Introduction of ICON
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ICON Cryptocurrency (ICX) is a cryptocurrency network established in 2017 by a South Korean company. ICX is an associated cryptocurrency token or coin. ICON is actually a complete blockchain network, its purpose is to facilitate the connection and interaction of different blockchain software through the ICON network.
ICON is intended to serve as a kind of blockchain hub or connection point. The company fills an important need in the growing field of blockchain technology. One of the challenges in the widespread adoption of blockchain technology is that each different blockchain community uses its own network.
Therefore, the ability to connect different networks is a great advance in blockchain technology, which is often used as a security system for transferring and/or storing all kinds of data. One of the main tasks of ICON is to develop blockchain-based driving license through Decentralized Identity (DID) technology. In the current system, driver’s license information is stored on a central server, making it vulnerable to security leaks from cyberattacks and hacking. ICON’s goal is to create a decentralized system where individuals can keep their personal information on their phones or similar devices.
The beginning of ICON
ICON is a public blockchain platform using technology developed by the South Korean blockchain company ICONLOOP. The ICON platform is based on loopchain, the blockchain engine developed by ICONLOOP. Although the company has developed many enterprise blockchain solutions based on loopchain technology, it is important to note that ICON is a public blockchain network.
Although ICONLOOP provides technical support for the ICON project, the main company responsible for the development of the ICON public blockchain is the ICON Foundation, an organization based in Switzerland. The founder of the ICON project is Min Kim.
The project raised funds through an initial coin offering (ICO) in 2017, raising approximately $45 million from the sale of 50% of the initial ICX offering. During the ICO, ICX tokens sell for about $0.238 each.
ICX as an ERC-20 token on the Ethereum ETH platform, 5.09% during the development of the ICON mainnet. Version 1.0 of mainnet ICON was launched on January 24, 2018. The token change from ERC-20 ICX to mainnet ICX was completed on October 25, 2018.
How does ICON work?
Unlike Bitcoin and many other altcoins that came later, ICON does not rely on the mining process to get confirmation and create new blocks in the network. Instead, the ICON network relies on consensus agreements that help select which gateways should add new blocks to the blockchain. DPoC is a variant of Proof of Stake, which is considered to be more efficient and democratic than the original principle of Stake.
DPoS allows network participants, exchange nodes, vote and select representatives who should be the next person to create a block. Delegates are chosen by placing marks into a voting pool for delegates.
The ICON network has five main elements that make the network work smoothly. These sections are the Republic logo, the Community logo, the representatives of the country, the city mouth and the citizen mouth. The ICON network is supported by Loopchain, which is a large blockchain company with smart contract services. Loopchain provides integrated functionality of messaging between different economies and applications using Loop Fault Tolerance algorithm. ICON has its own IRC-16 token standard, which was first proposed in 2019, which allows network participants to offer security and tokenized assets.
