Getting to know ICoin digital currency + how it works
To get to know the iCoin digital currency, we should know that the iCoin digital currency is a platform that is intended to facilitate the interactions of independent blockchains, which are also called communities. In the context of Icoin, a community is defined as a network of nodes that follow a single governance system (a computer node that connects to a cryptocurrency network). Crypto networks such as Bitcoin and Ethereum (what is the difference between Bitcoin and Ethereum?) are considered communities, but banks, businesses, hospitals, schools, and governments can also participate in this ecosystem as communities.
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iCoin is backed by a cryptocurrency, ICX. The iCoin digital currency project was founded in 2017 by the iCoin Foundation, an organization based in South Korea. The aim of the iCoin project is to facilitate a platform where entities from a diverse range of industries – finance, security, insurance, healthcare, education and commerce – can interact and transact on a single network.
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Key points of getting to know Icoin digital currency
- Icoin is a blockchain technology and network framework that allows independent blockchains to interact with each other.
- Communities are connected to the Equine network through decentralized exchange.
- The possible opposition of traditional centralized exchanges of digital currencies is a major challenge of digital currency iCoin.
Understanding the digital currency iCoin
To get familiar with iCoin digital currency , the initial coin offering (ICO) in September 2017 for iCoin digital currency, ICX, raised almost 43 million dollars. This sale included 50% of the ICoin token resources. The project officially launched its blockchain in January 2018, and ICO participants received their ICX cryptocurrency in June 2018. In 2019, iCoin released its token standard, IRC16, which allows users to use the ICoin software as an infrastructure to create their own tokenized assets and securities.
These assets and securities are digital tokens (or “coins”) that represent equity ownership. Units with a token net worth, a business can raise capital by issuing its shares in the form of digital assets. And using software Icon app made users more familiar with iCoin digital currency (harmony digital currency + one token).
The digital currency iCoin describes its goal as: the creation of a “digital nation”, where various economic actors can issue and control their own forms of value under the governance systems of their choosing. According to its website, the iCoin project aims to “connect the world” by “creating one of the largest decentralized networks in the world.”
The icoin project inspired their project from the way real world economies are structured. Businesses, nonprofits, and government entities all use a common medium of exchange—the national currency—while still being distinct but interoperable economic actors.
Blockchain technology and cryptocurrency token, called ICX, allow participants in a decentralized system to converge at a central point, creating an interconnected blockchain network.
The difference between blockchain and database
Blockchain is a type of database. It differs from a regular database in terms of how data is stored. Data is stored in blocks in chronological order: as new data arrives, it enters a new block. When a block is filled with data, that block is chained onto the previous block. While blockchain is mostly associated with cryptocurrencies, there are other areas where this technology can be used because different types of information can be stored on a blockchain.
While the most common use so far has been as a transaction ledger, any exchange of information can be added to a blockchain. Transactions including securities, currency, business contracts, documents, loans, intellectual property and personal identity can be tokenized. Each blockchain is managed by a specific network. For this reason, in the past, connecting different blockchains was not considered as a possibility.
The iCoin project is an attempt to create such a connection. Unlike other centralized payment systems, which require businesses to follow their own policies and guidelines, iCoin allows individual communities to retain control over their own policies. In this way, iCoin seeks to reduce potential barriers to adoption.
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Aicoin’s goals
The aim of the iCoin digital currency is to create a larger network – made up of individual networks – that supports cryptocurrencies. Blockchains participating in the iCoin project can exchange currencies using the platform’s Decentralized Exchange (DEX). DEX establishes currency reserves for each blockchain community so that communities can exchange value in real time. The iCoin project consists of five main components: iCoin Republic, iCoin Communities, Community Representatives (C-Rep), Community Nodes (C-Nodes) and Citizen Nodes. Icoin communities are a network of nodes in a single governance system. They can operate with their own governance structures, number of nodes, and attributes.
Also, communities can be different in their decision making. For example, while Bitcoin operates almost by consensus, other communities – such as financial institutions – may follow a hierarchical approach. Community nodes are the infrastructure of every community. They maintain a community’s blockchain. Community representatives are nodes that are elected from within each community and are trusted to interact with the iCoin Republic. Through the community proxy, each community’s blockchain is connected to the iCoin Republic. Community representatives receive ICX for their work.
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Icon Republic
The iCoin Republic is the governing structure of the network. It is also the decision making committee for blockchain operations. The governance of the Republic of Icoin is determined by the vote of community representatives. A useful analogy is to think of the Republic of Icoin as the United States, and imagine each Icoin community as a separate state. The actions of the Republic of Icoin do not determine the sovereignty of the individual communities themselves. However, the ICX Republic controls the process by which the new ICX digital currency is created. Citizen nodes participate in the blockchain that do not have voting rights but can transact within a community, with other communities, and with the token republic.
The blockchain of the Republic of ICoin is referred to as “Nexus”. The technology that powers Nexus is an algorithm called loopchain. This ring connects the communities that are part of the iCoin Republic. These communities—when grouped together, known as consortia—determine a set of common rules that allow different blockchains to work together effectively. The set of rules governing how the standalone blockchain interacts with the Icoin blockchain is called the Link-Blockchain Transfer Protocol (BTP).
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Finally, like Ethereum, anyone can use iCoin to create decentralized applications, called DAPPs, through the public blockchain channel. Furthermore, once these applications are registered in the iCoin DAPP Store, anyone with a citizen node can download and use them.
Criticism of iCoin
While Aicoin has ambitious plans to connect different communities, it faces many challenges in realizing this goal. First, many investors are used to traditional centralized cryptocurrency exchanges. While it is true that these traditional, centralized exchanges do not fit the decentralized ideology of cryptocurrencies, in 2021, these exchanges are still an integral part of the cryptocurrency market. Many investors only buy cryptocurrencies that they can buy through their favorite exchanges.
This can cause problems for ICX. Due to the goals of ICX, many exchanges may not be willing to offer ICX to their customers. High levels of competition increase the risk of a cryptocurrency failing. Like other cryptocurrencies, iCoin faces tough competition from other cryptocurrencies.