![]() Nearly all the blockchain development and maintenance is done by ICONLOOP with oversight from the ICON Foundation. Image via IconLoopĪlthough any developer can create decentralized applications on the ICON loopchain, the ICON network is not yet open source. ICONLOOP, the company which develops the ICON Network. The company that was incubated by DAYLI Financial Group to actually create the ICON network is ICONLOOP, a South Korean software company that focuses on the adoption of ICON’s loopchain and creates custom solutions for public and private enterprises including the South Korean government. Kim is also one of the co-founders of the Swiss-based ICON foundation which “oversees the ICON project’s core activities which includes the promotion and development of the ICON protocol”. ICON was created by South Korean DAYLI Financial Group, which was “built” by Korean-American Min Kim. ![]() Participating blockchains will eventually be able to mint both fungible and non-fungible tokens backed by ICON’s ICX token and/or real-world assets. ICON’s native blockchain is known as the loopchain and can be conceived of as a digital keyring that allows you to attach multiple blockchains to a single hub called the Nexus that makes it possible for them to communicate with each other. ICON also has one of the highest confirmed transactions per second (TPS) of any cryptocurrency blockchain: over 9000.Ī visualization of the ICON Network. It has support from dozens of established institutions in both the public and private sector, including the South Korean government itself. While this development is not necessarily new or groundbreaking in the cryptocurrency space, ICON has one very important thing which most other cryptocurrency projects do not. More recently, ICON has begun turning its attention to tokenizing physical assets such as real estate on its blockchain. These have moved the project significantly closer to becoming the network which connects all blockchains around the world both inside and outside of cryptocurrency. In just the last few months, ICON has finally revealed its blockchain interoperability protocol and made many other leaps in development. A lot has changed since we last covered the project. ![]() Colloquially referred to as the Ethereum of South Korea, ICON is an ambitious project which seeks to “hyperconnect the world”. ![]()
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