What is ICON?

It is a blockchain-based network, developed by the ICON foundation which is based in South Korea.

Blockchain-based currencies have already started dominating the digital currency era. There are plenty of developing & developed blockchain-based decentralized networks in existence. In 2017, a decentralized network was launched which is able to facilitate the interconnectivity among other blockchain programs. It is known as the ICON (ICX) network. It is possible to invest in ICX as similar to investing in well-known cryptocurrencies such as Bitcoin and Ethereum. What are the main aspects of ICX? The answer is in the text!

What is ICX?

It is a blockchain-based network, developed by the ICON foundation which is based in South Korea. The main goal of the network is to act as a platform that supports and facilitates the interconnectivity of independent blockchains or communities. These communities might stretch to a wider range, such as financial, security, insurance, healthcare, educational, and commerce. However, the engaged communities of the ICON platform are known as a network node. These nodes are connected to the subjected network through a decentralized network. In simple terms, ICON acts as a major connectivity hub that connects a massive number of independent nodes (communities). Apart from facilitating the interaction of different communities, ICON is performed as a Cryptocurrency token; often known as ICX.

ICON services.

DEXes are known as one of the fast-growing considerations of blockchain technologies. The ICON project provides a capability to exchange currencies using its decentralized exchange (DEXes). Moreover, it provides the ability to exchange the above values in real-time among its community. The main goals of ICON are handled by five main components of the project. Those are the ICON republic, ICON communities, Community nodes, ICON community representatives, and citizen nodes.

However, ICON is able to maintain the interaction between government services and healthcare services that use blockchain technologies. One of the closest scenarios was the identity programs which were reported in the tourist resort of South Korea’s Jeju Island. According to the company, the ICONs Decentralized Identity Program is designed so that the visitors of the resort that tested positive for the COVID-19 virus can be safely found.  

 

 

** The discussion above is not financial advices, investment advices, or taxing. It is a basic study on cryptocurrency which is done based on resourcing sources.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.