About Icon (ICX)

ICON is a public blockchain focused on interoperability, a highly sought-after functionality that allows independent networks to communicate and transact with each other.

To facilitate cross-chain interoperability, Icon provides not one but two novel service offerings. Icon’s Blockchain Transmission Protocol (BTP) leverages a global network of relayers and smart contracts to facilitate inter-chain communication between independent blockchain.

According to project documentation, BTP also supports cross-chain smart contract calls, a piece of functionality that allows contracts on one chain to interact with those deployed on another.

Likewise, BPT enables multi-chain verification of non-fungible tokens, a concept that could impact GameFi/the metaverse by allowing players to utilize their assets within non-native ecosystems.

Icon Bridge is the protocl’s other interoperability offering. A more traditional cross-chain bridging program, Icon Bridge feature much of the same functionality of BPT, albeit in a more centralized fashion. Icon Bridge will serve as an interim interoperability solution while BPT awaits final development, documentation explained.  

In addition to fostering interoperability, Icon supports its own native ecosystem of decentralized applications (dApps). Independent projects can leverage Icon’s Contribution Proposal System (CPS) to receive a development-bolstering grant. To date, the program has dished out more than $800,000 to 50-plus projects.

To further streamline application development, all smart contracts deployed on ICON are written in Java.

Icon has a native utility token, ICX, used to pay transaction fees and confer voting rights. ICX can also be staked to the protocol for an annual yield.

As of June 2022, Icon was integrated with several leading blockchain projects including the BNB Smart Chain, Near Protocol and Polkadot.

When was ICX created and how much was it worth?

Icon is the brainchild of South Korean entrepreneur Min Kim. Prior to launching Icon, Kim served as the chief strategy officer of DAYLI Financial Group, Korea’s largest fintech holding firm. According to his personal LinkedIn page, Kim mains maintains an active role in the protocol, currently serving as strategy manager of ICONLOOP, Icon’s technical/developmental partner.

Icon was launched in 2017. Its native token, ICX was initially distributed that same year via a September crowd sale in that priced the token at $0.11.

According to CoinGecko, ICX rode a wave of positive momentum in the 4-months following its release, reaching a record high of $13.16 in January of 2018 before quickly falling.

ICX has generally traded in a tight, consolidated range over the past 4 years. As of June 2022, it was swapping hand for just $0.28.

How is the price of ICX determined?

ICX is an inflationary asset with no hard cap. Supply is set to increase at a constant rate of 3.99% annually, tokenomics documentation explained.

According to Messari, 800 million ICX were minted prior to the token’s 2017 launch. Roughly 50% of these tokens were released via a public crowd sale, while an additional 10% was dished to Icon’s development team and early advisors. Some 16% of ICX’s initial supply was sent to the protocol’s treasury reserve.  

Why does ICX have value?

Icon has the ability to facilitate communication and asset transfers between independent blockchain networks. This is what underscores its value proposition.

Is ICX secure?

Icon is secured via a delegated proof of stake (dPoS) consensus model. Under this framework, ICX token holders can delegate their stake to transaction validators for an annual yield. All validators must go through an on-chain registration process and pay an ICX-denominated fee (2,000 tokens) to perform services on the network.

What are the main benefits of ICX?

• ICX is an interoperability focused blockchain, it enables communication and asset transfers between independent networks.
• Icon’s native token, ICX, can be staked to the protocol for an 8.00% annual yield.
• Icon is integrated with a series of leading blockchains including the BNB Smart Chain, Near Protocol and Polkadot.

What do the Critics say about ICX?

It’s an inflationary asset. Most digital assets, like Bitcoin, derive value from their scarcity. Given that ICX’s supply is set to increase at a constant annual rate of 3.99%, there could come a point in time where the token’s supply becomes oversaturated relative to demand.