ICON is a Korean-based decentralized application (dApp) network that is built to ‘hyperconnect the world’ and serve as an intermediary between different blockchains and the applications built upon them. The vision of the ICON Project is to introduce the new era of decentralization by redefining the meaning of communities and creating a new world by connecting such communities. Communities today are commonly defined by their social and political functions and limited to the economic boundaries set forth by world nations. Through ICON, communities can go beyond and be free from traditional economic system and promote frictionless value exchanges with other communities, eventually resulting in maximum total utility of society. ICON is not limited to the real world, but it directly connects and communicates with the crypto world creating the most robust network that can scale without limits.ICON’s blockchain technology is being applied in the real world such as banks, securities firms, hospitals, and universities. ICON is scalable not only to public blockchains(e.g. bitcoin, ethereum) but also private/permissioned, and other interchain blockchain networks. ICON will be in the center of connecting different blockchains to build a more valuable and scalable network.
Nexus is a Multi-Channel blockchain comprised of Light Client of respective blockchains. Each blockchain is connected to Nexus via Portal and each Portal, basically the representative of independent networks, participates in Nexus blockchain network as a node. Since Nexus is built on the basis of loopchain, its consensus is reached based on LFT consensus algorithm, one of the loopchainfeatures with unique functions of grouping and voting rights adjustment. Nexus includes a Representation channel through which operational policies are proposed and selected by voting. Each Portal, as the C-Rep representing its community, participates in the Representation channel. Tokens called ICX (ICON Exchange) are embedded in Nexus and the interconnected blockchains can use ICX to transfer values. Nexus incorporates Reserve channels that can issue ICX according to the policies. In principle, every node that constitutes Nexus can issue ICX token by participating in Reserve channel. As a blockchain itself, Nexus can be connected to another Nexus, allowing different blockchains with different governance structures to execute transactions and exchange values.
With ICON, numbers of blockchains are connected around Nexus via Portal. Nexus is a loopchainbased blockchain. It realizes a decentralized governance by allowing Portals and different nodes to participate. Blockchain Transmission Protocol (BTP) facilitates transactions among independent blockchains connected to Nexus through respective Portals. This structure, connecting a network with one type of governance to another network, is same as that of Internet that connects every computer into one communication network by establishing 'Networks of Networks'.
Citizen Node is a component of ICON Republic. Anyone can participate as Citizen Node by DAPPs created on loopchain. However, Citizen Node does not have voting rights for the governance of ICON Republic, and has only the right to create a transaction. Citizen Node can also be C-Rep with the right to vote if certain conditions are met.
ICON Republic is the connector of different communities. It is comprised of representatives called C-Rep, and other Citizen Nodes. ICON Republic's governance is determined by C-Rep votes, and hence, decentralized. ICON Republic functions as a communication channel between communities, and does not affect the governance of the communities.
Community is a network comprised of different nodes with the same governance system. Financial institutions, governments, schools, e-commerce platform, healthcare, Bitcoin, and Ethereum can all be considered a Community. Each community has different compositions and scales of nodes, according to their characteristics and circumstances.
C-rep
C-Rep (Community Representative) is the representative unit of Community that functions as the component of governance of ICON Republic. It has the right to vote on verification and governance of transactions in ICON Republic. C-Rep is selected according to the decision of each community, and CRep can be changed from one node to another. In other words, C-Rep duties are transferable depending on the situation and purpose of each governance. Furthermore, C-Rep will receive incentives for its maintenance and activation of ICON Republic.
C-node
C-Node (Community Node) is the building block of a Community that affects the consensus or decisionmaking process of Community governance. C-Nodes are available to both individuals and organizations (banks, brokers, insurers, schools, governments, etc.), and Node policies are determined by the members of each Community.
The ICON Project is not simply a connection of blockchain nodes, but a deep study or an investigation of community-to-community connectivity. ICON started with the mission to create a protocol, or cryptocurrency, to be actively utilized in the real world within and between actual communities. The ICON network consists of several components which we will cover next.
ICONex
Currently, the only reputable wallet that supports the mainnet version of ICX is its very own ICONex.
The wallet was launched in February 2018. Initially available as a Chrome browser and supports numerous other currencies along with ICX for added convenience.
As well as ICX, the wallet can be used to store Ether (ETH) and Ethereum-based ERC20 tokens. Simply:
