Omm: It is a money market where anyone can supply assets to earn interest, borrow assets for short-term loans, and make Omm for that. In a sense, it is a decentralized bank using the ICON network and ICX as its token. Let’s look at some of the dApps it offers and what they achieve:īalanced: It is where ICX holders can take out loans, swap assets, and supply liquidity. With its current network having applications such as Balanced and Omm, we can see how it is trying to build an ecosystem that nurtures itself in the long run. With over 140 employees presence in South Korea, it is one of the largest blockchain companies.Įven though the transaction fee is currently set at 0.01 ICX per transaction, it will be charged according to a fee structure. ICONLOOP has also partnered with several industry giants and government entities. Its key development partner, ICONLOOP, has received the Ministry of Science and ICT Award for its role in popularizing the blockchain sector in Korea. ICON is a rapidly growing project with a strong presence in South Korea. In this way, it is similar to democracy working in the real world.
This system is called Delegated Proof of Contribution, where the ICON ecosystem brings in the most talented P-Reps to the network, choosing the best P-Reps and allowing them to make changes that align with their sentiments and goals for the system. The most effective P-Reps who can add significant value to the community gain the authority to reach consensus to changes in ICON network changes through voting. P-Reps are validator nodes that secure the network and carry out activities that add value to the ICON network. ICONists are members of the ICON republic who will delegate their ICX to the most productive P-Reps, receiving a high staking reward in the industry currently offered. There are two main components of this governance which are Public Representatives, also known as P-Reps, and ICONists. ICON is a digital republic with a comprehensive governance system where users say how the network operates. Since it is a third-generation protocol, ICON boasts lightning-fast throughput speeds, which are way faster than second-generation protocols. It allows protocols to communicate with one another while providing services like smart contracts and value transfer. Through its Blockchain Transmission Protocol, ICON aimed to target this, offering its interoperability as its core feature. With the rise in cryptos, the issue remained that all these blockchains remained isolated, unable to communicate with one another.
That is why Ethereum and other alternatives emerged in the market to fill in the gap. The reason why alternatives to Bitcoin appeared in the market is that Bitcoin was specifically designed for transactions, not smart contracts. The high throughput blockchain enables the system to be ultra-fast without compromising quality or reliability. The project aims to build a decentralized network allowing independent blockchains with different governments to transact with each other without the need of any intermediate third parties.
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