Estimated reading time: 1 minute, 28 seconds
This episode of Blockchain Token – What is it? covers ICON!
Decentralization is challenging how we view our current social, political, and economic systems, most notably, the central banking system. We’re currently moving away from centralization, but how can we maintain connectivity in a decentralized world?
The ICON Project aims to overcome such challenges and help advance our society towards true hyper-connectivity. In order to do this, ICON is redefining communities.
Through ICON, communities can go beyond and be free from traditional economic system and promote friction-less value exchanges with other communities. They are essentially eliminating the social trust needed to exchange value by installing their own network.
Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds, or blockchain multiverse.
ICON is a decentralized network different from the existing centralized networks. Transactions on the ICON Network are verified by a ledger shared within the community network itself, not controlled by a centralized authority.
This minimizes the involvement of unnecessary intermediaries, which significantly reduces the fees. Think about how much money visa takes from you in transaction fees. It adds up quickly, and you’re paying those transaction fees through increased prices. In addition, decentralization ensures autonomy and independence of the community.
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