ICON is a decentralized blockchain network designed to facilitate interoperability between different blockchains, allowing them to interact and communicate with one another. The goal of ICON is to create a more accessible and scalable blockchain ecosystem by connecting various independent networks, thus fostering a seamless and efficient exchange of value and information. In this comprehensive guide, we will delve into the origins, features, and future prospects of ICON cryptocurrency.
Origins and Development of ICON
ICON was created by a South Korean company called the ICON Foundation, which was founded in 2017 by a team of experienced professionals with diverse backgrounds in blockchain, artificial intelligence, and financial technology. The initial coin offering (ICO) for ICON’s native token, ICX, was held in September 2017, raising approximately $45 million.
The ICON project is based on the loopchain, a high-performance blockchain engine developed by the ICON Foundation’s technology partner, theloop. The loopchain was designed to be highly scalable, secure, and compatible with various blockchain consensus algorithms, making it an ideal foundation for the ICON network.
ICON’s Key Features and Components
ICON comprises several key components that work together to enable cross-chain communication and the creation of decentralized applications (dApps). These components include:
a) The ICON Republic: The ICON Republic is a decentralized governance system that oversees the ICON network. It consists of interconnected blockchain communities, called C-Nodes (Community Nodes), that operate independently but are connected to the ICON Republic via the ICON Nexus. The ICON Republic uses a decentralized decision-making process called Delegated Proof of Contribution (DPoC) to reach consensus on network-wide decisions.
b) C-Rep (Community Representative): Each blockchain community within the ICON Republic elects a C-Rep to represent its interests and participate in the governance of the ICON network. C-Reps are responsible for proposing and voting on policies and decisions that affect the entire ICON ecosystem.