ICON (ICX) is a blockchain platform that aims to facilitate interoperability between different blockchain networks and enable seamless communication and transactions across multiple decentralized applications (dApps). Launched in 2017 by the South Korean company ICON Foundation, ICON uses a unique governance structure and consensus algorithm to achieve its goals.
ICON's main goal is to bridge the gap between different blockchain networks and enable them to interact with each other. It achieves this through its loopchain technology, which allows for the creation of interoperable blockchain networks called "ICON Republics." ICON aims to create a decentralized ecosystem where different blockchain networks can seamlessly interact with each other and enable the development of innovative decentralized applications.
ICON supports smart contracts, enabling developers to create and deploy decentralized applications (dApps) on its network. These smart contracts can be used for a wide range of purposes, including decentralized finance (DeFi), supply chain management, and identity verification.
ICON is the native cryptocurrency of the ICON network and the tokens are used to facilitate transactions, pay for transaction fees, and participate in the platform's governance system. Additionally, ICX tokens can be staked to earn rewards and participate in the network's consensus mechanism.
