It connects people from different industries such as financial, insurance, healthcare, educational and other similar industries to connect over a single network and perform the transactions by using ICON’s loop chain technology.
The technology behind ICON coin
It was developed in python to test faster but later on, to increase the transition speed they moved to C/C++ language.
How ICON Works
Using its loopchain platform, ICON connects an ecosystem of blockchain communities through the ICON Republic. As the name suggests, the Republic functions as the governing head for a federation of otherwise independent blockchain bodies. You can picture the ICON Republic like the United States with each ICON community representing a state.
Communities are linked to the Republic at large through community representatives (C-Reps) that connect to Nexus, the loopchain-based blockchain that underpins the ICON Republic. C-Reps act as Portals for communities to interact with Nexus and, by extension, other communities through the ICON Republic. Blockchains that use ICON can exchange currencies using the platform’s decentralized exchange (DEX).
Should you invest in Icon?
ICON (ICX) has silently made its way into the top 40 among all the cryptocurrencies in the world according to CoinMarketCap which is impressive when you consider that its only been in circulation since September 2017, which indicates a real interest in this project. If ICON can deliver in the real world what it claims to be able to do on paper, then this network may very well be the skeleton key that unlocks blockchain interoperability and could take the technology and industry that one step closer to mainstream adoption.
While the ICON’s DEX would provide users with a potentially safer, all-encompassing alternative to traditional exchanges.
We should also see an increase in token volumes and trades once the team releases ICON’s core wallet, investors and enthusiasts will be able to trade directly from their ICON software, web, or mobile wallet without having to navigate a multitude of exchanges. The future looks bright for ICON at this moment and is a project with huge upside potential.
However, delivery to promise in the crypto word has been few and far between in recent months so it remains to be seen if ICON can pull off this off.