ICON, also known as ICON Foundation is Korea’s most popular Blockchain project. It was launched in 2017 by the South Korean blockchain company, theloop. The network aims to connect various blockchain platforms by allowing them to interact with each other seamlessly and securely. The ICON network consists of several components, including the ICON Republic, the ICON Communities, and the ICON C-Nodes. In addition, the ICON Republic acts as the network’s governing body, while the ICON Communities represent various blockchain platforms connected to the network. The ICON C-Nodes are responsible for maintaining the network and ensuring its security.
History of ICON
ICON was founded in 2017 by a team of blockchain experts led by J.H. Kim. The network’s initial coin offering (ICO) raised approximately $42 million in funding, making it one of the most successful ICOs.
Since its launch, ICON has partnered with various companies and organizations, including Samsung, LINE, and the Seoul Metropolitan Government. These partnerships have helped to increase the network’s visibility and credibility within the blockchain community.
Unique Features of ICON
LFT
One of the unique features of the ICON network is its use of a proprietary consensus algorithm called Loop Fault Tolerance (LFT). LFT is designed to provide high levels of security and scalability while maintaining fast transaction processing speeds.
Another notable feature of the ICON network is its ability to facilitate inter-blockchain communication. This means that different blockchain platforms can interact with each other on the ICON network, allowing for the seamless transfer of assets and information.
ICONsensus
ICON began ICONsensus to help with the mass adoption of blockchain. Their first step was the election of P-Reps which led to disruptive innovation through organic ecosystem expansion driven by EEPs, diversified DApp business models driven by DBPs, and the connection of different blockchain platforms through C-Reps to hyper-connect the world.
ICON 2.0
ICON 2.0 is ICON’s next-generation Blockchain software architecture, which will upgrade the current ICON platform. The aim is to offer their users better functionality, cross-chain interoperability, and Defi applications. ICON 2.0 provides an improved Blockchain experience. This includes better speed, stability, and scalability than the current architecture.
ICON 2.0 New Features:
- Interoperability between Blockchains
- Ability to earn ETH as fees
- Improvement of Python programming
- New P2P protocol
- Fast Sync of data
- Ohject Merkle Patricia Tree (OMPT)
- Vote Spreading
- Freedom to design a cleaner design
- Multi-Channel Technology
- Open-sourced development
ICX Station Accelerator Program
The ICON Foundation is giving back to the global Blockchain startup community. They created ICX Station to help fund new Blockchain startups and nurture job growth. The program will focus on startups looking to expand the power of the ICON infrastructure, a scalable interoperable Blockchain. The program will give opportunities for developers, tech entrepreneurs, and companies looking to incorporate Blockchain technologies. Their first program launched in Silicon Valley. In addition, ICON partnered with Deblock to manage the ICX Station in Seoul. They launched branches in Tokyo and Singapore.
Icon’s other projects
- ICONex – ICONex is ICON’s wallet supporting ICX and other cryptocurrencies. ICONex will aim for faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI. You can download their wallet here.
- ICONick – Wallet ID used in the ICON network. Instead of a long, complicated wallet address, you can create your unique nickname to easily transfer or exchange your ICX tokens.
- BIA – BIA stands for Blockchain Interoperability Alliance. ICON is a crucial member of BIA and shares a common goal to interconnect with isolated blockchain networks and develop global standards for inter-blockchain networks.
- Loop Fault Tolerance 2.0 (LFT2) – A new consensus algorithm that improves the performance of blockchains. LFT2 has proven performance improvements over PBFT (Practical Byzantine Fault Tolerance) in scalability and network bandwidth without compromising two fundamental requirements, safety and liveness.
Blockchain-Based Mobile Drivers License
ICONLOOP is developing a Blockchain-based mobile driver’s license under regulatory sandbox approval in South Korea. The Ministry of Science and ICT will allow ICONLOOP to test its decentralized identity (DID) technology on mobile driver’s licenses. The aim is to offer better protection of personal data. Currently, driver’s license information in Korea is stored on a single server. Therefore, this leaves it vulnerable to hacking. With DID, people can directly manage their data by storing their authenticated personal information on their mobile devices using the Zzeung App. Therefore when people need to submit their authenticated data, they can use the app to access the report.
“ICONLOOP emphasizes the self-sovereignty of personal data. The authentication processes that previously existed offline in the form of physical cards are now online via mobile apps like Zzeung, making it possible for users to manage their own authenticated information. We are happy to work closely with regulators in South Korea to support efforts to responsibly manage and protect citizen’s personal data through advances in technology” said Jonghyup Kim, CEO of ICONLOOP
ICON plans for 2023
ICON has already started working with major South Korean insurance companies, hospitals, and Universities. They are even working with the Korean government on a Seoul project. With over 90% of the population in Korea living in Seoul, this project will showcase the Seoul Coin (S-Coin), and testing will be done for the next two years. Therefore by 2023, the S-Coin could replace a lot of the infrastructure in Korea.
Seoul has been at the forefront of embracing new and innovative technologies. They have been using NFC metro cards for transportation for the last 15 years, which is why the transportation payment system in Korea is so much more advanced than in places like London or New York.
Why Seoul is looking into S-Coin?
Seoul wants to be at the forefront of innovation and technology. Blockchain is the future technology, and the Korean government wants to be the first adaptor of this new technology. Korea already has the fastest internet speed in the world. Koreans, in general, like things that are fast and efficient. Therefore, this blockchain technology has the potential to save Korea billions of dollars over the next 20 to 30 years. When they create their digital currency, it will make transactions easier and more secure.
Koreans will support ICON Foundation because Koreans are as nationalistic as they come. ICON is currently the 8th most utilized blockchain and fully decentralized, with 120 validators worldwide.
The long-term outlook of the ICON will solely depend on this project. Therefore, if they succeed, they could become the Samsung of Cryptocurrency. Furthermore, history has shown Samsung and the other conglomerates in Korea, that if the Korean government is on your side, you WILL succeed.
ICON’s Ultimate Goal
ICON ultimately wants to create a way for Blockchains to communicate with each other. Therefore, they are considered the early leaders among the projects in cryptocurrency that are focusing on interoperability. They have a product and one of the most active communities in the crypto space. Korean insurance companies, hospitals, and NGOs use the ICON framework. Moreover, they are using ICON’s technology to communicate with each other in the same industry. Furthermore, each chain will be able to make its system of governance, and ICON’s interchain technology will handle all asset exchanges. It is a Blockchain of Blockchains.
