ICON (ICX)
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About ICX
ICON (ICX) is a decentralized, open-source blockchain network that enables seamless cross-chain interactions and interoperability, empowering developers to build scalable, secure, and decentralized applications. Founded in 2017, ICON aims to bridge the gap between different blockchain ecosystems, allowing for the free flow of assets and data across various chains. With its proprietary Blockchain Transmission Protocol (BTP) and General Message Passing (GMP) standard, ICON facilitates efficient and secure cross-chain communication, making it an attractive solution for decentralized finance (DeFi) applications, gaming, and social media platforms. As a community-driven project, ICON's governance is decentralized, with a network of delegates responsible for proposing and voting on changes to the protocol. With a growing list of integrations and a strong focus on security, scalability, and usability, ICON is poised to become a leading player in the blockchain ecosystem, offering a wide range of use cases and applications for its native ICX token.
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Frequently Asked Questions about ICON
What is ICON (ICX) and its Cross-Chain Framework?
ICON (ICX) is an interoperability layer that helps teams and developers build successful cross-chain applications. ICON's Cross-Chain Framework simplifies cross-chain development with its easy-to-use ICON General Message Passing (GMP) and connections to secure bridging protocols, such as IBC and BTP. This framework enables apps to operate seamlessly across different blockchains, improving interoperability and accessing diverse features and user bases.
What is ICON General Message Passing (GMP)?
ICON GMP is a standardized interface designed to simplify cross-chain development by abstracting away the varying technical architectures of underlying protocols. It serves as a comprehensive wrapper over various low-level cross-chain communication protocols, offering developers a single interface to focus more on building and less on the nuances of each blockchain or protocol integration.
What is the role of ICX in the ICON ecosystem?
ICX is ICON's native coin, which fuels interoperability by acting as the L1 gas token, ICON GMP's cross-chain fee token, and trading fee token with associated applications. A significant percentage of all these fees are collected in ICX and are burned, potentially increasing the value of ICX over time.
What is the Blockchain Transmission Protocol (BTP) and IBC?
BTP is ICON's bespoke cross-chain communication protocol for heterogeneous blockchains, while IBC is a protocol that connects through smart contracts. Currently, chains supported by BTP are ICON, Havah, Ethereum, and Binance Smart Chain, while chains supported by IBC are ICON and Archway.
What is the ICON Bridge?
The ICON Bridge is a centralized bridge for the Blockchain Transmission Protocol (BTP) Relay System, which can be used to transfer tokens across multiple chains. It currently supports cross-chain transfers from ICON and Binance Smart Chain (BSC).
How does ICON governance work?
ICON is a community-run organization where community members with raised roles and responsibilities, called delegates, are responsible for proposing changes to improve network state based on current context and future goals. Delegates are selected by the community through voting.
What are the benefits of using ICON's Cross-Chain Framework?
ICON's Cross-Chain Framework allows apps to transform from isolated and ineffective to well-connected and essential, avoiding both a declining user base and long development integration timelines. Apps, written in any programming language, can use the ICON Cross-Chain Framework to access the diverse features and user bases of a broad community of blockchains.