NEW LISTING: ABCC Exchange Lists ICX!
Sharing with you a brief overview of the ICON project- What they do and the utility of the ICX token
What is ICON trying to solve?
Protocol wars. Since the launch of Ethereum, many protocols have emerged to stake their claim of being the “best protocol” for projects and enterprises to build their blockchain products on.
However, little has been said about building a complete ecosystem of blockchain networks where blockchains become inter-operable. This is what project ICON is working to solve, by building a network where different blockchain with different consensus mechanisms and tokens can operate and interact with each other. Think of an ecosystem where the BTC and ETH network can co-exist. In essence, that is what the ICON project is trying to build.
Solution Provided By ICON- Inter-Connected Communities
ICON is planning on implementing blockchain solutions to industries such as finance, universities, health care and insurance. These industries are typically inefficient or handles highly sensitive personal data, and as such will benefit from implementing blockchain technology.
Each industry is referred to as a “Community” in the ecosystem and can be run based on their own consensus model. The community is represented by “C-Rep”, a component of governance in ICON Republic that is selected by the community themselves. The ICON republic functions as a communication channel between different communities, and its governance is determined by C-REP votes. However, ICON republic does not govern individual communities, and that is still left to the communities themselves.
NEXUS and Loopchain
The different blockchains of individual communities will be connected by NEXUS, a multi-channel blockchain comprised of light clients of the respective blockchains. NEXUS is powered by Loopchain, a high performance blockchain that provides real time transaction.
Loop Fault Tolerance(LFT) is the consensus mechanism of Loopchain. Under this model the nodes are separated under leader and validation nodes, whereby the validation nodes send to the leader node transactions that need to be executed, the leader node creates a block with the transactions and sends the block to all the verification nodes with its own signature. This presents a solution to the scalability and speed issue that many blockchain ecosystems face.
Tokenomics- Essential points about ICX Token
The ICX token is primarily used to transfer value from one community to another. This is done through the Decentralized Exchange (DEX) provided by ICON, and the exchange rate is determined through reserve based on the Bancor Protocol. The price of the ICX token is calculated as follows according to the ICON Whitepaper:
An example of how this works is as follows: If you purchase ICX with ETH via the DEX, the reserve balance of ETH will increase, and the ICX volume will decrease, leading to an increase in the ICX price. Conversely the opposite will happen if you sell ICX for ETH. For more details, please refer to the ICON Whitepaper.
In addition to the transfer of value utility, the ICX token is used to pay for transaction fees in the network as well.
ICON Team and Roadmap
The ICON team comprises of 136 members in total, with foundation council members that have strong prior experience working in the financial and technology industry. Complementing this team is a strong group of advisors, most notably Don Tapscoott, author of the best-selling bock “Blockchain Revolution”. Don established the Blockchain Research Institute in 2017 as well, a think-tank dedicated to finding opportunities by using blockchain.
The team has achieved a significant portion of their roadmap, and you can find the exact details here.
In Summary
While the goal of ICON is an ambitious one, they have proven that action has been taken to achieve this vision of theirs. Interoperability of blockchains has been something the market is in strong need of. With a strong team and a clear vision, the development of this project is something to be looked forward to.
Disclaimer: The above article is a brief overview of the ICON project and is in no way an endorsement of ICON from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
How Do I Purchase ICX Tokens?
You can now trade ICX tokens on the ICX/USDT trading pair here.
In addition, to celebrate the ICX Mainnet swap, we are giving away up to 3,000 USDT! The more you trade, the more you will win! For more details of this campaign, please refer to this announcement.
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