ICON 101 (Part 4): Icon’s Technology

Loopchain

LFT Consensus Algorithm

SCORE (Smart Contract On Reliable Environment)

  1. it functions in a more independent manner, “so the basic blockchain process can still function properly even if there is a problem with Smart Contract,” according to the whitepaper.
  2. “Generally, when a Smart Contract is updated, data migration is required. However, with our versioning capability, Smart Contract does not require data migration with every update. This means that Smart Contract update process is easy and quick.” In other words, it’s faster with less friction.
  3. Developers are free to utilize SCORE with several different programming languages, whereas Ethereum is far more limited in this regard. So it’s ultimately more accessible for developers to build on.

Multi-Channel

Tiered System

Summary

  1. A proprietary mechanism for achieving consensus in an efficient manner that protects and enhances the blockchain’s transactions and history (LFT).
  2. An architecture for the implementation of smart contracts that is more efficient, faster, and can be utilized with more programming languages (SCORE).
  3. A multi-channel design that allows for multiple activities at once.
  4. The ability to customize who can access the blockchain and how they can interact with it.

ICON Republic

Community

C-Node

C-Rep

Nexus / ICON Republic

Representation Channel

Public Treasury

Notary Channel

Public Channel

  • Anyone making ICX transactions (if you’ve sent ICX to someone, you’ve used the public channel)
  • Creating dApps (decentralized applications)
  • Using dApps

Decentralized Exchange (DEX)

Summary

Conclusion

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ICONOGRAPHER

ICONOGRAPHER

ICON contributor and analyst, ready to hyperconnect the world. Twitter: @iconographerICX