Ripple is using RippleNet to connect financial institutions and business across a universal blockchain - ICON (ICX) applies this concept to blockchains. The platform allows for connectivity between blockchains for communication, transactions and even higher level functions like voting when there is a common issue to be dealt with.
Running The Loop
ICON was created by a The Loop - a company focused on building distributed ledger (DLT) for private companies. This is a project developed by the Intelligence arm of DAYLI Financial Group - the largest FinTech organization in Asia. They provide data tech solutions, digital wealth management, and lead-generation services.
The ICX platform was developed on the Ethereum blockchain while their own blockchain was perfected. This progression happened in late January 2018 - “mainnet launch,” called Loopchain. The primary goal of the platform is to allow decentralized apps (DApps) from one entity to exchange information or value with dApps from another. The big three types of data to be moved are, identification, smart contracts and currency exchanges.
Blockchain Interoperability Alliance
There are other projects working on a similar concept. Many people have thought that blockchain projects would begin to decrease by now, but this is not the case. ICON (ICX largest blockchain project out of S Korea), Aion (AION Canada), and WanChain (WAN Singapore) form the Blockchain Interoperability Alliance.
“The goal of this alliance is to create a globally accepted standard for connecting blockchains, and to bring innovations together.”
Many projects are being formed on top of existing platforms like Ethereum, EOS or ICON. However, there continues to be improvement to the code and deeper technical aspects of blockchains themselves to improve things such as scalability, security and energy efficiency.
This month ICON launched a Blockchain accelerator program called DeBlock.
Dan Morehead founder of cryptocurrency hedge fund Pantera Capital recently stated ICON is the firms biggest holding right now for 2018.
By: BGN Editorial Staff