ICON is a decentralized application platform utilizing a consensus algorithm called loopchain fault tolerant (LFT), a derivation of tendermint's byzantine fault tolerant algorithm.
The loopchain platform is designed to enable transactions between independent ICON blockchains to form a community called a nexus.
The ICON network is designed to be composed of five entities: A community, a C-Node (community node), a C-Rep, a ICON Republic, and a citizen node. Communities of the icon network operate on their own unique governance system determined by the business needs of that community. These communities could be groups of universities, hospitals, banks, and other businesses who are following a specific protocol. Communities could also be other independent blockchains such as Ethereum or Bitcoin. These communities can transact with one another through the ICON republic, which is controlled by a group of nodes called C-Reps.
The consensus algorithm ICON utilizes is called loopchain fault tolerant. ICON describes LFT as a continuation of the BFT approach by Tendermint with a simplification of the algorithm for selecting a primary node.
Currently, no events have been added to this timeline yet.
Be the first one to add some.
A Primer to LFT (Loop Fault Tolerance) Consensus Algorithm
Could This Blockchain In Korea Be The First To Connect An Entire Country?
What Is ICON?
Documentaries, videos and podcasts
ICON Project: Interconnecting Blockchain Network
Aug 31, 2017
No infobox has been created on this topic. Be the first to add one.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Smart contract (blockchain)A smart contract (self-executing contract, blockchain contract) is an agreement between parties that is enforced by a program encoded onto a blockchain which executes code exactly as originally written.
- Blockchain interoperabilityBlockchain interoperability is the ability for different blockchain platforms to communicate and transaction with one another.
- Cosmos networkCosmos is a blockchain network architecture consisting of various independent blockchains called zones which are connected to each other by the Cosmos Hub.
- Show More