What is ICON (ICX)?
ICON is a decentralized network of different blockchain communities. One digital, global network of blockchains that are all interoperable with each other. ICON aims to bring together different blockchains that can easily exchange data and information with each other.
How does ICON work?
The goal of ICON is to form a decentralized network where blockchains can communicate and cooperate with each other. This is based on smart contracts. Blockchains by nature cannot communicate with each other, for example, transfer of data and currency is not possible. Only through tools such as a cross-chain bridge. These smart contracts ensure that data can be transferred from one blockchain to another blockchain.
Communities
ICON speaks of different communities. Each community has its own rules and agreements, as does each blockchain. To create one digital network, these communities must be able to communicate with each other. Each community is unique in nature. Financial institutions as well as government agencies and individual users can create their own communities. ICON is the connecting factor between these different communities.
Transfer data
ICON itself makes the comparison with a hospital. Example: You have just been discharged from the hospital and need medication from the pharmacy. They cannot get information about your medical record because the hospital and the pharmacy do not exist on the same blockchain. So it is necessary, especially in the physical world, for blockchains to be able to cooperate with each other and exchange data. ICON wants to make a difference in this.
Now it is only possible to use external data through tools such as an oracle. But sending and receiving data between blockchains is not yet possible. Interoperability is therefore also important in the further development of blockchains.
ICON Identity Verification
The ICON network is accessible to everyone. Users can create their own digital identity and verify it on the network through the ICON Identity Verification process. This secure and reliable way also allows users to trust other users and organizations on the network.
Governance
ICON uses a governance mechanism called ICON Incentive Scoring System (IISS). This governance mechanism rewards participants for their contribution to the network. Such as validating transactions and participating in governance decisions. Each participant receives a certain score for his or her contribution to the network. This score determines the reward. The more active you are in the network, the more rewards you receive.
ICX token
ICX is the native token of the ICON platform. It drives the entire ecosystem. Users need ICX tokens to use the network. Thus, the ICX token has several functions:
Payment for transactions
Governance
Staking
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