ICON Project is a South Korean network connected through blockchain communities to form a more significant community called ICON Republic. Icon implements a different protocol than other cryptocurrencies –loopchain blockchain. The loopchain works as a decentralized administration of Portals and nodes. The blockchain Transmission Protocol facilitates transactions between independent blockchains linked via Portals. The Icon Project includes a variety of communities in different fields such as healthcare, online commerce, energy, finance, and more. Most tasks related to these communities will be implemented through Smart Contracts, thus reducing and eventually eliminating the interference of centralized services. Insurers and hospitals in South Korea have already begun using the loopchain technology, which aims to automate and facilitate people's lives. In 2017, ICON Project has received a government grant from the Ministry of Science. Also in 2017 ICON has launched a test version of U-coin (University coin) aimed at university students in South Korea. The platform that realizes trading is called DEX. Through it, transactions actuate automatically without the intervention of third parties. The transactions are anonymous, and the platform does not permit server breakdowns or hacking. The ICX token will be distributed in limited supply – only 400,230,000 ICX.

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