ICON

A decentralized network connecting independent blockchains.

ICON is a decentralized network designed to connect independent blockchains. 

The ICON network is based on a proprietary blockchain technology (an open source project supported by the Korean government). ICON developers claim that their main objective was not to simply connect blockchain nodes, but to conduct a profound research of community-to-community connectivity. ICON’s initiative was to create a protocol (or cryptocurrency) that could be used in the real world within and between actual communities. 

The ICON network can be broken down into three key elements: ICON network components, connectivity, operation. The idea is that disparate blockchain communities (capital markets, various institutions, etc.) could be connected to form an ICON Republic through a linking Nexus network. 

The ICON network operates on a loopchain that can facilitate real time transactions based on enhanced Smart Contract. 

The network will be integrated with ICON tokens (ICX). It is a loopchain-based smart contract digital protocol, which will allow ICON participants to facilitate, verify and enact agreements.

ICON operates on loopchain with following technical features: - LFT (Loop Fault Tolerance) is an enhanced BFT (Byzantine Fault Tolerance)-based algorithm that promotes faster consensus and ensures the finality of the consensus without the possibility of forks within the network. - SCORE, loopchain's own Smart Contract platform, ensures contracts to run directly in the node operation environment without a separate Virtual Machine. - Multi-channel feature allows multiple independent channels to be created within the same blockchain network to execute request, consensus, and Smart Contracts separately. - Tiered access system to differentiate access rights to nodes with different functions