What Is ICON (ICX)?

ICON (ICX) is a protocol developed for creating decentralized applications (DApps) and is based on blockchain technology. The project’s conceptualization is based on the idea of connecting the world. Historically, technological innovations have enabled people to connect; for instance, postal services and telephones made it possible for people to connect irrespective of distance, enabling freedom of mobility. Similarly, the project intends to build a more seamless connection worldwide. 

The platform aims to remove any barriers that exist in the centralized system. ICON (ICX) seeks to create a decentralized network that enables independent blockchains with different governances to carry out transactions among each other without any intermediary. The network allows anyone to develop a new blockchain project and join the forum.

The advancement of blockchain technology has started to blend borders and statutes. However, the technology is still in its infancy and is plagued with limitations regarding its ease of use, performance, and service quality. In general, most blockchain projects focus on their decentralization methodology but lack evidence of adoption in real use cases. Therefore, the platform intends to overcome these challenges in advancing society toward hyperconnectivity.

Further, the platform interconnects communities in real time via smart contracts. A smart contract is a contract that self-executes, and the agreement terms between traders are directly written into code lines. Smart contracts allow trusted transactions and agreements among anonymous parties without requiring any legal system, external enforcement mechanism, or central authority. At present, the platform’s communities comprise institutions, including insurance, hospitals, banks, securities, universities, etc.

The protocol essentially aims for decentralized governance. In other words, every blockchain connected to the nexus holds its governance. The nexus refers to a multi-channel blockchain comprising light clients of respective blockchains. The platform’s tokens are integrated into the nexus chain, and the various interconnected blockchains can use the tokens for transferring value. In addition, the nexus takes forward the discussions with an equal level of representation on behalf of every independent blockchain.

Furthermore, the loop chain is at the core of the platform. Loop chain refers to a high-performance blockchain that offers real-time transactions based on an improved smart contract system. The various features provided include:

• Consensus: Loop fault tolerance (LFT) enables faster consensus and makes sure that the finality of the consensus is done without the possibility of forks within the network. 

• Smart Contract on Reliable Environment (SCORE): Ensuring high-performance contracts to run directly in the node operation ecosystem, without a separate virtual machine. 

• Multi-Channel: Enables independent channels to be developed in the same blockchain network and implement the request, consensus, and smart contract.

ICX is the native token of the platform that supports, verifies, and executes a negotiated agreement between consenting parties within the ecosystem. The token can be used to pay the transaction fee, and other tokens can be converted into ICX via decentralized exchange (DEX). Further, the issuance and storage of tokens are done in a public wallet called the public treasury. 

Moreover, the protocol is designed on a delegated proof of contribution (DPoC) to create optimal incentives for users to maximize productivity on the ICON network.

History of ICON (ICX)

The token’s ICO (initial coin offering) was made active in June 2017. The whitepaper was released on August 15, 2017. The platform was founded by Min Kim, an expert in the South Korean ICO, blockchain, and cryptocurrency space. He has an academic background in business administration and has over ten years of experience in finance and blockchain technology as an M&A consultant, venture capitalist, mentor, and entrepreneur. Further, the company supporting the project is Korea-based The Loop.

How Are New Icon (ICX) Earned?

Holders receive rewards by staking their tokens. Per token staked, 10.6% reward is given annually. Users have to lock up their tokens in their wallets for a set period to get daily rewards in return. At present, the lock-up period is eight days. Further, stakers have to delegate the staked tokens to a public representative (P-Rep) to receive rewards. P-Reps are individuals or organizations that set up a validator node on the platform’s ecosystem. Their main role is to create and vote on network proposals that determine network variables and create blocks for the ecosystem.