- ICON is a layer-one blockchain focused on bridging blockchains.
- It was founded in 2017.
- ICON uses delegated proof-of-stake (DPoS) consensus mechanism.
The ICON (ICX) blockchain crypto is now listed on the KuCoin crypto exchange, supported by trading pairs ICX/USDT and ICX/ETH. Deposit services are open from Thursday, but trading will start from 10:00 UTC on June 17 and withdrawals from 10:00 UTC on June 18.
The ICX token climbed 10.45% to US$0.273 at 11:25 am ET after the news. However, the crypto market remained below the US$1-trillion mark after its plunge early this week.
When a multitude of blockchains works independently, it can confuse users in executing their tasks. So, ICON aims to address this problem by offering to bridge the blockchains.
So, what is ICON (ICX)? And how does it work?
ICON, a layer-one blockchain ecosystem, provides a bridge between blockchains.
It is governed by public representatives or P-Reps, who register through an on-chain process by paying a registration fee of 2,000 ICXs. The registration is open for all.
ICON was co-founded by Min-Kim, a former chief strategy officer at DAYLI Financial Group, in 2017. Min-Kim also incubated ICON’s technical partner ICONLOOP.
ICON uses a delegated proof-of-stake (DPoS) consensus mechanism, which allows stakers to earn passive rewards while they govern and set up the ICON infrastructure.
The ecosystem works like a hub connecting partner blockchains via Blockchain Transmission Protocol (BTP), enabling ICON to build DApps like protocols, NFTs, games, etc.
Blockchains connected to ICON include Ethereum, Binance, Polkadot, Harmony, and Near.
ICON’s main product is BTP. It also offers services like interoperability, which provides cross-chain token swaps and cross-chain smart contract calls.
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ICX is the native token of ICON Network. Its circulating supply is 919.48 million, and the total supply is 926.21 million. ICX is available for trading on Binance, MEXC, OKX ByBit, etc.
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The ICX token’s current market capitalization is US$251 million. Its trading volume rose over 50% in the last 24 hours after its listing on KuCoin.
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