Dynamicrypto Crypto Highlight

dynamicrypto (71)in #icon • 8 years ago

ICON & ICX

Do you invest in crypto?
Do you have any generation 3 cryptos yet?
I like ICON, however it is not my favorite. Stay tuned as next articles I will cover my favorite gen 3 coin & I want your knowledge shared in my comments section.

ICON

ICON is a huge and revolutionizing platform, which would link different blockchain networks with each other via smart contract. It would allow inter-linkage via ICON’s loopchain technology. Like the World Wide Web, it aims to create a large single network where different players can coexist and interact at one place. It will bring industry players from finance, security, insurance, etc to transact in a single network.

The thing about this South Korean based venture is the provision of autonomy along with linkage. There would be different communities on the network such as education, healthcare, etc. Each of these communities would have complete independence – it would have its own currency, set its rules and have own consensus algorithm. However, these different networks could be connected via ICON. It’s like different countries with own language, culture, etc that are connected with each other for global trade.

ICX will be the cryptocurrency used on ICON Republic blockchain. On ICON, third parties can either interact inter-community or intra-community, or create DAPPs for such interaction, or just be standalone operations. For all these features, the coin would be needed. For instance, when one blockchain community interacts with another, such as healthcare community interacting with insurance. Such interaction would require ICX. However, ICX is not needed for intra-community interaction.

Therefore, the best thing about ICON is that it will be able to integrate blockchain with real life services such as finance, education, healthcare and insurance, which will transform blockchain’s future like today’s internet.
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