The absence of interoperability in the blockchain and crypto space has been a significant obstacle for the market, hindering mass adoption and limiting functionality. To address this issue, various solutions have emerged, and ICON (ICX) is one such project aiming to provide a solution.
What is ICON?
ICON is an open-source programmable blockchain data aggregator that aims to "hyper-connect the world." Its vision is to create one of the largest decentralized networks in the industry, redefining communities and establishing a seamless interconnected ecosystem.
The project's core goal is to build a framework that allows independent chains, each with its governance structure, to interact and transact without intermediaries. ICON envisions a new era of technology where different blockchain communities can collaborate and exchange value effortlessly.
The ICON team
The ICON team comprises several organizations, with the ICON Foundation playing a central role in development and launch. The project's creation is attributed to ICONLOOP, a well-known Web3 transition company. Additionally, the project was incubated by DAYLI Financial Group, founded by Min Kim, a South Korean entrepreneur.
In addition to these organizations, the ICON team comprises experts from diverse fields, including technology, blockchain, cryptocurrency, sales, and legal expertise.
How does ICON work?
ICON operates on its custom-made blockchain called Nexus, designed to provide higher transaction throughput and interoperability. The project leverages Loopcoin, an innovative technology that acts as an intermediary between networks, eliminating the need for third-party intermediaries.
The key strategy of ICON is the Blockchain Transaction Protocol (BTP), which governs the interaction between independent networks within the ICON ecosystem. Although not entirely new, ICON has revitalized and operationalized BTP as the project's core feature.
The implementation of BTP holds significant advantages for ICON and the blockchain industry as a whole. It enables seamless connections between blockchains that support smart contracts, facilitating the exchange of valuable information and assets across multiple networks. As a result, developers can save time and resources while users gain the ability to build and launch decentralized applications (DApps) on the ICON platform.
ICX: ICON’s native token
ICX is the native token of the ICON project, serving as a utility token for seamless exchange between networks. It operates as a cryptocurrency available for purchase and trading on various centralized exchanges. With its ability to process thousands of transactions per second (TPS), ICX plays a crucial role in the efficiency of the network. ICX offers staking opportunities, allowing users to participate in the network's security and governance.
ICX tokenomics
ICX tokenomics involve a maximum supply of 970.4 million ICX and a circulating supply of 959.8 million ICX. As the project's native token, ICX plays a crucial role in powering the network and facilitating the exchange of assets across the ICON ecosystem.
ICX use cases
ICX is a third-party currency facilitating the exchange of assets and information between different networks within the ICON ecosystem. Additionally, it is a tradable cryptocurrency available on various crypto trading platforms like OKX. Moreover, ICX acts as a payment settlement tool, ensuring faster transaction speeds for users on the ICON network.
Distribution of ICX
ICX is distributed as follows:
Fifty percent was sold during ICON's token sale.
Seventeen percent is kept as the ICON reserve.
Thirteen percent is managed by the ICON Foundation.
Ten percent is allocated for community growth and strategic partners.
Ten percent is allotted to team advisors and early contributors.
What does the future hold for ICON?
As ICON pursues its roadmap goals, the team aims to introduce new features, enhancing its genuinely decentralized platform of interconnected networks. They are also working on improving the functionality of the ICX token, with a focus on enabling faster transactions per second.
In a rapidly expanding crypto space, the demand for interoperability between diverse blockchains grows. ICON's commitment to facilitating this objective positions them to play a significant role in advancing the blockchain industry.