ICON (ICX) Review

ICON is one of the most exciting and high potential cryptocurrencies to launch recently.

What Is ICON?

Many people have compared ICON to projects like Ethereum and EOS, but despite how great both of those currencies are, it’s kind of underselling ICON to compare them.

This is because, whilst ICON does act as a platform that Decentralised Apps (DAPPs) and Smart Contracts can be built on, it does so much more than just that.

ICON is a blockchain deigned to interlink many others, something ICON refers to as ‘hyperconnecting’.

Icon is based on something called loopchain, a blockchain technology developed by a South Korean company called theloop. Theloop build private blockchains for various institutions, tailoring them to meet the exact needs of their clients. And now, with the development of ICON, they can connect all these private chains together.

How Does ICON Work?

Loopchain & LFT
As previously mentioned, ICON is heavily based on theloop’s Loopchain technology.

This is a blockchain utilising a unique consensus mechanism called Loop Fault Tolerance (as opposed to more traditional Proof of Work or Proof of Stake consensus mechanisms used in most other currencies), and it should allow for very rapid block times. As a result, ICON shouldn’t see the kinds of delays that can affect Bitcoin, Ethereum, and other currencies.