ICON is a Layer 1 blockchain network created by the South Korea-based ICON Foundation in 2017. It aims to facilitate interaction and interoperability among independent blockchains, which are referred to as communities within the platform. The ICON network, also known as the "ICON Republic," serves as a nexus for various blockchain communities from different sectors such as finance, healthcare, and security to converge. It is designed to mirror real-world economies, providing a platform for different economic actors to issue and control their own forms of value under the rule systems they select, aiming to "hyperconnect the world." ICON's innovative approach facilitates the interaction of independent blockchains, allowing them to transact on a single network and overcome the limitation of isolated networks hindering widespread adoption of blockchain technology.
The ICON network uses a unique consensus mechanism called Delegated Proof of Contribution (DPoC), powered by a loop chain algorithm called loop fault tolerance (LFT), which enhances transaction speed by streamlining block generation and validation. The network comprises components such as Public Representatives (P-Reps), ICONists, and proposal systems, all working together to maintain integrity and transparency. P-Reps are responsible for governance and block production, elected based on the number of votes they receive from coin holders. ICONists are voters who elect P-Reps and participate in shaping the network's long-term vision. Additionally, the network employs a decentralized grant program, the Contribution Proposal System (CPS), and the Network Proposal System (NPS) to support a dynamic governance structure.
ICX has a total supply of 967,068,330. The current circulating supply of ICX is 967,068,267.
Consider investing in ICON (ICX)? It only takes 2 minutes to create an account on Bitget and start trading ICX.
Check out the available ICXL trading pairs on Bitget!
Spot market