Icon (ICX) was founded in 2017 with an aim to fulfill a hyperconnected world using blockchain compatibility. It is a blockchain network that interlinks several chains of blockchains that are independent in nature, and this allows the ecosystem to achieve scalability and interoperability. The seamless communication and interaction between different chains facilitate the mass adoption of blockchain technology in all industries.
This chain plans to serve as the backbone for Web3, as it connects both the public and private worlds of blockchains to communicate effectively. The ICX token is the local cryptocurrency used within the Icon ecosystem, wherein transaction fees, staking, governance, and interchain operations are allowed.
Icon was founded by the Icon Foundation, based in South Korea, led by Min Kim. Kim, co-founder of the Icon Foundation, has dreamed of a decentralized network that bridges blockchain silos into one world of seamless cross-chain communication and real-world applications. IconLOOP, the development team behind Icon, has been instrumental in building the technical architecture of the platform while promoting blockchain adoption in South Korea and beyond. Their mission is to create a decentralized, interoperable network that fosters innovation and collaboration across various industries.
Icon makes use of advanced blockchain technology to enable interoperability and scalability. Icon’s own protocol, the Blockchain Transmission Protocol (BTP), provides for cross-chain communication and asset transfers between the independent blockchains of its ecosystem.
Icon’s core blockchain technology, Loopchain, powers both private and public networks, supporting real-time transactions and smart contract execution. It uses Delegated Proof of Contribution (DPoC), allowing the community to stake ICX for network governance.
Icon connects public and private blockchains, enabling companies to collaborate with public chains while retaining all their data privacy. ICON Nexus is a set of software development kits and APIs for seamless integration of blockchains and applications into the Icon ecosystem. Icon can achieve a TPS of up to 9,000 transactions per second (TPS), suitable for high-throughput applications of all kinds.
Icon has been aggressively expanding its ecosystem through influential partnerships and continuous development. It has collaborated with the South Korean government on various blockchain projects, including digital identity systems, document verification platforms, and supply chain solutions, making it a leading provider of blockchain services to the government.
Icon has partnered with Binance Smart Chain on cross-chain transactions and DeFi integrations, extending the use of ICX into the Binance ecosystem. Cooperation with Poly Network will enlarge Icon’s interoperability features, offering seamless connectivity with other major blockchains like Ethereum, Binance Smart Chain, and Polygon.
As a founding member of the Blockchain Interoperability Alliance, alongside projects like Aion and Wanchain, Icon helps standardize protocols for cross-chain communication. Icon has also partnered with top academic institutions to support blockchain-related research and development, incubating the next generation of blockchain developers.
The arrival of Icon 2.0 brought a high-performance blockchain engine, enhanced smart contract functions, and advanced interoperability features, making the platform much more scalable and user-friendly. Icon has onboarded multiple DeFi protocols, including DEX, lending, and yield farming applications, increasing the utility of ICX and attracting liquidity to the ecosystem.
Icon’s entry into the NFT space, with the introduction of dedicated marketplaces, allows artists and creators to mint and trade digital collectibles on the Icon blockchain. Icon initiated a staking reward structure to encourage ICX holders to participate in network governance and security, with recent enhancements attracting more participants.
Many blockchains have integrated the Blockchain Transmission Protocol (BTP), securing Icon’s position as a leading cross-chain interoperable blockchain. Icon has been working toward sustainability goals by achieving energy-efficient blockchain solutions with minimal carbon footprint.
Icon has set aside a budget to incentivize developers building on its platform, leading to an increasing number of dApps and integrations into the network. Icon is aggressively expanding its international presence through collaborations in Asia, Europe, and North America to further blockchain adoption across industries.
On December 27, 2024, ICX is trading at approximately $0.17 with a market capitalization of $181 million, indicating steady growth and interest in the project.
Icon (ICX) reached its all-time high (ATH) of $12.64 on January 9, 2018, and its all-time low (ATL) of $0.10 on August 5, 2024. Several factors influence the price changes of ICX. The adoption of Icon 2.0 has driven on-chain developer interest and user adoption. The fresh use cases within DeFi and NFTs increase the utility of ICX and subsequently raise its market demand. Additionally, the adoption of BTP by other blockchains further extends Icon’s interoperability and ecosystem reach.
ICON has positioned itself as one of the top players in the area of blockchain interoperability, allowing smooth communication and cooperation between different independent networks. With strategic partnerships and ongoing technological improvements, scalability has become a focus of attention for Icon while it drives innovation and adoption of blockchain. Icon 2.0 has been on the roadmap for a while; now, expansion into DeFi and NFTs, including its care for sustainability, will keep this project ahead in the game within the decentralized future.
For more information, watch the video below:
Looking to understand cryptocurrencies better? Our comprehensive guides on WRX, UNI, and POL have you covered.
FAQs
Q1. What is the use case of Icon (ICX)?
- A: ICX is used for paying transaction fees, staking, governance, and cross-chain communication within the Icon ecosystem.
Q2. What makes Icon unique?
- A: The focus of Icon is essentially interoperability, and this, coupled with its Blockchain Transmission Protocol, makes it unique among the leaders in the area of connecting independent blockchains.
Q3. How does Icon achieve scalability?
- A: A TPS of 9,000, combined with advanced features in Icon 2.0, make it efficient in handling volumes of transactions.
Q4. Which industries does Icon target?
- A: ICON targets finance, healthcare, education, and government services to enable blockchain solutions across industries.