ICON set to explode after team finally completes and unveils new consensus algorithm!
ICON set to explode after team finally completes and unveils new consensus algorithm!

By Writerblock | FairMoney | 9 Apr 2020


What is ICON?

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ICON is South Korea's pride and glory cryptocurrency project and is a blockchain focussed on interoperability, making the interaction between independent blockchains possible using its "blockchain transmission protocol". With its unique technology, it allows the crypto ecosystem to develop new use-cases cross-chain.

By implementing a general-purpose blockchain protocol, called ICON Network, developers can :

  • run smart contracts;
  • adopt BFT-DPoS (Delegated Proof-of-Stake) consensus protocol;
  • use DPoC (Delegated Proof-of-Contribution) economic-governance protocol;

all based upon ICON's native cryptocurrency ICX.

The ICON Network is already comprised of several institutions:

  • financial institutions;
  • insurance companies;
  • hospitals;
  • universities,...

ICON runs on its own engine called "loopchain" and can manage hundreds of transactions per second. Loopchain was developed by ICONLOOP, responsible for the government's and enterprises' adoption of loopchain in South Korea. Loopchain is the Seoul Metropolitan Government's standard blockchain platform.

South Korea pushes blockchain and ICON unveils its new consensus algorithm Loop Fault Tolerance 2.0

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ICON unleashes its new consensus algorithm, Loop Fault Tolerance 2.0, today on April 8, without any security compromises.

The new algorithm offers improvements in scalability and network bandwidth and replaces the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm.

The South Korean team achieved a milestone and is now frontrunning EOS and Cosmos, which both still use PFBT-algorithms. ICOn's LFT 2.0 results in several improvements:

  • faster voting;
  • reduction in network latency.

With the direct involvement of the Korean Advanced Institute of Science and Technology (KAIST), ICON can rely on an independent audit performed by a highly renowned team of KAIST.

ICON's mission: hyperconnect the world.

The ICON project build on mankind's technological innovation of human connection, which evolved from postal services to telephones, wireless communication and now the internet of things which converges all the above innovations into one platform.

The streamlining of all these services still runs on centralized entities which all take a fee. ICON aims to reduce the fees by eliminating the intermediaries.

ICON works together with several partners:

  • BIA: Blockchain Interoperability Alliance;
  • icon.community: a strategic community of ICON project;
  • PANTERA: investment firm focused on ventures, tokens, and projects related to blockchain technology;
  • Kenetic Capital: Hong Kong-based investor;
  • Token-as-a)Service: tokenized closed-end-fund;
  • Coinsilium: provider of capital to developers of blockchain technology and fintech;
  • CM Crypto Capital: CMCC is a leading blockchain investment fund;
  • MIND FUND: Venture capital company;
  • Hashed: SOuth Korean blockchain industry network;
  • CRYPTO BAZAR: largest Russian-speaking community;
  • CertiK: smart contract auditing firm;
  • Portal Network: provider of Blockchain Name Service standards;
  • Tribe: first blockchain accelerator backed by ENterprise Singapore;
  • LayerX: a Japanese joint venture between news curation app, Gunosy and advisory service, AnyPay;
  • MME: professional business advisory firm for Swiss legal and tax issues.


Writerblock
Writerblock

I love writing about cryptocurrencies and movies.


FairMoney
FairMoney

In this blog, I address the challenges to our current monetary system, money and the transition to digital money like cryptocurrencies and stable(-fiat)coins.

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