Protocol Interconnecting Multiple Blockchains by Looping Data.
The ICON Platform is dedicated to developing a decentralized network that will allow for blockchains based on various algorithms to conduct transactions across platforms without intermediaries. They will accomplish this by validating transactions by means of a ledger that is regulated and maintained within the community network itself. This will eliminate the possibility of control by a centralized authority. In this way, they hope that anyone will now be able to create a new blockchain project and join the network. Likewise, new blockchain projects could also connect with existing platforms thereby creating what ICON has termed a “blockchain multiverse”.
ICON Platform’s Objectives
One of the major benefits of creating a decentralized this approach is the reduction of intermediaries involved. This in turn will highly reduce the transaction fees incurred. Moreover, decentralization will also enable self-governance and independence within the network community, as they will no longer be subjected to the policies and protocols of a centralized third-party organization. In so doing, the ICON Network will provide the framework for each community to autonomously set the parameters of their platform according to their specific needs, while still enabling them to freely interact with other communities, should they wish to do so.
The ICON Platform aims accomplish this by eradicating the various boundaries that currently exist in the centralized system, such as those of time and locality. By doing so, they will allow for real-time transactions between communities based in different locations across the globe.
ICON Platform’s Operating Concept
In order for this concept to be actualized effectively, ICON proceeded with the mission to create a protocol, or cryptocurrency, to be actively utilized in the real world within and between actual communities. There were three considerations when designing of the ICON Network, namely:
Components of the ICON Platform
A network of nodes with a shared, autonomous system of governance, such as financial institutions, healthcare systems, governments, e-commerce platforms and cryptocurrencies.
(Community Node): the founding principals of an autonomous network community that impacts their method of governance. C-Nodes can be implemented by either individuals or organizations (banks, brokers, insurers, schools, governments, etc.) Node policies are according to the needs and specifications as defined by the members of each community.
- C-Rep (Community Representative):
The governing component of a network community operating within the ICON Republic.
- ICON Republic:
The connector of different communities, comprising of C-Reps, and other Citizen Nodes. C-Rep votes define the way in which the ICON Republic is governed.
- Citizen Node:
Functionaing unit within the ICON Republic. Registration as a Citizen Node is available to everyone through DAPPs created on loopchain. However, Citizen Nodes are restricted in that they are only able to initiate transactions on the platform. They are do not possess any voting rights.
Forms of Connection Between Nodes
- Within a Single Community:
Communities can join or create a customized blockchain based on their specific requirements by utilizing different consensus algorithms on a variety of blockchains.
- Within ICON Republic:
ICON Republic is based on loopchain and is designed as an inclusive platform that is not simply limited to the framework of the crypto world, but rather extends into mainstream use as well. It accomplishes this through applying consensus algorithms that permits for transactions to be processed in real-time. While communities are restricted to their individual blockchains, the greater ICON Republic operates on a LFT (Loop Fault Tolerance) consensus algorithm which allows for various communities to interact with each other across their various platforms.
- Between Communities and ICON Republic:
Each community is connected to ICON Republic in real-time by means of DEX (Decentralized Exchange). DEX is responsible for calculating currency reserves and exchange ratios between each community and the ICON Republic. In so doing, it enables for exchange values to be transacted in real time according to that ratio. When communities are unable to reach a real-time consensus in real time (e.g. Bitcoin, Ethereum, and Ethereum-based Cryptocurrency), then the transaction is suspended until the consensus is completed.
- Connection between different Communities:
ICON Republic is connected to each community in real-time through DEX (Decentralized Exchange), while C-Node is also connected in real-time to other C-Nodes in different Communities via C-Rep and ICON Republic on the basis of ICX. This allows for communities to connect with each other in real-time as well.
ICON Platform’s Operating Structures
Each community is autonomous and is subject to the specifications outlined by its own nodes and choice of blockchain. At the outset, nodes vote in order to determine the consensus algorithm, consensus-participating Node, and operation of a cryptocurrency within their community.
- ICON Republic:
ICON Republic’s governance is based on the consensus votes C-Reps from the various network communities. ICON Republic’s scope of governance is limited to its own framework. However, while it cannot impact the governance of other communities, it is responsible for the issuance and rewards policies of the ICON Exchange Token (“ICX”)
ICON Platform’s Implementation
The ICON Platform is based on the loopchain, which is a blockchain technology developed by theloop. Loopchain is the first inter-blockchain service that has been launched and operates via a BSI-based authentication system. This method allows for direct authentication, as well as both the generation and verification of digital signatures independently of further intermediaries. It was developed in South Korea and many speculate that it is set to become the largest and most influential blockchain in the country, as ICON is already involved in the process of implementing their blockchain technology in various industry communities made up of reputable institutions, including capital markets, insurance, university, and healthcare.
Some of the communities that are already undergoing development on this platform include the ‘Korea Financial Investment Blockchain Consortium,’ which is a blockchain-based conglomeration of 25 securities firms, as well as the ‘Precision Medical Hospital Information System (P-HIS)’ which is focused on developing a platform to securely share and distribute medical data between various medical institutions. This company ultimately hopes to expand this platform to an international level by linking various global networks.
Post-ICO Achievements to Date
Since the completion of its ICO on 20 Sep. 2017, ICON has made impressive progress with its endeavors. On 31 Oct. 2017, it launched ‘Chain ID’, which is a platform that aims to promote heightened online banking security through its blockchain identification service. Customers who are issued a Chain ID identification certificate will be able to use it across the 25 Korean banks and securities companies that have joined the Korea Financial Investment Blockchain Consortium thus far. On 28 Nov. 2017, they announced the formation of the ‘Blockchain Interoperability Alliance’ between themselves, AION and Wanchain.
The alliance’s primary goal is to cooperate and share progress in their findings relating to inter-blockchain communication and transactions. They aim to create a cohesive process through combining their various expertise. Firstly, ICON will provide the foundation for standardizing blockchain protocol framework by allowing for various blockchains to connect without further intermediaries. AION will then be adopted as the common protocol applied by these blockchains, and Wanchain will incorporate its cross-blockchain smart contract technology in order to ensure that all transactions are carried out effectively. It’s latest update is the launch of its official ICONex wallet on 26 February 2018.
December seems to have been a particularly productive month for ICON, as they launched pilot versions of both ‘U-Coin’ and their Insurance auto-claiming services. On December 27, 2017, ICON initiated the process of producing the genesis block of the ICON LFT-based blockchain by launching their release candidate (RC) version of the ICON Testnet. ICON hopes to launch their RC Mainnet on January 24, 2018.
ICON Platform Community
(as of May 3, 2018)
September 20 (6hr 30 mins), 2017
1 ICX = $0.11 USD
$42.75 Million USD
$42.8 Million USD
1 ICX = ~$4.40 USD
Current Market Cap
~$1.7 Billion USD
~387 Million ICX
~400.2 Million ICX