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What Is ICON Network (ICX)?

ICON Network 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 as well as more generic messaging features like corss-chain smart contract calls.

Blockchains connected to the ICON ecosystem include, Binance Smart Chain, Near, Harmony, Moonriver, Polkadot, ICE/SNOW, 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. He is also an alumnus of Haas School of Business at the University of California in Berkeley. Min Kim incubated ICONLOOP, ICON’s technical partner.

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 number of existing connections.

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

ICON’s mission is to build a multichain future by integrating with existing networks and also 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 having to set up a node or join 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 that are actually 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 go through an on-chain registration process which includes paying a 2,000 ICX registration fee. Following registration, a P-Rep can start receiving delegation in the form of staked ICX.

To read more: ICON Governance.