Cryptocurrency is an emerging modern currency. It is commonly termed as a digital currency. Cryptocurrency has staged various advantages over the traditional monies. There are often more theoretical advantages offered compared to the traditional monies. ICON, a South Korean based blockchain company has come up to join the existing gap. The company creates a devolved network of blockchain communities so that there is free interaction with one another without actually sacrificing their independence.
ICON Republic Blockchain.
In ICON republic blockchain a community is created on the ICON network, and one can freely interact with the other communities. The individuals interested can, therefore, create “community” or sometimes often referred to as “Decentralised Application.” This network targets to enable them all to join together immediately and automatically, shares central ledger, as well as a token, make this possible. For instance, National Health Insurance Foundation could give in to payment to a clinic on ICON network, and the deal viewed by the ICON Republic Blockchain and paid in $ ICX, furthermore, it could also be paid automatically in some other monies by use of ICON’s decentralized exchange(DEX).
Additionally, ICON automates as well as facilitates many and different types of deals, for instance in learning institutions; a student can automatically benefit from a discount on a transaction using $ICX just because, that learning institution community included their student details on the blockchain ID. Student ID can be confirmed immediately by the person selling on the ICON network after the community is integrated into the ICON. Just like in banks, opening an account is meaningfully displayed by a hub of communities that all the ideas and facts about it, is placed in one location preferred but ICON already has a partnership with institutions in place, to take these ideological and principled capabilities into the world hence taking the planned work a step higher than other organizations.
In ICON token there are 400,230,00 of ICON’s digital currency token, $ICX, of which 318,545,005 are into the market as stated by coinMarketcap, before then half of those were distributed as the following token sale;
16% held in reserve
10% held by the ICON team, contributors and advisors
10% held by partners and community groups
14% held by the ICON Foundation, the major company
3.64 USD (0.93%)
23 market cap
USD 1.41B volume (24h)
As a result of C-rep annual meeting the supply may be increased in the future, this is because the C-rep authorizes up to 20%increase in the ICX supply though they are under no ruled to introduce inflation if they don’t want to.
ICON as well have access to a decentralized exchange through the ICON wallet, this enables currencies transfer and exchanges without depending on public exchanges such.Major cryptocurrencies include Bitcoin it enhances ICoN’s universal appeal by enabling those who use it to exchange ICX for any other cryptocurrency.
ICON republic blockchain uses a Loop Tolerance consensus algorithm. It is an enabled version of the Byzantine Fault Tolerance algorithm which enables faster transaction processing while deleting the chances of a fork being in the blockchain, these works by enabling nodes relied on to create groups authorized to determine the number of votes each person involved gets.
ICX has great abilities if it becomes a standard unit of exchange for even one major industry despite the fact that a large organization can bring together all of their operations in one community and use any currency they want. This is because the potential of self-communities to pick a crypt beside $ICX to enhance integral value exchanges limits the ICX token’s ability. ICON builders have positioned stress on token’s experimental use, and the project is chaired by a team of advisors, Jason Best and Don’t Tapscott. If the ICX becomes a major and standard unit of exchange, it stands out to grow immensely in the industry.
ICON may change the current business pattern despite many challenges they face shortly. However, in case the Korean government hospitals incorporate or adopts the ICON in streamlining their relationship with that of the local insurance providers, the transaction may result in billions of dollars in yearly transactions. The developers of the ICON have also placed and emphases on the use of token’s practical. Finally, it is worth noting that a good team of advisors leads ICON project.