ICON (ICX) Profile

ICON Token Profile (PDF)

ICON is a South Korean blockchain interoperability project. Its founder Min Kim has a background in finance. While working for a South Korean VC fund, he was involved with the launch of Coinone, a large South Korean cryptocurrency exchange. This experience led Kim to start a project for private and consortium blockchains called LoopChain. According to Kim, ICON was first envisioned as a stable coin and received support from Woori, a South Korean bank. This idea was later dropped. Given the already-existing network of private blockchains using LoopChain infrastructure, Kim decided to instead create a protocol for the connection and interoperability of all of these private blockchains. ICON can be seen as an evolution of LoopChain, and is very much based on the same technology; a fairly simple blockchain with a BFT consensus algorithm written in Python. Despite its technological simplicity, ICON uses confusing methodology to define its governance structure. It defines Communities as both public blockchains (i.e. Ethereum) and private blockchains (i.e. LoopChain), which relate to the ICON ecosystem as full nodes, called Community Nodes. There are also Community Representatives, which engage in the governance of both the ICON network, as well as the community they are representing. ICON-compatible blockchains interact through Nexus, a software that connects all Community Representatives and verifies the validity of the transactions across chains. Currently, ICON seems to be focused on exchange compatibility of potential sub-tokens within its network rather than on developing interoperability mechanisms that use Merkle proofs.