The ICON Project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds, or blockchain multiverse. ICON itself can be viewed as both a living organism and an ecosystem.
ICON is a vision with a proven track record and has progressed beyond the initial concept stage. ICON already boasts communities comprised of reputable institutions – banks, securities, insurance, hospitals, universities, and more. A future with faster money remittance and frictionless value exchange of securities, medical records, academic data, insurance fees is within our reach.
Components of the ICON Network:
(1) Community: Community is a network comprised of different nodes with the same governance system. Financial institutions, governments, schools, e-commerce platform, healthcare, Bitcoin, and Ethereum can all be considered a Community. Each community has different compositions and scales of nodes, according to their characteristics and circumstances.
(2) C-Node: C-Node (Community Node) is the building block of a Community that affects the consensus or decisionmaking process of Community governance. C-Nodes are available to both individuals and organizations (banks, brokers, insurers, schools, governments, etc.), and Node policies are determined by the members of each Community.
(3) C-Rep: C-Rep (Community Representative) is the representative unit of Community that functions as the component of governance of ICON Republic. It has the right to vote on verification and governance of transactions in ICON Republic. C-Rep is selected according to the decision of each community, and CRep can be changed from one node to another. In other words, C-Rep duties are transferable depending on the situation and purpose of each governance. Furthermore, C-Rep will receive incentives for its maintenance and activation of ICON Republic.
(4) ICON Republic: ICON Republic is the connector of different communities. It is comprised of representatives called C-Rep, and other Citizen Nodes. ICON Republic's governance is determined by C-Rep votes, and hence, decentralized. ICON Republic functions as a communication channel between communities, and does not affect the governance of the communities.
(5) Citizen Node:Citizen Node is a component of ICON Republic. Anyone can participate as Citizen Node by DAPPs created on loopchain. However, Citizen Node does not have voting rights for the governance of ICON Republic, and has only the right to create a transaction. Citizen Node can also be C-Rep with the right to vote if certain conditions are met.
Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. Huobi does not take responsibility for any resulting direct or indirect losses.
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