ICON is a

decentralized Decentralization or decentralisation is the process by which the activities of an organization, particularly those related to planning and decision-making, are distributed or delegated away from a central, authoritative location or group and gi ...

open-source Open source is source code that is made freely available for possible modification and redistribution. Products include permission to use and view the source code, design documents, or content of the product. The open source model is a decentrali ...

blockchain The blockchain is a distributed ledger with growing lists of Record (computer science), records (''blocks'') that are securely linked together via Cryptographic hash function, cryptographic hashes. Each block contains a cryptographic hash of th ...

with

smart contract A smart contract is a computer program or a Transaction Protocol Data Unit, transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objective ...

functionality. ICX is the native

cryptocurrency A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership record ...

of the platform.

History

ICON was founded in 2017 by Min Kim of the

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

-based ICON Foundation. According to the ICON

white paper A white paper is a report or guide that informs readers concisely about a complex issue and presents the issuing body's philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision. Since the 199 ...

, the purpose for ICON was to introduce a new era of decentralization and hyper connect

Korea Korea is a peninsular region in East Asia consisting of the Korean Peninsula, Jeju Island, and smaller islands. Since the end of World War II in 1945, it has been politically Division of Korea, divided at or near the 38th parallel north, 3 ...

. ICON's

initial coin offering An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of c ...

(ICO) in September 2017 raised 150,000

ETH Eth ( , uppercase: ⟨Ð⟩, lowercase: ⟨ð⟩; also spelled edh or eð), known as in Old English, is a letter used in Old English, Middle English, Icelandic, Faroese (in which it is called ), and Elfdalian. It was also used in Sca ...

(approximately US$43 million at the time). At the time of launch, ICON was supported by various public and private organizations, including the

Seoul Metropolitan Government The Seoul Metropolitan Government () is a local government of Seoul, South Korea. The mayor is elected to a four-year term by the citizens of Seoul and is responsible for the administration of the city government. The Seoul Metropolitan Governmen ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

, and the

Line Corporation was a Japanese internet company. It was a subsidiary of Z Holdings, a joint venture between SoftBank Group and Naver Corporation. It was established in 2000 as the Japanese subsidiary of South Korean NHN Corporation's online game community si ...

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

Applications

Decentralized finance

Decentralized finance (DeFi) is a use case of ICON. It offers traditional

financial instrument Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership, interest in an entity or a contractual right to receive or deliver in the form ...

s in a

architecture, outside of companies' and governments' control, such as

money market fund A money market fund (also called a money market mutual fund) is an open-end mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a hig ...

s which let users earn

interest In finance and economics, interest is payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct f ...

. Decentralized finance applications can be accessed through a

Web3 Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. This is distinct from Tim Berners-Lee's concept of th ...

-enabled

browser extension A browser extension is a software module for customizing a web browser. Browsers typically allow users to install a variety of extensions, including user interface modifications, cookie management, ad blocking, and the custom scripting and st ...

or application, which allows users to directly interact with the ICON blockchain through a

website A website (also written as a web site) is any web page whose content is identified by a common domain name and is published on at least one web server. Websites are typically dedicated to a particular topic or purpose, such as news, educatio ...

. Many of these

decentralized application A decentralised application (DApp, dApp, Dapp, or dapp) is an Application software, application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed le ...

s (also known as dapps) can connect and work together to create complex

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

Non-fungible tokens (NFTs)

ICON allows for the creation of

non-fungible token A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT is recorded in the blockchai ...

s (NFTs). Since tokens of this type are unique, they have been used to represent such things as collectibles, digital art, sports memorabilia, virtual real estate, and items within games. Land, buildings, and avatars in blockchain-based

virtual world A virtual world (also called a virtual space or spaces) is a Computer simulation, computer-simulated environment which may be populated by many simultaneous users who can create a personal Avatar (computing), avatar and independently explore th ...

s can also be bought and sold as NFTs.

References

{{DEFAULTSORT:ICON Blockchains ICX ICX ICX Cross-platform software

History

Applications

Decentralized finance

Non-fungible tokens (NFTs)

See also

References