ICON is a token that quickly jumped into the top 20 Coinmarketcap listed assets by listing on the first exchanges!
Unlike many other coins or tokens discussed in the New Coins on the Block series, ICON’s price has not skyrocketed. Since the beginning of November, the price increased sixfold to this day.
Between ICON and the cyber network cooperation is formed in the field of cryptocurrencies. Launch of the Main Nets is about to start, so it’s a perfect time to take a closer look at the project.
Loopchain – the heart of ICON
ICON can be understood as a Blockchain connecting other Blockchains. Native Coin should be ICX (don’t be confused with the currently traded, same named ERC20 token).
The aim of developing Loopchain, Blockchain system behind ICON, can be adapted to various use cases. The consensus will be realized through a mechanism based on Byzantine Fault Tolerance, but faster. People interested in the technical details should note a translation of the White Paper behind the so-called Loop Fault Tolerance.
ICON wants to develop a new smart contract concept, which is named SCORE. SCORE stands for Smart Contract on reliable environment . The idea behind this is that smart contracts can be executed independently of the underlying Blockchain. This will be realized by running in a container detached from the Blockchain.
This is interesting project overall, which also has an illustrious advisor on board, Don Tapscott. The companies behind ICON are TheLoop and DaVinCI . The former is responsible for the Loopchain, while the latter is responsible for the artificial intelligence behind the stabilization of the exchange rates. Both companies can show different partners.
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