The blockchain technology is still in its infancy and is limited by performance issues, the difficulty of use, and service quality. ICON, Blockchain Company based in South Korea aims to overcome these limitations and help the technology reach the masses. The company wants to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.”
The developers at ICON hopes to build a massive platform that allows different blockchains to interact with each other via smart contracts. The ultimate aim of being able to provide a platform where the stakeholders from financial, security, insurance, healthcare, educational, and commerce industries and beyond can coexist and transact on a single network. To this cause, ICON has already partnered with more than a hundred businesses. In South Korea, ICON has established ties with the government, and trade deals with the largest corporations and consortiums in significant industries including a partnership with two of the largest banks in the country.
ICON has an ecosystem which enables blockchain communities to connect using ‘Loopchain Platform.’ There are blockchain communities which is an individual blockchain or protocol. Each community will have a node (C-Node) which will govern that particular blockchain. The community will have a Community Representative (C-Rep) that connects the community to the Nexus. ICON Nexus is the loopchain-based blockchain that underpins the ICON Republic. That means Various blockchain communities connect with the main ICON Nexus through C-Reps. Blockchains in ICON Nexus can exchange currencies using the platform’s decentralized exchange (DEX).
ICON Republic is the hub that acts as a communication channel between the individual blockchain communities that coexist on the ICON Nexus. Though individual communities will have their regulations, the ICON Republic runs on the Loop Fault Tolerance (LFT) consensus algorithm.
When major cryptocurrencies are on a downward spiral, ICON has been able to maintain its financial stability. Recently, the director of public affairs at ICON, Josh Choi tweeted that the company has moved to a bigger office capable of accommodating 470 staff members, hinting about their financial status. During the time of their ICO, ICON was able to raise about to 150,000 ETH. It is reported that the team still retains $5 million in ETH reserves. ICON presently is far from being bankrupt.
ICON is in talks with several startups to create dApps for its public blockchain ecosystem. The companies sought by ICON are the ones which operate in the B2C (business-to-consumer) and B2B (business-to-business) markets. The team is planning to expand the ICON public blockchain ecosystem through Loopchain Alliance Program or ICON LAP100. They have also released plans for enabling mass adoption of blockchain called ICONSENSUS. By the end of this year, the team is hoping to implement the “decentralized” ICON blockchain.