What is ICON?
The objective of ICON is to “hyperconnect” the world and the best way to do so is to build this reliable, decentralized network allowing different blockchain platforms to connect with each other through smart contracts. ICON, using Nexus-which is a loop-chain based blockchain-puts itself at the top of the game as it serves as a solution to the niche of bridging the blockchain nodes.
ICON Republic holds discussions with an equal level of representation on behalf of each independent blockchain, functioning as an indirect democracy.
Basically, ICON has an enhanced smart contract that can facilitate real-time transactions between communities in the ICON Republic. ICON would be extremely useful in industries as finance, healthcare, insurance, and even in universities because for efficiency they must collaborate if not to curb fraud then for their mutual benefit.
ICON has an aim to conduct thorough research of community-to-community connectivity creating a trust network amongst them. At the moment, it is only available in Korea, but with time it hopes to connect Asia and eventually the rest of the world.