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  New Coins on the Block – ICON (ICX) | Bit Updates
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New Coins on the Block – ICON (ICX)

Tuesday, January 23rd, 2018 | bitcoin updates

ICON is a token that quickly jumped into the top 20 Coinmarketcap-listed assets with listing on the first exchanges – what kind of coin is this? A look at what should become a "blockchain of blockchains". Unlike many other coins or tokens discussed in the New Coins on the Block series, ICON's price has not skyrocketed. Nevertheless, since the beginning of November, the price has increased sixfold to this day. Between ICON and the Cyber ​​Network, also mentioned in this series, a cooperation in the field of cryptocurrencies has recently been formed. In addition, the launch of the main net is about to start, so it's high time to take a closer look at the project. ICON – A Blockchain for BlockchainsThe goal of ICON is to set up a decentralized network that allows different blockchains, regardless of the consensus, code base, or code underlying governance interact with each other. This should not only apply to cryptocurrencies or other public blockchains, but also to distributed ledger applications that are deprived of general access. In that sense, ICON wants to become the TCP / IP of blockchains. Now, the idea of ​​having different blockchains communicate with each other or with the world is not exactly new: Oracles, Atomic Swaps, and Stellar's Anchors are just a few examples that are dedicated to such goals However, ICON wants to be more than an intermediate protocol between cryptocurrencies: On the one hand ICON should also become a bridge to various other blockchains. ICON is intended to make a vision of a tokenisable world real: the network should make it possible to exchange data, land, equipment, fiat currencies, cryptocurrencies and other tangible and intangible assets. Another is the claim of ICON, the various ones Governances interact with each other. It can be imagined that different cryptocurrencies with differing consensus ideas also have different visions regarding the governance of a higher level communication protocol. So, if the governance of a meta-blockchain as a communication base for different blockchains preferred a particular consensus model, that would be detrimental to other blockchain platforms. A simple approach, such as could be achieved with Oracle, would be to communicate between blockchains and the real one Not governing the world at all through governance. From ICON's point of view, this would lead to a plethora of different protocols, so that there is no standardized way of exchange. The governance of ICON is not against the goals of the individual Blockchain communities, so there will be for these so-called Community Representatives act as representatives of the blockchains and regulate the governance of ICON. The Community Representatives are also partly responsible for the communication between different blockchains. Specifically for those exchanges that have nothing to do with a value transfer. Swaps between different crypto currencies are made via a decentralized exchange implemented within ICON. In the medium term, the exchange rates should be calculated using artificial intelligence, which should lead to extremely stable prices.Loopchain – the heart of ICONICON can be understood as a blockchain that connects other blockchains together. Native Coin of this network should be ICX (not to be confused with the currently traded, same name ERC20 token). The aim of developing Loopchain, the blockchain system behind ICON, is that it can be adapted to various use cases. The consensus is to be realized through a mechanism based on Byzantine Fault Tolerance, but faster. People interested in the technical details should refer to a translation from the White Paper on Loop Fault Tolerance. In addition, 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 is to be realized by running in a container detached from the blockchain. One thing is a bit negative: The roadmap was the end of 2017 before the launch of the Main Nets ago. This deadline was not only not respected, on the website this is still indicated. Nevertheless, it is an interesting project on the whole, which also has an illustrious advisor on board with 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. If you are interested in ICON, please refer to the project homepage, the blog and the whitepaper as always.BTC-ECHO Philipp GieseDr. Philipp Giese works as an analyst for BTC-ECHO and specializes in chart analysis and technology. In addition, he is actively involved in the crypto community – both online as a central contact person in the slack channel of BTC-ECHO and offline as a speaker and interviewer, he always maintains an exchange with startups, developers and visionaries. The PhD physicist can draw on many years of professional experience as a project manager and technology consultant. For many years, Philipp has not only been enthusiastic about the technological dimension of cryptocurrencies, but also for the underlying socio-economic vision. Philipp Giese


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