ICON Network: An Overview
What Is ICON? ➤ #1 Blockchain project in Korea with an expanding global footprint ➤ Open source platform building a community of communities based on consensus, governance and protocol specifications ➤ BTP(chain interoperability), parallel processing, multichannel and modular architecture creating a highly scalable network able to interconnect private and public chains. ICON Benefits ➤ Various blockchain platforms are able to interact via smart contracts. ➤ No need to make multiple wallets. ➤ No need to buy multiple tokens: Owning just ICX gives access to all interconnected chains. ➤ Ease of dApp accessibility: frictionless dApp usage across multiple chains. ➤ DPoC: (Delegated Proof of Contribution) variant of PoS based on contributions. ICONSENSUS P-Reps: A Public Representative (P-Rep) is a block validator on the ICON Network that participates in consensus and governance. ➤ P-Reps consist of the top 22 Main P-Reps and 78 Sub P-Reps,. ➤ P-Reps are elected by delegation of stake. 1 ICX token is worth one vote. ➤ For delegating and voting for P-Reps, ICONists (ICX token holders) receive rewards. ➤ I-SCORE: All contributions are quantified in the form of I-SCORE that can be converted 1ICX to 1000 I-SCORE to redeem rewards. DBP (DApp Booster Program) DApps on the network receive a portion of block rewards based on their delegation ranking. EEP (Ecosystem Expansion Program) Community members receive a portion of the block rewards by proposing and implementing projects that expand or grow the network. Fee Sharing 2.0 Developers can choose to pay for transaction fees themselves so users may access their dApps easily. Virtual Step Virtual fee that credits developers transaction fees for locking up their ICX. ICX: ICON’s unique native token ➤ Provides governance rights to the network ➤ Used for computation, transaction fees and rewards ICON’s Unique Reward System Dynamic reward system that autonomously adjusts based on varying network conditions: ➤ When high % of network is staked, then reward is decreased to encourage using ICX elsewhere. ➤ When low % of network is staked, then reward is increased to encourage staking more ICX. Select Blockchain Products On ICON Network somesing.io The world's first Karaoke app on a blockchain. DPASS Global authentication system with sovereign identity. A Decentralized Passport/DID, and cryptocurrency wallet, all in one. broof.io Blockchain certificate issuance service. Permanent record of genuine certificates. Facilitates blockchain adoption with secured partners including, Seoul City, Citizen Hall, Postech and Studypie. ICON Ecosystem ICONLOOP MyID Alliance ICON Strategic Partner - ICON DAO P-Rep candidate and ICON strategic partner committed to providing the tools and services needed for users to develop and manage decentralized communities to mass collaborate and fund projects. ICON DAO Medium ICON DAO Twitter ICON DAO Telegram Resources Homepage: https://icon.foundation Community: https://icon.community Developer Center: https://icondev.io Github: https://github.com/icon-project Medium: https://medium.com/helloiconworld Works Cited ▸ Dr. Ben Lee, "Economic Incentives of ICON Network", Hashnet 2019 Blockchain Conference, October 2019. ▸ "ICON Network Partnerships" Retrieved from: "https://spec-rationality.com/icon/#21Nov" ▸ Amy Dang, November 5, 2019, "A Comprehensive look at ICONLOOP's MyID Alliance" Retrieved from: "https://theicon.ist/2019/11/05/a-comprehensive-look-at-iconloops-myid-alliance-its-partners-advisors-and-upcoming-roadmap/"