON is a decentralized world that possesses free communities. This decentralized network has different governance structures for connecting and interacting. ICON is not limited to anyone. ICON network users by creating a new DAPP with independent administration.
Where to create wallet to store ICX?
Before, when the Mainnet was not launched, the ICX coin was still an ERC-20 Token and you can store ICX on ETH wallets that support ERC20, but currently, ICON has run the mainnet and operates on a separate blockchain, and the group developer also launched its own wallet platform for ICX coin. You can create an ICX coin wallet on ICONex – this is the official wallet of the ICON project; it is a Chrome extension.
In addition, if you regularly trade and buy ICON coins, you can store them at the wallet of the exchange for convenience, but of course, the wallet will not be as safe as a separate wallet, if you have long-term storage and do not need frequent trading, you should use a separate wallet.
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