ICON is a blockchain platform that connects various platforms such as Bitcoin, Ethereum, NEO, QTUM and Ark via smart contracts. ICX is, on the other hand, a token used on the ICON platform. The ICX token also enables transactions between different cryptocurrencies by determining their exchange rates through the DEX Reserve. The ICON project wants to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.”
ICON was founded by the Dayli Financial Group, a $4 billion organization, in 2016 and many of its team members have worked for the company in the past. The Dayli Group also owns the Korean exchange Coinone.
ICON does not dally with communicating its aim to “hyperconnect” the world. Right off the bat, the abstract in their whitepaper informs the reader of ICON’s attempts to overcome the challenges of our data-heavy world through the power of blockchains.
The company likes to use the medical and insurance sectors as examples of the practical application of ICON. When an individual visits the hospital for medical services and wishes for the treatment to be covered by his insurance, a hospital on the ICON network can send the patient’s details associated with the blockchain ID to the insurance provider, who is also on the ICON network. This transaction will occur using ICON tokens, “ICX”