computer science

ICON (blockchain platform)

ICON (blockchain platform) is a computer science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand ICON (blockchain platform) rather than just read about it. In short: ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.

Key takeaways

ICON (blockchain platform) belongs to computer science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect ICON (blockchain platform) to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of ICON (blockchain platform) from memory before moving on to harder problems.

Reference excerpt

ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.

History ICON was founded in 2017 by Min Kim of the Switzerland-based ICON Foundation. According to the official ICON white paper, the purpose for ICON was to introduce a new era of decentralization and hyper connect Korea. ICON's initial coin offering (ICO) in September 2017 raised 150,000 ETH (approximately US$43 million at the time). At the time of launch, ICON was supported by various public and private organizations, including the Seoul Metropolitan Government in South Korea, and the Line Corporation in Japan.

Applications

Decentralized finance

Decentralized finance (DeFi) is a use case of ICON. It offers traditional financial instruments in a decentralized architecture, outside of companies' and governments' control, such as money market funds which let users earn interest. Decentralized finance applications can be accessed through a Web3-enabled browser extension or application, which allows users to directly interact with the ICON blockchain through a website. Many of these decentralized applications (also known as dapps) can connect and work together to create complex financial services.

Non-fungible tokens (NFTs)

ICON allows for the creation of non-fungible tokens (NFTs). Since tokens of this type are unique, they have been used to represent such things as collectibles, digital art, sports memorabilia, virtual real estate, and items within games. Land, buildings, and avatars in blockchain-based virtual worlds can also be bought and sold as NFTs.

See also List of cryptocurrencies Bitcoin Decentralized finance

References

Worked examples

Example 1 — a first encounter with ICON (blockchain platform)

Start with the simplest possible case. Write down what ICON (blockchain platform) claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In computer science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to ICON (blockchain platform) before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about ICON (blockchain platform) ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of ICON (blockchain platform)

In research: ICON (blockchain platform) appears in computer science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses ICON (blockchain platform) in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: ICON (blockchain platform) is common in secondary-school and first-year university syllabi. It links to neighbouring topics Alternative currencies, Blockchains, Cross-platform software, so understanding it makes those chapters shorter.
In everyday life: Look for ICON (blockchain platform) outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study ICON (blockchain platform) in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what ICON (blockchain platform) means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain ICON (blockchain platform) out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is ICON (blockchain platform) in simple terms?

ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.

Why does ICON (blockchain platform) matter?

Because it connects several computer science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study ICON (blockchain platform)?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on ICON (blockchain platform).