Icon: everything you need to know about ICX

What is Icon?

Icon (ICX) is a blockchain network designed to facilitate interoperability between different blockchain networks. It enables users to perform transactions with various cryptocurrencies and other blockchain-based assets. ICX is built on loopchain technology, developed by the South Korea-based blockchain company ICON Foundation.

ICX has its own cryptocurrency token, also called ICX. This token is used as fuel for executing transactions on the network. The goal of ICX is to provide a decentralized infrastructure for enabling communication and collaboration among different blockchain networks. Additionally, ICX aims to promote the adoption of blockchain technology by making it more accessible to businesses and users.

The Icon network is designed with a focus on scalability and speed and is capable of processing thousands of transactions per second. It incorporates a governance system managed by ICX token holders, giving users a say in the network's governance.

How does Icon work?

On Icon (ICX), users can perform transactions with various cryptocurrencies and other digital assets. The network employs a secure consensus mechanism (LFT), a decentralized governance system managed by ICX token holders, and smart contracts to enable interoperability between different blockchain networks. ICX is used as fuel for transactions and to cover the costs associated with using the network.

The Icon token

The ICX token is designed to perform various functions on the network, including facilitating transactions, managing the governance system, and rewarding users for contributing to the network. Additionally, ICX tokens are used to represent the value of other assets on the network through the use of smart contracts.

The Technology Behind ICX

The technology behind ICX operates as a distributed network of blockchain hubs connected by the Icon Nexus Protocol. Each hub has its own blockchain containing unique information and features, including the ability to execute smart contracts and process transactions.

The consensus mechanism of Icon is called Loop Fault Tolerance (LFT) and is designed to provide both speed and security. LFT combines Byzantine fault tolerance (BFT) and delegated proof of stake (DPoS) to ensure network security and speedy transaction processing.

ICX tokens are used as fuel for transactions on the network. When a user initiates a transaction, they pay a fee in ICX tokens to process the transaction. This fee is then distributed among the validators who verify the transaction and secure the network.

The Icon network features a governance system managed by ICX token holders. Token holders can make proposals and vote on protocol changes. This decentralizes network governance and gives users a say in its development.

The network also utilizes smart contracts to facilitate collaboration between different blockchain networks. These smart contracts can be used to transfer value between various cryptocurrencies and other assets without the need for a third party such as a bank.

The Icon ecosystem

The Icon ecosystem consists of various components contributing to the operation and growth of the network. These components include:

• Blockchain Hubs: The network comprises multiple blockchain hubs interconnected through the Icon Nexus Protocol. Each hub has its own blockchain with specific information and functionalities, including the ability to execute smart contracts and process transactions.
• ICX Token: The native token of the Icon network, used as fuel for transactions on the network. ICX tokens are also used for staking to vote on governance proposals.
• Governance System: The Icon network has a decentralized governance system where ICX token holders can make proposals and vote on protocol changes, giving users a voice in the network's development.
• Icon Foundation: A nonprofit organization responsible for the development and promotion of the Icon network. The foundation also maintains various business relationships with other organizations and works on ecosystem development.
• Icon Republic: A consortium of blockchain projects, companies, and institutions collaborating to promote and develop the Icon network. Icon Republic works on network adoption and builds new applications using the blockchain hubs.
• Icon SDK: The Icon Software Development Kit (SDK) is a development kit that enables developers to easily build applications on the Icon network. The SDK includes various tools and libraries to facilitate application development on the network.
• IconFi: A DeFi (Decentralized Finance) platform built on the Icon network. The platform offers various financial services such as lending, staking, and yield farming. It utilizes the Icon network to process transactions quickly and securely.

Benefits of Icon

What advantages does Icon offer that attract investors to ICX?

• Broad integration within the technology sector
• Open-source and fully decentralized
• Fast, real-time transactions
• Efficient reward system
• Icon's technology is more resilient to bugs, hack attacks, and system failures

Drawbacks of Icon

What disadvantages of Icon should investors consider?

• Relatively limited adoption and acceptance
• Fierce competition in the DeFi space
• A large community of sub-communities requires significant coordination

Who is the founder of Icon?

The founder of Icon is the South Korea-based company ICON Foundation. It was founded by a group of South Korean blockchain and financial experts, including Min Kim, J.H. Kim, and H.O. Lee. One of the most prominent founders of the ICON Foundation is Min Kim, who served as CEO until 2020. He has over 18 years of experience leading technology companies and is one of the pioneers of blockchain technology in South Korea.

Price forecasts

In 2026 experts expect a minimal price of €0.4700 and a minimal price of €1.56 in 2031.