The ICON project aims to integrate cryptocurrencies by creating a decentralized hyper-connective network that links Blockchains across various industries, creating a nexus across countries, governments, corporations, and businesses.
The History and Team behind ICON (ICX)
ICON is a project created in Korea by Theloop Company which is in charge of development of the network, smart contracts, and ICON Nexus Development. The network was launched in 2016 with the developers creating an open source network for the loop chain in Q3 of 2017. The ICON token, ICX was offered to the public through an ICO in Q4 of 2017 and was listed on various exchanges. A total of $42,750,000 was raised through the ICO with each token priced at $0.11.
The team comprises of 120 ICON Community developers who are predominantly Asian, given it is a project started for Koreans. The coin was founded by KJ Lee, JH Kim, Hoon Lee, Min Kim and Jay Kim. All have previously worked in the field of Blockchain and are working on other Blockchain products as well. The ICON development team is led by a well-known cryptographer and core developer, YG Lim. He is the lead developer and product manager.
The ICON project has five components that allow for ease and seamless use of Blockchain technology:
The ICON community
The Community Representative from the ICON Nexus who connects each Blockchain together in instances where users of the ICON platform do not know the Blockchain they are using.
The network allows a form of atomic cross-chaining between different Blockchains and adopts the Proof-of-Consensus (PoC) system to enable processing of real-time transactions. Through the Loop Chain, which is a fast and fork-less consensus Blockchain, a faster consensus can be reached by connecting multiple nodes to a mutual trust pool based on the Loop Fault Tolerance (LFT).
Mining and Ownership
ICON is an Ethereum-based ERC20 token that is written based on the smart contract Blockchain technology introduced by Ethereum. The ICON token has no pre-mining or mining platforms or procedures. The developers created the Blockchain, and the total supply was sent to exchanges immediately. New ICX tokens will be determined through Community Representation (C-Rep) consultations.
The coin was offered through a public sale in September 2017. The ICO (initial Coin Offering) had a target of 150,000 ETH ($37.5 million) and the total supply of tokens was 400,230,000 ICX. The number of tokens sold in the ICO was 50% of the total supply.
The coin was first offered in September 2017 at a price of $0.11.