ICON Network (ICX) - a general purpose blockchain protocol, based on the native ICX cryptocurrency. It can run smart contracts, accept the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol and use an economic governance protocol, called DPoC (Delegated Proof of Contribution).
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General information
ICON — a blockchain protocol for decentralized applications. As a chain of aggregators, it provides interoperability - a network of interconnected networks that combines all blockchain data into one layer. The main vision of the project - to create an interoperable blockchain network, connecting autonomous online communities and real projects. ICON Network focuses on delivering real value for the development of hyperconnectivity by encouraging seamless value sharing. The ICON project was founded by Min Kim.
Through its focus on enterprise implementation, ICON has been able to form several partnerships with South Korean companies and the country's private sector. Icon Network partners are:
- Shinhan Bank;
- Danal Fintech;
- ICONLOOP;
Features of ICON Network (ICX)
The platform focuses on several different use cases to achieve the stated goal of hyperconnectivity in South Korea.
The main features of the platform are as follows:
| 1 | There is an official wallet for managing tokens on the ICON network. |
| 2 | A visitor registration and management service that uses the ICON network to issue unique passes for visitors to cafes, restaurants, hospitals and other places that needed to track visitors during the COVID pandemic. |
| 3 | Exclusive license from the South Korean Financial Services Commission to provide decentralized identity services to corporate clients in South Korea. |
By verifying transactions on its decentralized ledger, ICON can minimize the number of intermediaries and eliminate boundaries for cross-border interactions. Specifically, the company focuses on decentralized identity use cases, digital certificate issuance, blockchain payments, decentralized finance, non-fungible tokens and additional use cases: e-government, elections, decentralized oracles and e-health.
Tokenomics and security
The current supply of ICX - 800 million tokens, with no hard cap on the total supply. The ICX token is used for staking, paying for smart contracts and transaction fees, and rewarding users for participating in the network. Staking rewards range from 6% to 36% per annum, depending on the total stake. The unstaking period depends on the amount of staked ICX: the less ICX in the total supply, the longer the unstaking period, which can range from 20 to 5 days.
The ICON protocol coin can be purchased on the following cryptocurrency exchanges:
- FTX;
- Uniswap (V2);
- BitStamp;
- Gate.io;
- Binance;
For a better experience, users can take advantage of the following platform add-ons. ICONex is an ICON wallet plugin for Google Chrome that supports ICX and various other cryptocurrencies. ICONex boasts faster transactions, secure payments and liquid exchanges between multiple cryptocurrencies with a user-friendly user interface and user experience. ICONick is a handy "wallet ID", used on the ICON network. Use your own unique nickname instead of the long and complicated default wallet address for easy transfer or exchange of ICX.