ICON Network of networks concept
Basically, ICON positions itself as a network of networks, a project that intends to bring together various blockchain networks allowing them to interact. The project is based in South Korea and is aiming to work with large businesses such as insurance companies, banks, and universities. ICON has their loopchain technology that, according to the white paper can scale up to 9000 transactions per second, and many local businesses already use their blockchain protocol.
Look out, Neo
Various networks would be able to connect to the central ICON network (which they call ICON Nexus) by using specific nodes and via Nexus interact, share information, run smart contracts, and much more. The possibilities are endless if the project developers can fulfill their promise. Although it is still early days, in the future ICON could give a run to Neo and even Ethereum for their money.
ICX token and ICONex wallet
ICON’s coin ICX is Ethereum compatible and can be stored in any Ethereum wallet, though there was an announcement that the ICONex wallet is just around the corner expected to be launched in early 2018. The wallet will allow users to exchange their cryptocurrencies directly with each other, without using crypto exchanges.