ICON (ICX) is South Korea's pioneering blockchain project, creating a network that connects distinct blockchains into a global decentralized ecosystem.
Developed to build the 'Internet of Blockchains,' ICON connects public, private, and consortium blockchains with the goal of applying technology across many fields such as finance, healthcare, education, and public services in real life.
MAIN CONTENT
ICON develops BTP cross-chain interoperability technology to connect various blockchains.
The proprietary Loopchain technology and LFT consensus algorithm enhance network performance and security.
A strong ecosystem with DeFi, DID, and NFT platforms alongside collaboration with major companies and organizations.
What is ICON (ICX)?
ICON was founded by the ICON Foundation under DAYLI Financial Group – a leading fintech group in South Korea, aiming to build a blockchain ecosystem linked through cross-chain interoperability technology.
Instead of developing each chain separately, ICON creates the 'Internet of Blockchains,' connecting public, private, and consortium blockchains to broaden real-world applications across various fields.
According to the 2023 report from the ICON Foundation, the project has successfully integrated with many blockchains such as Ethereum and BNB Chain, enhancing its applicability in finance, healthcare, and education.
Highlights of ICON
Cross-chain interoperability with BTP
ICON's BTP (Blockchain Transmission Protocol) is a decentralized, highly secure cross-chain protocol that allows public and private blockchains like Ethereum, BNB Chain, Polkadot, and NEAR to send Tokens and exchange smart contract data without a centralized bridge.
This is a crucial infrastructure solution for Web3, enabling blockchains to no longer be isolated but effectively interconnected. Data from ICON shows that BTP processes thousands of cross-chain transactions every hour, aiming for broader global application.
Proprietary Loopchain technology
Loopchain, developed by ICONLOOP, is a high-performance blockchain platform capable of achieving transaction speeds of up to 9,000 TPS, supporting customizable smart contracts tailored for each enterprise and government application.
This is not only a platform for DApps on ICON but is also integrated into traditional systems such as banking, healthcare, and education, facilitating accelerated and secure transactions and data storage.
Loop Fault Tolerance (LFT) consensus algorithm
LFT is a customization of the Byzantine Fault Tolerance (BFT) mechanism, providing fast transaction confirmation, high scalability while saving network resources.
LFT ensures decentralized safety and enhances trustworthiness for the entire ICON network, rated by blockchain experts as superior for applications requiring high security and processing speed.
ICON Republic governance model
ICON Republic is a governance system that allows independent blockchain communities (Community) to operate their own policies and connect with ICON through Nexus. The system uses representative nodes (C-Rep) to expand the network without compromising security while enhancing meaningful decentralization on the platform. According to CEO KJ Eee – DAYLI Intelligence (2024), this model helps ICON be flexible and sustainable in its multi-chain development process.
ICON Republic illustrates the importance of decentralization and connectivity in the multi-chain blockchain network, improving governance efficiency and promoting sustainable development.
KJ Eee, CEO of DAYLI Intelligence, 2024
Rich Token standard: IRC2, IRC3, IRC16
ICON designs Token standards IRC2 (similar to ERC20), IRC3 (NFT), and IRC16 (Security Token) to standardize the infrastructure for developing diverse Tokens serving games, digital art, and securities on the blockchain. This expands application capabilities for developers and businesses, creating a richer and more practical ecosystem.
Supports practical applications in Web2
ICON actively collaborates with South Korean businesses and government to achieve digital transformation through blockchain. For example, Broof is a blockchain diploma issuance platform utilized by POSTECH University; MyID is a decentralized identity (DID) system adopted by Shinhan and Hana Bank in traditional finance. The project also participates in many national-level blockchain pilot initiatives, demonstrating its broad and practical application capabilities.
Current ICON ecosystem
ICON is one of South Korea's leading Layer-1 blockchains, excelling in cross-chain technology through BTP. The diverse ecosystem includes DeFi, Web3 ID platforms, NFTs, public utility DApps, and multi-chain bridges. Balanced Network is the flagship DeFi protocol featuring stablecoin bnUSD and lending, staking services that integrate with other chains. MyID and Broof are significant application projects, deeply collaborating with organizations and the government.
Information about ICX Token and Tokenomics
ICX is the official coin of ICON, issued through ICO in 2017, using the LFT consensus algorithm and the IRC2 token standard. After the Mainnet launch on January 24, 2018, ICX operates on ICON's own blockchain. The total supply exceeds 1 billion ICX, with no maximum limit, and has the capability to process up to 9,000 TPS.
Ticker: ICX
Blockchain: ICON
Consensus: Loop Fault Tolerance (LFT)
Token type: Coin
Token Standard: IRC2, IRC3, IRC16
Total Supply: 1,002,556,624 ICX
Token allocation includes 50% for ICO sale, 14% for the Foundation fund, 10% for the team & advisors, 10% for the community & partners, and 16% for the reserve fund. ICX is used to pay transaction fees, execute smart contracts, governance voting, and as an intermediary asset for cross-chain exchanges.
Latest development roadmap (2025)
In 2025, ICON focuses on developing the 'ICON Interchain Hub' – a Layer 1 multi-chain bridge, enhancing the scalability of cross-chain interoperability. At the same time, it expands the application of DID for the education and finance sectors, aiming for deep digitalization in the South Korean economy.
Development team
The ICON team consists of top blockchain and AI experts from South Korea with extensive experience in fintech and technology:
KJ Eee: CEO of DAYLI Intelligence
JH Kim: CEO of Theloop
Jay Kim: CFO of Theloop
Investors and partners of ICON
Investors
In the 2017 ICO, ICON successfully raised $42.75 million at a price of $0.11 per Token. ROI fluctuated significantly, peaking at 114.9 times.
The Series A funding round in 2019 raised $8 million, with participation from KIBO and TS Investment. The 2020 funding round continued to receive investments from KIBO, demonstrating the ongoing trust from major financial institutions.
Partners
Samsung Electronics collaborates on data security and blockchain applications. LINE Corporation develops e-wallets and blockchain applications. Shinhan Bank and Hana Bank apply ICON's DID technology in traditional finance.
KIBO supports expanding relationships with the government and financial institutions. ICON also cooperates with the Seoul and Jeju governments to test blockchain in administrative management. POSTECH University uses Broof to issue NFT diplomas on the blockchain.
Summary
With over 7 years of development, ICON has established its position in the blockchain field through cross-chain interoperability, unique technology, and a diverse ecosystem connecting many large organizations.
ICX is not only used for payments but also serves as the central connector of blockchains in the complex network, creating an important foundation for the global Web3 future.
ICON is committed to building an optimal decentralized network, helping accelerate the digital transformation process and increase value for users in the Web3 era.
JH Kim, CEO of Theloop, 2024
Frequently asked questions
What is ICON?
ICON is a Layer-1 blockchain from South Korea, connecting multiple blockchains to create a multi-chain decentralized network applicable in various industries.What role does ICON's BTP play?
BTP is ICON's decentralized cross-chain interaction protocol that facilitates Token and data transactions between blockchains without requiring a centralized bridge.What are the advantages of the LFT consensus algorithm?
LFT confirms transactions quickly, scales effectively, and saves resources, ensuring the ICON network's safety efficiently.What is ICX used for in the ICON ecosystem?
ICX is used to pay transaction fees, run smart contracts, participate in governance, and serve as an intermediary asset for cross-chain transactions.Who are the key investors in ICON?
KIBO is the leading investor, alongside many financial institutions in South Korea, helping to support the project's long-term development.
Source: https://tintucbitcoin.com/icon-icx-la-gi/
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