ICON (cryptocurrency)

ICON (cryptocurrency)

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.

ICON is a decentralized application platform utilizing a consensus algorithm called loopchain fault tolerant (LFT), a derivation of tendermint's byzantine fault tolerant algorithm.

Architecture

The loopchain platform is designed to enable transactions between independent ICON blockchains to form a community called a nexus.

Source: ICON whitepaper

Source: ICON whitepaper

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.

Consensus

The consensus algorithm ICON utilizes is called Loop Fault Tolerance (LFT). ICON describes LFT as a continuation of the BFT approach by Tendermint with a simplification of the algorithm for selecting a primary node.

Timeline

People

Name
Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

A Primer to LFT (Loop Fault Tolerance) Consensus Algorithm

2infiniti

Could This Blockchain In Korea Be The First To Connect An Entire Country?

Elaine Ramirez

Documentaries, videos and podcasts

Title
Date
Link

ICON Project: Interconnecting Blockchain Network

Aug 31, 2017

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
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