ICON (ICX)

ICON

Type	Token, Platform, Blockchain Networks
Total supply	400.228.740 ICX

Basics

• Started in: 2017
• Based in:
• South Korea's largest (30-5-2020) public blockchain project.
• ICON has stated its mission to “Hyperconnect the World”

Token

Token allocation

• "The ICON Foundation has announced it will be giving away 3 million ICX tokens to participants in its upcoming election. The election will determine which parties will serve as node holders, known as Public Representatives (P-Reps) on the ICON network. The giveaway tokens will be distributed during a 30-day pre-voting period, set to open on August 26."

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From Cointelegraph (9-4-2020):

"Announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.

The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types, without compromising security.

PBFT-based algorithms, such as those used by cryptocurrencies like EOS and Cosmos, need a large number of message exchanges to reach consensus on a new block. LFT 2.0 reduces the message traffic required from three to two steps, enabling faster voting and a reduction in network latency."

Interoperability

• From Paradigm (15-4-2021):

"ICON Aggregator Chain Begins w/ Polkadot Integration"

Oracle Method being used

• Integrated Band Protocol (23-7-2020).

Their Other Projects

DEX

• ICONex “is ICON's Wallet supporting ICX and various cryptocurrencies. ICONex boasts faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI.”

• ICONick “ ‘wallet ID’ used in the ICON network.
• Use your own unique nickname instead of a long and complicated default wallet address to conveniently transfer or exchange ICX.”
• BIA

Projects: As of now only; Loopchain, “loopchain has established a significant presence in Korea’s blockchain industry through actual applications in various communities such as banks, securities markets, universities and healthcare. loopchain has established a significant presence in Korea’s blockchain industry through actual applications in various communities such as banks, securities markets, universities and healthcare. Loopchain will connect various communities to expand into new business areas.”

Governance

DAO

• From their blog (1-1-2021):

"The Contribution Proposal System is now in its testing phase. We look forward to launching the mainnet version of this product in January of 2021 assuming no major issues with the smart contract code."

Upgrades

• From Cointelegraph (30-5-2020):

"has released its Blockchain Transmission Protocol, allowing individual blockchains to interact and communicate with each other.

While a single implementation of BTP connects two blockchain networks, these networks can also connect to other networks through further BTP implementations, creating an interconnected and interoperable web of blockchains.

As Cointelegraph reported, ICON last month unveiled its new consensus algorithm, improving scalability and bandwidth while maintaining security."

• From State of Stake #32 (18-9-2020):

"BATANG — ICON 2.0 is already built and ready to GO: The Icon team announced their next significant technical advancement — ICON 2.0: BATANG, a new blockchain software architecture based on Go. The word “Batang” means “base” or “foundation” in the Korean language and they sees ICON 2.0 as the base or foundational technology that will support the future growth of the ICON network."

• From their blog (1-1-2021):

"Revision 12 was released to Euljiro and Pagoda testnets on December 30th. We are set to release it on the Mainnet in mid- Jan 2021 assuming no issues are found after the testing period. This update is focusing on increasing security and stability of ICON Network. The new update includes the below features:

1. Burn address: The System SCORE (cx000..) will have the ability to burn the ICX that is sent to the address. Anyone who wishes to burn ICX on the ICON Network is able to send their ICX to this address.
2. ICX balance verification logic: In order to check all the changes on the ICX supply, the blockchain verifies each account’s balance when it processes and generates a transaction.
3. Recovery mode: A solution to recover a P-Rep node from a network pause situation. Nodes with this feature enabled are automatically rebooted simultaneously to restore the network.
4. Minor bug fixes: fixed bugs on container DB, transaction processing logic, etc."

Roadmap

• Can be found here (12-2020).
• ICON Development Roadmap Update (March 2021).

Audits

• Bug bounty program can be found [insert here].
• CertiK claims to have done an audit for them, according to their website (12-6-2020). 

• From Cointelegraph (9-4-2020):

"The algorithm has also been independently audited for security by a team at the Korean Advanced Institute of Science and Technology (KAIST). As Cointelegraph reported, the same team raised concerns about the Stellar network last year. Speaking about LFT 2.0, the KAIST team said: “We analyzed a consensus algorithm called LFT 2.0, which is used by a blockchain system, ICON. We proved that LFT 2.0 satisfies safety and liveness, where a certain assumption is required to prove liveness.”

Usage

Projects that use or built on it

• As of 20202 Q1, it has 7 Dapps, 7 of which are active, 7 were new and about 36.72K active users.

Team, Funding, Partners, etc.

• Tapscott, Don; advisor
• Chu, Jehan; advisor
• Veradittakit, Paul, advisor (is Partner at Pantera Capital.)
• Cho, Yiseul; advisor

Funding

• Part of the portfolio of 8 Decimal Capital

Partners

• Partners: Pantera, Kenetic Capital, Token-as-a-service, Coinsilium, CM Crypto Capital, Mind Fund, Hashed, Crypto Bazar, MME
• Is partners (1-8-2020) with Band

 (:

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