ICON Network (ICX) Things You Need To Know Before Investing

Riya KapoorJune 19, 2022

2 minutes read

Table of Contents

What Is ICON Network (ICX)?

ICON Network (ICX) is a layer-one blockchain focused on building a multichain bridging solution that is scalable, chain-agnostic, and secure. ICON is a hub that connects partner blockchains with all other blockchains integrated via BTP.

Blockchain Transmission Protocol (BTP) is ICON’s main product and interoperability solution that supports cross-chain token swaps and more generic messaging features like cross-chain smart contract calls.

Blockchains connected to the ICON ecosystem include Binance Smart Chain, Near, Harmony, Moonriver, Polkadot, ICE/SNOW, and Ethereum, amongst others.

ICON is a thriving ecosystem of dApps that include deFi protocols (Balanced, Omm), NFT platforms (Craft), games, and more.

Who Are the Founders of ICON Network?

ICON Network was co-founded by Min Kim, the former chief strategy officer of DAYLI Financial Group, Korea’s largest fintech holding company, and the chief operating officer at Tapas Media, a U.S. digital content distribution platform. Min Kim incubated ICONLOOP, ICON’s technical partner. He is also an alumnus of Haas School of Business at the University of California in Berkeley.

What Makes ICON Network Unique?

Unlike other bridging solutions, ICON presents an interoperability solution that is limited neither by the base technology of the blockchain nor the number of existing connections.

ICON is a hub that instantly connects all blockchains integrated with the ICON ecosystem, whether built using ICON’s Goloop, Cosmos SDK, or Substrate.

ICON’s mission is to build a multichain future by integrating with existing networks and facilitating the creation of new networks and connections via its interoperability solution, BTP.

How Is the ICON Network Secured?

ICON is a delegated proof-of-stake (DPoS) network, which means a majority of stakeholders delegate their share of the network – in this case, ICX – to registered validators that produce blocks and participate in governance. ICON’s DPoS consensus lets non-technical stakeholders benefit from staking without setting up a node or joining a staking pool.

On ICON, ICX holders can stake and delegate ICX to P-Reps – entities that have registered to participate in governing the ICON blockchain. This DPoS implementation offers the best of both worlds – stakers can passively earn rewards, while technical individuals interested in setting up infrastructure and governing ICON can do so.

The ICON blockchain is governed by Public Representatives (P-Reps). To become a P-Rep, a team or individual must undergo an on-chain registration process, including paying a 2,000 ICX fee. Following registration, a P-Rep can start receiving delegation through staked ICX.