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Icon and Blockchain Technology (2021)

ICON is a huge cryptocurrency network that works on making a worldwide platform to interact on the single crypto network from amongst the different fields of governance. ICON’s crypto token is ICX. Its foundation is attributed to an organization that is working in South Korea and was founded in 2017. The ICON set a goal of multiple entities from across the different fields to transact and to communicate with each other on a single network. This goal for the interaction is being availed through the usage of blockchain technology on a single crypto network.

Through ICON the interactivity of independent blockchain is made easier, which we also refer to as communities. The ICON platform is also known as the node network by following the single governance system. A node that is also known as a computer facilitates communication within a cryptocurrency network. The network could be of any digital currency, and these networks are known as communities. Within these communities, any other community participation is also possible, be it in terms of education, health, banking system, or any government. If you want more information regarding this, you can go through the TradingOX App to better understand it.

WHAT ICON IS STRIVING TO ACHIEVE:

  • The goal of ICON is to create a network that is created through individual participation but an impetus to it is provided by the cryptocurrency to facilitate it’s working.
  • The project enables blockchain usage that allows cryptocurrency exchanges through decentralized exchanges. Through these exchanges, it is made easier for the communities to exchange value in the real world.
  • The exchange rate through these networks is pre-decided through an analysis known as A.I.model and the ICON’s token ICX is the currency that is the mediator for currency exchanges.

ICON’s MAIN COMPONENTS:

Five constituents of ICON are named below:

COMMUNITY NODE (C-NODES)

Talking about community nodes, the blockchain of any community is kept intact with this and they provide the infrastructure for each of the communities.

CITIZEN NODES

Citizen nodes do not possess any voting rights but are only allowed to transact within the community, any other community and with icon republic, the reason being the citizen nodes are merely a party to the blockchain.

COMMUNITY REPRESENTATIVE (C-Rep)

Further, the community representative is elected from amongst the community, their work is to keep the maintenance of a blockchain. These representatives are trusted parties and can interact with the ICON republic. For the work done, these representatives get tokens of the ICON.

ICON REPUBLIC

ICON Republic looks after the governance of the network. Its governance is ascertained through the voting done by the representative. For the operations in the blockchain, it functions as a decision-maker. It also looks after the decision to be taken for the blockchain operation.

ICON COMMUNITIES

In the ICON community, it has a huge node network; they do self-governance and perform as per their own governing portfolios. But it differs from community to community in terms of their decision making and approaches.

CONCLUSION

The article described above relates to the ICON cryptocurrency that has its base in South Korea. It was launched in 2017. After its release, an initial coin offering was done and its blockchain launch was done in 2018. Meanwhile in 2018 only they got ICX as their crypto token. As told above it allows other blockchains to have interactivity. The communities are associated with each other through a non-centralized exchange. Through its various components, it makes a smooth working to itself and for others using its platform. I hope the information provided above will be acknowledged by you all to lead you toward a safe crypto future. Have a wonderful journey in the crypto world.


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