ICON is a decentralized blockchain network focused on interoperability. With ICON’s “blockchain transmission protocol”, independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON.
ICON Cryptocurrency Network describes itself as a general-purpose blockchain protocol based on the native cryptocurrency ICX that can run smart contracts, adopt the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol, and use an economic-governance protocol called DPoC (Delegated Proof-of-Contribution). The ICON Network is powered by a proprietary blockchain engine called ‘loopchain’ and has the ability to handle hundreds of transactions per second.
The ICON project was started to ensure the integrity and transparency of data shared between institutions and companies, and to move mutual assets on heterogeneous blockchains without a centralized organization. In the long term, ICON Network aims to become an ‘interchain’ that connects multiple blockchains based on BTP technology.
The ICON Cryptocurrency blockchain is powered by loopchain, a blockchain engine designed by ICONLOOP. ICONLOOP is responsible for loopchain’s government and enterprise adoption in South Korea. Loopchain is the Seoul Metropolitan Government’s standard blockchain platform.
ICON price today is $0.821971 USD with a 24-hour trading volume of $90,705,984 USD. ICON is down 4.16% in the last 24 hours. The current CoinMarketCap ranking is #63, with a market cap of $480,551,669 USD. It has a circulating supply of 584,633,670 ICX coins and the max. supply is not available.
ICONex is ICON’s Wallet supporting ICX and various cryptocurrencies. ICONex boasts faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI.
ICON Cryptocurrency is a convenient ‘wallet ID’ used in the ICON network. Use your own unique nickname instead of a long and complicated default wallet address to conveniently transfer or exchange ICX.
World-leading Blockchain Partners & Institutions
The is supported by influential blockchain partners including global accelerators, cryptocurrency-focused venture capitalists, law firms, and blockchain media platforms.
ICON Republic is the connector of different communities. It is comprised of representatives called C-Rep, and other Citizen Nodes. The Republic’s governance is determined by votes of C-Rep, and hence, decentralized. The Republic functions as a communication channel between communities. ICON Republic does not interfere in the governance of the communities.
C-Rep is a representative unit of the Community and a component constituting the Governance of Republic. It authenticates the transactions occurring in the network while holding the voting rights to make decisions about issues regarding the operations within the governance
Icon.community is a strategic community of the The project, currently focused on the P-Rep election campaign. The community will collaborate with the Foundation throughout the entire ICONSENSUS campaign.
Notary channel functions as a means of transmission for transactions between blockchains linked through Nexus. The nodes which hold voting rights in this channel possess numerous other channels that consist of Light Clients from other blockchains within the Nexus. This is enabled through the Multi-Channel support functions within the loopchain. Blockchain is an economic platform to facilitate reliable transactions between parties in the absence of a central
Are there transaction fees on the ICON network?
Even though the transaction fee is currently set to 0.01 ICX per transaction, it will be charged according to a fee structure that reflects the degree of complexity of each transaction. Elements such as the amount of transaction fee or the respective fee ratios of Full Nodes and Light Clients can be modified through consensus in Representation Channel. An optimal level of transaction fee will be proposed by AI analysis prior to the consensus so that C-Reps can take it into account during the consensus.
The essentially aims for a decentralized governance. Each blockchain connected to the Nexus has its own governance structure. The Nexus functions as a form of indirect democracy, where the representatives of each blockchain reach consensus by exercising a systematically and fairly allocated vote18. To this end, Nexus also includes Representation channels to propose policies and cast votes, in addition to Notary channels to process BTP.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.