ICX
No. 230Price
Markets
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1. Project introduction
ICON is an open-source layer 1 delegated proof-of-stake (DPoS) blockchain and smart contract platform focused on connecting unique blockchains and their respective communities. ICON’s Blockchain Transmission Protocol (BTP) is a trustless and chain-agnostic interoperability solution that supports generic smart contract calls between connected blockchains. ICON offers a unique high-performance smart contract execution environment powered by the Java Virtual Machine (JVM) that is ideal for developing minimal-latency cross-chain dApps. The ICON blockchain is governed by validators elected through the network’s ICX staking and delegation mechanism.
The ICON network uses delegated proof-of-stake (DPoS) consensus to incentivize validators to validate transactions and produce blocks. Compared to proof-of-work (PoW) which relies on power-hungry and expensive GPUs or ASICs to secure the network, and proof-of-stake (PoS), which requires stakers to set up a node or participate in a third-party staking pool, DPoS networks are much more energy-efficient and do not require individual stakers to set up and maintain nodes.
2. Application and distribution
Token application:
ICX is the cryptocurrency that powers and governs the ICON network. ICX has a variety of use cases including transaction fee payments, collateralization on DeFi platforms, and P2P value transfer.
Token distribution:
Inflation is hard set at only 3.99% annually. To summarize, here is the current breakdown of the allocation of inflation:
Block Producers: 13.0% | Monthly ICX: 390,000
Relays: 0% | Monthly ICX: 0
CPS: 10% | Monthly ICX: 300,000
Voters: 77% | Monthly ICX: 2,310,000
Sum: 100% | Monthly ICX: 3,000,000
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