ICON wants to connect the world by building one of the largest decentralized networks in the world. This is achieved through a platform with which different blockchains can communicate with each other via smart contracts. The so-called ICON Republic will connect communities (separate blockchain communities) through the ICON loopchain technology. The aim is to provide a platform where players from virtually all sectors can co-exist and perform transactions on one network.
The ICON project was founded by a Korean multi-billion company named Dayli Financial Group. Dayli Financial Group is one of the largest fintech companies in Asia with a market value of more than 4 billion dollars. Although Dayli and The Loop are responsible for the development, ICON itself has been established as a non-profit organization by The Loop in collaboration with 3 Korean universities.
The community is a network that consists of different nodes within an overarching management. This can be a school, a financial institution, but also for example health care. Each community has its own composition of nodes within the network. This composition is based on the properties and conditions of the ecosystem.
The ICX token has a total circulation of over 800 million.