What is ICON?

ICON (ICX) is a layer-one blockchain that seeks to build a scalable, chain-agnostic, and multichain bridging solution. It serves as a hub that connects partner blockchains with all other blockchains integrated via its Blockchain Transmission Protocol (BTP). This protocol supports cross-chain token swaps and more generic messaging features like cross-chain smart contract calls. The ICON ecosystem includes a variety of decentralized applications (dApps), including DeFi protocols, NFT platforms, and games. ICON Network was co-founded by Min Kim, a former executive at DAYLI Financial Group and Tapas Media.

How does ICON work?

ICON operates on a delegated proof-of-stake (DPoS) network, where a majority of stakeholders delegate their share of the network to registered validators that produce blocks and participate in governance. This allows non-technical stakeholders to benefit from staking without having to set up a node or join a staking pool. On ICON, ICX holders can stake and delegate ICX to Public Representatives (P-Reps) – entities that have registered to participate in governing the ICON blockchain. This DPoS implementation seeks to offer a balance where stakers can passively receive compensation, while technical individuals interested in setting up infrastructure and governing ICON can do so.

What are the potential use cases for ICON?

ICON's primary use case is to facilitate the creation of new networks and connections via its interoperability solution, BTP. This solution seeks to connect all blockchains that are integrated with the ICON ecosystem, regardless of the base technology of the blockchain or the number of existing connections. The ICON ecosystem includes a variety of dApps, including DeFi protocols, NFT platforms, and games. These applications aim to provide a wide range of services and solutions to users, leveraging the unique capabilities of the ICON blockchain.

What is the history of ICON?

ICON Network was co-founded by Min Kim, who previously served as the chief strategy officer of DAYLI Financial Group, Korea’s largest fintech holding company, and the chief operating officer at Tapas Media, a U.S. digital content distribution platform. Min Kim incubated ICONLOOP, ICON’s technical partner. ICON seeks to build a multichain future by integrating with existing networks and facilitating the creation of new networks and connections via its interoperability solution, BTP. Over time, ICON has grown into a thriving ecosystem of dApps, including DeFi protocols, NFT platforms, and games.