On top of this decentralized multi-chain protocol, companies will deploy and operate their own decentralized apps (dApps) which benefit from blockchain characteristics like immutability and transparency. For more information on what we know about this project so far we recommend you read our "What is ICON" article.
In a world where anything could be connected to the internet, ICON wants to build the largest decentralized network. We all know that in this day and age everything is becoming connected. ICON aims to make it possible for blockchains to communicate with each other without intermediaries. Their philosophy is well explained in their introductory video: "ICON - A New Standard For Smart Cities":
I think having banks involved in blockchain technology really shows how serious they are about making something like this work. It will obviously take time but it's interesting none the less. What do you think about them trying to connect blockchains together? Let us know down below!
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Icon wants to connect blockchains together using a decentralized algorithm that would allow different blockchains with their own consens uses to communicate with each other. This would create a more efficient way of transferring data and value between different companies and blockchains. Icon is currently in the process of building their own blockchain that will allow for this type of communication.
Banks and private companies have taken notice of Icon and what they are trying to do. Many of these institutions are looking into using Icon's blockchain technology in order to improve their own operations. ICON plans on using their blockchain technology to create a "decentralized network of chains". This would allow different blockchains with their own consens uses to communicate with each other without needing intermediaries.
