What is the ICON?
ICON network is a general-purpose of blockchain protocol like a native cryptocurrency ICX which can run with their own smart contracts and it adopt the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol and use a DPoC (Delegated Proof-of-Contribution) which is an economic-governance protocol.
The ICON Network is powered by a proprietary blockchain is known as 'loop chain' and has the capability to handle hundreds of transactions per second. The ICON network projects are started and the transparency datas and integrity are shared between both institutions and companies. It moves mutual assets on heterogeneous blockchains without a centralized organization. In addition, ICON Network will be an interchain which connects multiple blockchains based on BTP technology.
How its work?
Using its loop chain platform, ICON hooks up an ecosystem of blockchain communities via the ICON Republic. Moreover, the Republic functions as the governing head for a federation of otherwise independent blockchain bodies. You can picture the ICON Republic like the country with each ICON community representing a state in the country.
Communities are linked with the Republic at large via community representatives (C-Reps) which connect to Nexus, the loop chain-based blockchain which underpins the ICON Republic. C-Reps act as Portals for communities to collaborate with Nexus, by extension, and other communities through the ICON Republic. ICON network can exchange currencies using the platform’s decentralized exchange (DEX).
What is ICON Dex?
ICON has its very own decentralized exchange. This DEX fixes the currency reserves for each blockchain community so that the community members can exchange value in real-time via the ICON Republic. In like manner, the DEX complements C-Rep portals by establishing another gateway for Communities to attach to the Republic.
Instead of the focus being on governance, as it is with C-Reps, the DEX focuses the currency value and transition. The exchange allows transactions and trading across blockchain’s connected to the ICON Republic. And the DEX’s reserve sets the exchange rates for these transactions using an A.I. analysis model. Moreover, the native ICX coin is used as an intermediary currency for this ICON exchange.
DAPPs: As with Ethereum(ETH), anyone can use ICON to build decentralized applications (DAPPs) via its Nexus Public Channel. These dapps are then listed in ICON’s DAPP store, and anyone with a Citizen Node can download and use these decentralized applications.
Blockchain gaming with ICON network
Blockchain gaming is the top game that has massive reach. We all hear about cryptocurrency games in eth, eos, Tron and so on. Now icon networks also step forward to build games with icon currency (ICX). These games are built with a smart contract that provides more security, transaction transparency and interoperability. Once the smart contract is written no one can able to change the format. This quality stimulates crypto lovers to invest in blockchain games.
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