ICON (blockchain platform)
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{{Infobox cryptocurrency
| currency_name = ICX
| code = ICX
| initial_release_date = January 2018
| status = Active
| author = Min Kim
| developer = ICON Foundation, ICONLOOP
| website = https://icon.foundation
| block_explorer = https://tracker.icon.community/
| timestamping = Delegated proof-of-stake
| block_time = 2 seconds
| circulating_supply =
| supply_limit =
| exchange_rate =
| market_cap =
| initial coin offering = September 2017
| ticker_symbol = ICX
}}
ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.
History
ICON was founded in 2017 by Min Kim of the Switzerland-based ICON Foundation.{{Cite web|last=Hong|first=Min-ki|date=2019-06-12|title=[실리콘밸리 한인 기업 열전] 현실생활에 사용되는 블록체인 세계화 아이콘 재단 창업자 민 킴|url=http://www.koreatimes.com/article/20190611/1252306|access-date=2022-01-16|website=The Korea Times|language=ko}}{{Cite web|title=ICON|url=https://www.investopedia.com/terms/i/icon-cryptocurrency.asp|access-date=2022-01-16|website=Investopedia|language=en}} According to the ICON white paper, the purpose for ICON was to introduce a new era of decentralization and hyper connect Korea.{{Cite web |last=Ramirez |first=Elaine |title=Could This Blockchain In Korea Be The First To Connect An Entire Country? |url=https://www.forbes.com/sites/elaineramirez/2017/08/09/dayli-icon-blockchain-south-korea/ |access-date=2024-05-13 |website=Forbes |language=en}}
ICON's initial coin offering (ICO) in September 2017 raised 150,000 ETH (approximately US$43 million at the time).{{Cite web|title=What is Icon? (ICX): The Beginner's Guide|url=https://www.kraken.com/en-us/learn/what-is-icon-icx|access-date=2022-01-16|website=Kraken}}
At the time of launch, ICON was supported by various public and private organizations, including the Seoul Metropolitan Government in South Korea, and the Line Corporation in Japan.{{Cite web|last=Ji-young|first=Sohn|date=2018-05-15|title=Line Plus forms new JV 'Unchain' with blockchain platform Icon|url=http://www.koreaherald.com/view.php?ud=20180515000653|access-date=2022-01-18|website=The Korea Herald|language=en}}
Applications
= Decentralized finance =
{{Main|Decentralized finance}}
Decentralized finance (DeFi) is a use case of ICON.{{Cite web|last=Kim|first=Min|date=2021-12-04|title=ICON (ICX): A Deep Dive Into Its Enterprise Use Cases|url=https://www.gemini.com/cryptopedia/icon-network-icx-use-cases|access-date=2022-01-16|website=Gemini|language=en}} It offers traditional financial instruments in a decentralized architecture, outside of companies' and governments' control, such as money market funds which let users earn interest.{{Cite web|last=Kauflin|first=Jeff|title=Why Everyone In Crypto Is Talking About DeFi|url=https://www.forbes.com/sites/jeffkauflin/2019/04/26/why-everyone-in-crypto-is-talking-about-defi/|access-date=2022-01-16|website=Forbes|language=en}} Decentralized finance applications can be accessed through a Web3-enabled browser extension or application, which allows users to directly interact with the ICON blockchain through a website.{{Cite web|date=2021-12-07|title=How to invest in cryptocurrency: A beginner's guide to Omm|url=https://blog.omm.finance/beginners-guide/|access-date=2022-01-16|website=Omm blog|language=en}} Many of these decentralized applications (also known as dapps) can connect and work together to create complex financial services.{{Cite web|last=Kharif|first=Olga|date=2021-12-01|title=Why 'DeFi' Utopia Would Be Finance Without Financiers: QuickTake|url=https://www.bloomberg.com/news/articles/2020-08-26/why-defi-utopia-would-be-finance-without-financiers-quicktake|access-date=2022-01-16|website=Bloomberg}}
= Non-fungible tokens (NFTs) =
{{Main|Non-fungible token}}
ICON allows for the creation of non-fungible tokens (NFTs).{{Cite web|date=2021-04-02|title=Focus on NFTs and interoperability pushes Icon (ICX) higher|url=https://www.crypto-rating.com/news/focus-on-nfts-and-interoperability-pushes-icon-icx-higher/|access-date=2022-01-16|website=Crypto Rating|language=en-US}} 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.{{Cite web|last=Browne|first=Ryan|date=2021-02-25|title=Crypto collectibles are selling for thousands — and celebrities like Mark Cuban are cashing in|url=https://www.cnbc.com/2021/02/25/nfts-why-digital-art-and-sports-collectibles-are-suddenly-so-popular.html|access-date=2022-01-16|website=CNBC|language=en}} Land, buildings, and avatars in blockchain-based virtual worlds can also be bought and sold as NFTs.{{Cite news|last=Howcroft|first=Elizabeth|date=2021-04-19|title=The 'metaverse' bet: crypto-rich investors snap up virtual real estate|language=en|work=Reuters|url=https://www.reuters.com/business/metaverse-bet-crypto-rich-investors-snap-up-virtual-real-estate-2021-04-19/|access-date=2022-01-16}}
See also
References
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{{Cryptocurrencies}}
{{DEFAULTSORT:ICON}}