ICON (ICX) price, marketcap, chart, and info - Crypto.co

ICON is a decentralized blockchain network built on and powered by the propriety blockchain engine known as ‘loopchain.’ The ICON network focuses on interoperability. The propriety blockchain transmission protocol allows independent blockchains like Bitcoin and Ethereum to connect to one another and perform transactions. Without an interoperability layer like ICON offers, it would be impossible for separate blockchains to communicate and transact with each other. Cross-chain connectivity opens possibilities for blockchain technology that without it wouldn’t be possible.

ICX is part of the ICON network. The network can run smart contracts, adopt the Proof-of-Stake consensus protocol, and use a protocol called Delegated Proof-of-Contribution.

How Does ICON (ICX) Work?

The propriety blockchain engine that powers the ICON network, loopchain, is designed to handle hundreds of transactions a second. The network was started to ensure data integrity and transparency amongst users, institutions, and companies and transfer mutual assets to diverse blockchains on a single network.
One of the most advantageous features of blockchain technology is its ability to validate and authenticate itself. It’s virtually impossible to make fraudulent transactions on the blockchain. In the case of ICON, the ‘loopchain.’ The long-term goal of the ICON network is to become the ‘interchain’ responsible for connecting multiple blockchains.

The interconnected community of different blockchain protocols and platforms all exist under what developers call the ICON Republic. The ICON Republic functions as a sort of governing body for the interconnected communities of blockchains.

Community Nodes (C-Nodes) govern and maintain each ICON Republic community’s respective blockchain. Each community operates independently of the others and according to their own rules, though the community has no control over how each community member conducts their programs outside of the ICON Republic.
Loopchain was created by ICONLOOP, the group responsible for adapting the loopchain blockchain engine for use by the Seoul, South Korea Metropolitan government. The “Democracy Seoul” platform was designed to incorporate proposals from the public into city-adopted policy.