What Is ICON (ICX)? Icon is a blockchain focused on cross-chain compatibility and connectivity.

What Is ICON (ICX)?

ICON is a meta blockchain network intended to connect independent chains to each other for interoperability. This framework can assist enterprises and other large organizations with integrating blockchain into legacy data and determining what information to make private/public. It also eliminates bottlenecking by keeping each chain running independent of each other.

Who Is ICON?

ICON was created by Dayli Financial Group, a well-funded South Korean FinTech firm that specializes in cryptocurrencies. It also owns Coinone, a popular Korean cryptocurrency exchange.

Use Cases of ICON

ICON DEX is already being used to facilitate cryptocurrency coin and token exchanges. Beyond this, the possibilities of cross-chain connectivity are endless. C-Nodes connect independent chains by processing loopchains to the shared digital ledger.

How to Mine ICX

ICX is not mined. It is earned though a delegated-Proof-of-Stake (dPoS) reward scheme. This means nodes are elected to process and verify loopchain transactions sent onchain for a reward. These rewards are then disbursed among all ICX hodlers in proportion to held balances.

Learn More About ICON

If you want to learn more about ICON, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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