Source: ZDNet Korea (View Original)

//Translated from Korean Language//

theloop, an attempt to build a new ecosystem with the ICON Project.

(ZDNet Korea, reporter Son Kyung-ho) The influence of the blockchain, which played the role of an online ledger that records bitcoin transactions, is growing. It is evolving into a key technology that can implement ‘Smart Contract’ by virtue of being able to handle almost all kinds of contracts that need to be trusted on the Internet.

The advantage of a blockchain is that all transactions taking place in the real world are implemented in a more secure, distributed network without intermediate managers.

This is because it has been confirmed that not only encryption currency but also financial investment, real estate sale, automobile transaction, information sharing between hospitals, voting and chat can be realized.

It is Ethereum that represents these projects.

theloop, a specialist in the domestic blockchain technology, is trying to connect them to each other beyond finance, medical, and public sectors, where independent private blockchains have been formed within each sector.

On the 3rd, theloop opened a blockchain conference called ‘LOOP-ONE’ at Yeouido Financial Investment and Education Center in Seoul and introduced a project called ICON .

On the day, Kim Jonghyup, CEO of theloop, said, “We are in the middle of building an individual communities with blockchains, and we are launching the ICON Project that connects everything with a decentralized blockchain.”

According to the ICON Project whitepaper published by the company, in the network constituting the ICON Project, for example, a Korean stock investor should be able to trade Apple stocks in real time from US stock investors, while a diabetes specialist at a Korean university hospital can study patients in Sydney and London Hospitals.

Independent private blockchain can be linked by a bigger blockchain via ICX token. In other words, tokens such as real estate, automobiles, property rights such as patents, copyrights, and trademarks as well as legal rights such as voting rights, citizenship, DNA analysis data and blood test result data can be traded using ICX tokens.

The project consists of a community that refers to a private blockchain that consists of independent financial, medical, and public areas, and a community representative (C- Rep ), which acts as a window to connect them. The entire blockchain network that includes these two components was named Nexus .

Within the Nexus, loopchain, the blockchain developed by theloop itself, allows movements of values ​​between different blockchains through ICX Tokens.

Kim said, “If bitcoin was recognized as reliable as a transaction ledger dispersed through a blockchain, Ethereum was able to attract explosive attention by introducing the concept of smart contract. loopchain has a self-developed smart contract platform called SCORE, LFT algorithm, tiered system, and modular architecture.”

theloop has built a blockchain-based authentication system instead of an official certificate through a consortium of financial investment holdings blockchains, in which 25 domestic securities firms participate. Several brokerage houses plan to deal with post-trading and OTC derivative transactions in the private blockchain, which means clearing settlements that occur after stock trading.

In addition, the consortium of the insurance company blockchain has participated in major insurance companies, medical institutions, and medical IT companies in Korea to promote the use of blockchains in insurance contracts, insurance claims and payments.

In addition, U-coin, a currency that can be traded within the university, is also in trial service by collaborating with Sogang University, Korea University, and POSTECH.

It is a big picture for this company to link each of these blockchains by the ICON Project. theloop will launch a token sale that will allow ICX, the token required to carry out the ICON project in September, to be purchased with Etherum’s trading unit (ETH). ICX buyers will have a stake in the ICON Project. Son Gyeongho reporter ( sontech @ ZDNet . CO . KR )

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[ICON official community]

Homepage : https://icon.foundation

KakaoTalk : https://open.kakao.com/o/gMAFhdS

Medium (ENG post) : https://medium.com/helloiconworld

Brunch (KOR post) : https://brunch.co.kr/@helloiconworld

Reddit : https://www.reddit.com/r/helloicon/

Twitter : https://twitter.com/helloiconworld

Facebook : https://www.facebook.com/helloicon/