What is ICON?
ICON is a decentralized network that aims to bridge the gap between the centralized world and the crypto world by creating a platform for the development and deployment of real-world applications using blockchain technology. The network uses its chain-agnostic and scalable Blockchain Transmission Protocol (BTP) to act as an intermediary between various blockchains and their applications, allowing for secure interoperability between smart contract-enabled blockchains. This enables diverse networks such as e-commerce, banks, universities, securities, and hospitals to exchange data quickly and efficiently.
The native coin of the ICON network is ICX, which is a loopchain-based smart contract digital protocol that facilitates, verifies, and enacts agreements between consenting parties within the network. The ICON network was founded in 2017 by the Switzerland-based ICON Foundation, a non-profit organization dedicated to growing and sustaining the network's environment. The initial coin offering (ICO) for ICON raised 150,000 ETH (approximately $43 million) in September 2017, and the mainnet launched in early 2018.
The ICON network is composed of five key components: Community, C-Nodes, C-Reps, the Republic, and Citizen Nodes. Community is a network of nodes running compatible software, similar to the node communities of Bitcoin or Ethereum. C-Nodes run the code of each node member, while C-Reps are a class of C-Nodes that significantly contribute to the ICON network and have transaction confirmation voting rights. ICON Republic consists of users who connect different network communities, and Citizen Nodes are the nodal component of ICON Republic that do not have network voting rights but are run by dapps on ICON's 'loopchain' smart contract execution protocol.
In November 2021, ICON 2.0 was launched with improved performance, Java smart contract support, and preparation for future interoperability via the Blockchain Transmission Protocol (BTP). The ICON Developers Portal, managed by De:Nexo, serves as a hub for development resources, knowledge sharing, community updates, and more. The Developers Portal runs ICON's Blockchain Transmission Protocol (BTP), which ICON aims to use as a connection for a broad network of blockchains with various governance systems, similar to how the Internet links computers through a common communication layer.
ICON tokens (ICX) may be transferred across BTP-connected blockchains, and ICON also has an ICX-based decentralized exchange (DEX) that allows native assets to be traded throughout the ICON network. ICX holders can stake and delegate ICX to Public Representatives (P-Reps), who have registered to participate in governing the ICON blockchain. This Delegated Proof of Stake (DPoS) implementation offers a combination of benefits, as stakers can passively earn rewards, while technical individuals interested in setting up infrastructure and governing ICON can do so. To become a P-Rep, a team or individual must go through an on-chain registration process, which includes paying a 2,000 ICX registration fee.
One of the primary concerns that ICON addresses is the lack of interoperability in the market. The platform allows developers to build on one another's work and make use of the best features of each blockchain, saving time and allowing developers to focus their efforts where they will be most effective. Additionally, the platform establishes standards to aid in the advancement of innovation. Through a community voting mechanism, ICON's decentralized structure also helps to prevent centralization. ICON has a number of benefits that make it a smart decision for organizations and enterprises, including its ability to connect different networks, its decentralized governance structure, and its potential for growth and innovation.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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