ICON is a decentralised network where anyone can participate and connect to any blockchain. Through ICON, communities that were isolated can now connect and share various services through their network. For example. A person had a doctors appointment at a hospital. After the treatment, the hospital authenticates their blockchain ID and delivers the medical data to the insurance company on the ICON network. The insurance who received the data calculates the insurance payment and sends it immediately. The insurance benefits can be used anywhere inside the icon network (buying stocks, paying college tuition fees, e-commerce or to buy ethereum).
Transactions on the ICON Network are verified by a ledger shared within the community network itself, not controlled by a centralized authority. Decentralization ensures autonomy and independence of the community. In order to be connected to a centralized system, it is inevitable to passively accept the policies and system determined by the centralized organization. For instance, to use VISA for payment, it is necessary to use their designated system and follow their policies. The ICON Network allows each community to autonomously determine the appropriate systems and policies.
ICON is South Korea based. The Republic of South Korea presents an ideal environment for blockchain technology and cryptocurrency disruption. South Korea is the top ranked ICT country in the world and the 11th largest economy. (1) In addition, South Korea is now quickly becoming a leader in digital currencies. (2) ICON has established itself in South Korea via theloop. (3)
There are 5 components of the ICON Network:
– Community; Financial institutions, governments, schools, e-commerce platform, healthcare, Bitcoin, Ethereum, Ripple etc. can all be considered a community.
– Community Node; This is the building block of a community that affects the consensus or decision making process of community governance. Node policies are determined by the members of each community.
– Community Representative / (masternode); 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 C-Rep can be changed from one node to another. C-Rep will receive incentives for its maintenance and activation of ICON Republic.
– ICON Republic; The connector of different communities. 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.
– 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.
They are in the process of implementing the loopchain in various industry communities made up of reputable institutions like capital markets, insurance, university and healthcare.
Company and team
DAYLI Financial Group is a leading Fintech company in Asia. The company provides data tech solutions, digital wealth management, and lead-generation services mainly through its three core divisions DAYLI Intelligence(DI), Quarterback, and DAYLI Marketplace. (4) Theloop and DI are the companies behind the ICON Project. They were selected for a blockchain pilot project by the Ministry of Information and Communication. The coin (U-coin) is currently available at three campuses and at nearby merchants.These universities are using U-Coin to pay scholarships and pay tuition fees. (5) DAYLI used to be called Yello Financial Group and is an arm of Yello Mobile. (6)
Yello Mobile is one of the largest startups in Korea. A start-up that was started by a team that spun off of KakaoTalk (similar to WhatsApp). The app is used by 93% of smartphone owners in South Korea. Theloop has an exclusive partnership with the Korea Financial Investment Association(KOFIA) and has developed the world’s first blockchain-powered identification certificate called CHAIN ID. (7)
Below are the 5 members of the Foundation Council. They’re supported by 35 other team members, all of whom are listed on the official ICON foundation website.
CEO of DI: KyoungJune Eee, a blockchain and AI technologies company, founder of Nomad Connection and developed the first firewall in Korea. (8)
CEO of Theloop: Jonghyup Kim, a blockchain specialized company, 20 years of experience in information security, experience in developing patented applications such as PKI, authentication and security protocol. (9)
CFO of Theloop: Jay Kim, 10+ years of experience in strategic and IT consulting, previously worked at PwC Consulting.
CSO of DI: Hoon Lee, obtained his Ph.D. from the Graduate School of Technology Management, previously worked at Woori Financial Group.
CGO of DI: Min Kim, 12+ years of experience in business, consulting, investment banking, worked at Deutsche Bank and was COO at Tapas Media. (10)
The ICON team is setting up lots of partnerships with the goal to connect the entire ecosystem using ICX.
– 27 Financial firms in Korea have decided to partner with DAYLI. (11)
– SBI (the company that partnered with Ripple.) (12)
– Banks like Daishin Securities and Kiwoom. (13)
– ICON signed an agreement with Woori (appears to be the second largest bank in Korea) to create something like Tether but for the Korean Won. (13)
– They own Coinone, the third largest crypto exchange in Korea. (14)
– Insurance consortium with hospitals and insurance companies. (5)
– DAVinCI, a leading AI company. (15)
– ChainToB, a business services platform that aims to link blockchain core technology and business services. Theloop and ChainToB will combine its resources to further develop the Loopchain engine that powers the ICON Network. Theloop and ChainToB will also collaborate on developing a blockchain-based document management platform. (16)
– 2017 Q3: Open source of Loopchain, Partnership with a major bank, Nexus Testnet launch.
– 2017 Q4: ICO and listing of ICX, Blockchain ID, U-coin pilot and auto-claim pilot services open, Nexus Mainnet & DEX launch, Wallet (web/iOS/ Android).
– 2018 Q1: Expand DEX reserve pool to most major cryptocurrencies, Expansion of partnership with blockchain partners, Representation and public channels open.
– 2018 Q3: U-coin expansion to 10 universities, Second service launch of their financial investment consortium.