Anna KeyThu, Feb 24, 2022 1:57 PM
DeFying Gravity: ICON Foundation To Connect Blockchains
In today’s episode of DeFying Gravity, we are going to discuss ICON Foundation. Developed in 2017, ICON Foundation is a decentralized network used to seamlessly connect various blockchain communities. These communities can be represented by cryptocurrencies and real world industries, such as banks, hospitals, universities, securities firms, etc. ICON runs on the so-called Goloop blockchain technology. ICON is a remote-first organization with core team members located around the world, including countries such as Switzerland, USA, South Korea, Taiwan, Japan, and more.
What is ICON Foundation (ICX)?
Blockchains are utilized for storing data in chronological blocks filled with information. Decentralized networks are often used as a ledger for cryptocurrency transactions; however, they can store different types of data.
Each blockchain has to be monitored by a particular network. Previously, connecting blockchains managed by different networks was not considered possible. ICON attempts to fix this discrepancy.
The network uses the latest Goloop technology to connect both public and private blockchain networks, therefore creating a more efficient, sustainable and scalable experience for its users.
ICON Foundation has launched its own native cryptocurrency called ICX. ICX holders can buy, stake, and use ICX for earning rewards. However, the ICX token’s main purpose is to act as the primary currency for the network services, including all applications built on ICON. Moreover, ICX is used for sending and receiving payments, paying for fees, and more.
Recently, ICON has updated to the new ICON 2.0 version, which includes new features and overall improvements of the platform. The last few fixes are to be implemented in Q1 2022.
ICON Foundation has posted an updated roadmap going into detail about the changes awaiting the platform. One of the most exciting new features introduced is ICON’s BTP (Blockchain Transmission Protocol). The protocol is the platform’s solution for achieving decentralized interoperability between blockchains with enabled smart contracts. Learn more BTP technology and use cases here;
Other features on ICON 2.0 include:
- option to earn fees in the chosen asset;
- improved Python programming;
- support for Java;
- new P2P protocol, including both gossip and multicast protocols;
- faster sync;
- performance enhancement, etc.
ICON Structure and Governance
There are three main ICON components. Let’s take a closer look at each one of them.
ICONists refer to all the users, stakers and delegators of the ICON network. As an ICONist you can stake and delegate your ICX to up to 10 P-Reps (Public Representatives).
P-Rep (Public Representative)
P-Reps are responsible for managing the ICON network. They govern and provide security for ICON by running nodes. P-Reps are voted for by the participants. They are chosen through a rigorous process, based on their value for the network. You can find the full list of P-Reps here. As mentioned above, P-Reps ensure the network runs smoothly and participate in Governance. P-Reps strive to make ICON better, faster, more efficient and valuable for all users. P-Reps consist of 22 main P-Reps and 80 Sub P-Reps for a total of 102 P-Reps, and are elected by ICONists.
A full node of the ICON Blockchain that does not participate in block production nor governance. Any user with a dApp created on a loop chain can be considered a Citizen node. Citizen nodes are not allowed to engage in the governance system; however, they are able to carry out transactions.
ICON Foundation Wallet
Hana Wallet is the ICON Foundation’s multi-chain official wallet used for holding ICX and other cryptocurrencies. Hana Wallet can be used with ICON’s major DeFi apps such as Balanced and Omm and NFT marketplace Craft. You can also directly import your ICONex wallet to Hana, as the ICON Foundation announced early last year that they will gradually be deprecating ICONex.
Hana and MyIconWallet support all major dApps in the ICON ecosystem, including major DeFi products Balanced and Omm and ICON’s flagship NFT marketplace Craft. Users can also use these wallets to participate in network governance.
ICON Foundation might become an ultra successful project in the future. Similarly to Ethereum, ICON has its own token standard and can be used to build dApps. Despite facing intense competition on today’s market, ICON Foundation continues to attract new users and investors.
We recommend you keep up with the latest ICON Foundation news in order to stay up to date with the current state of the project.
Is ICX a good investment in 2022?
ICX could be a good long-term investment, as its highest price is expected to reach $1.3022014 at the end of 2022, according to Trading Beasts. However, when making a purchasing decision, it is important to remember that price predictions are not the most accurate indicator due to the coin’s price being dependent on various other factors. Always do your research and invest carefully.
What is ICON coin used for?
ICX is the native cryptocurrency of ICON. ICX holders can buy, stake, and use ICX for earning rewards. However, the ICX token’s main purpose is to act as the primary currency for the network services, including all applications built on ICON. Moreover, ICX is used for sending and receiving payments, paying for fees, and more. Full list of ICX use cases can be found here.
How much is ICX worth?
At the time of writing, ICX is trading at $0.6961.
What is the official ICON wallet?
Hana Wallet is the ICON Foundation’s official wallet replacing ICONex. The wallet is used for conveniently holding and transferring ICX, ICON’s native utility token, and various other cryptocurrencies. Mobile users can download MyIconWallet for iOS and Android devices.