ICON is a decentralized blockchain network and crypto community project that allows the creation and connection of communities through the use of multiple blockhains. These communities interact with the ICON blockchain network by utilizing smart contracts. It allows independent blockchain communities with different governances to transact with one another without the need for third parties. The ICON blockchain, dubbed ICON Nexus, is a loopchain-based blockchain that enables the creation of DApps by third parties with the ultimate goal of providing a platform that links various industries (healthcare, insurance, finance, etc.). The governing body of ICON is called ICON Republic, with communities having representatives in ICON Republic. Community Representatives are called C-Reps and function as elected officials for their respective communities. ICON Republic itself functions strictly as a channel for communications between different communities. Each individual community operates under its own rules and with its own consensus algorithms without interference from ICON Republic. The platform features a decentralized exchange which can be utilized by all blockchains that use ICON.
One of the greatest innovations offered by ICON is the ability to use and interact with the blockchain without using the ICX token. ICON’s coin, ICX, is an ERC20 token that can be used as payment in all communities that form part of the ICON network.