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ICON is a delegated proof-of-stake (DPoS) network, which means a majority of stakeholders delegate their share of the network – in this case, ICX – to registered validators that produce blocks and participate in governance. ICON’s DPoS consensus lets non-technical stakeholders benefit from staking without having to set up a node or join a staking pool.

On ICON, ICX holders can stake and delegate ICX to P-Reps – entities that have registered to participate in governing the ICON blockchain. This DPoS implementation offers the best of both worlds – stakers can passively earn rewards, while technical individuals that are actually interested in setting up infrastructure and governing ICON can do so.

The ICON blockchain is governed by Public Representatives (P-Reps). To become a P-Rep, a team or individual must go through an on-chain registration process which includes paying a 2,000 ICX registration fee. Following registration, a P-Rep can start receiving delegation in the form of staked ICX.

To read more: ICON Governance.

ICON is a blockchain ecosystem designed to facilitate the interconnectedness of multiple blockchains through its unique interoperability layer. Launched in 2017 by a South Korean team, ICON aims to enable different blockchains to communicate with each other, allowing for the seamless exchange of digital tokens and smart contracts. This is achieved through ICON's Cross-Chain Framework, which simplifies the process of cross-chain development, making it easier for applications to operate across various blockchains.

The network operates on a delegated proof-of-stake (DPoS) consensus mechanism. In this system, ICX holders stake their tokens and delegate them to Public Representatives (P-Reps), who are responsible for producing blocks and participating in the governance of the ICON network. This approach allows ICX holders to earn rewards passively while enabling those interested in the technical and governance aspects of the network to actively participate.

ICON was co-founded by Min Kim, who has a background in both the financial and digital content distribution sectors. His involvement with DAYLI Financial Group and Tapas Media, combined with his education at the Haas School of Business, has contributed to ICON's strategic development and partnerships.

One of the distinguishing features of ICON is its Contribution Proposal System (CPS), which facilitates decentralized grant funding, supporting projects and initiatives within the ICON ecosystem. Additionally, the network's use of the ICX token for interoperability fees, with a portion of these fees being burned, showcases ICON's commitment to maintaining a sustainable ecosystem.

Security on the ICON network is ensured through its DPoS mechanism, where validators are chosen based on their stake and contribution to the network. This system not only secures the network but also encourages active participation and governance by its community.

The ICON Network employs a delegated proof-of-stake (DPoS) consensus mechanism to ensure its security and integrity. This system allows ICX holders to delegate their tokens to Public Representatives (P-Reps), who are responsible for producing blocks and participating in the governance of the network. This model encourages active participation from the community while allowing stakeholders to earn rewards through staking.

To become a P-Rep and take part in the network's governance, individuals or teams must undergo a registration process, which includes a fee. This process ensures that only committed and capable validators contribute to the network's operations. The delegated nature of ICON's consensus mechanism means that even those without the technical know-how to run a node can still participate in the network's security by staking their ICX and delegating it to a P-Rep of their choice.

Additionally, ICON incorporates regular security audits and a dedicated team of security experts to monitor and address potential threats. This multi-faceted approach to security ensures that the ICON Network remains robust against attacks and operational issues.

ICON is designed as a versatile blockchain protocol aimed at facilitating decentralized applications (DApps) and allowing independent blockchains to interact with one another through ICON's unique interconnectivity. This interconnectivity is achieved through ICON's Cross-Chain Framework, which enables different blockchains to communicate and share information seamlessly. The framework is designed to be accessible, allowing developers to build and integrate applications across various blockchains without needing to understand the underlying complexities of each chain.

The ICON Network is powered by its native cryptocurrency, ICX, which plays a central role in maintaining and operating the ICON ecosystem. ICX is used for several key functions within the network:

1. Governance: ICX holders can participate in the governance of the ICON Network by staking their coins and delegating them to Public Representatives (P-Reps). These P-Reps are responsible for validating transactions, producing blocks, and participating in the decision-making process regarding the future development of the network. This delegated proof-of-stake (DPoS) consensus mechanism ensures that the network remains secure and decentralized, as it requires the collective agreement of multiple parties to validate transactions and make changes to the protocol.

2. Transaction Fees and Services: ICX is used to pay for transaction fees on the network, ensuring that transactions are processed efficiently. This includes fees for smart contracts and other services provided by the network, incentivizing validators and P-Reps to maintain the network's integrity and security.

3. Interoperability and Cross-Chain Transactions: Through ICON's Cross-Chain Framework, ICX can be used to facilitate transactions between different blockchains, enabling a more interconnected and interoperable ecosystem of blockchains. This allows for a wide range of use cases, including decentralized finance (DeFi) applications, where ICX can be used as collateral or for liquidity provision across different blockchain platforms.

4. Staking Rewards: By staking ICX and participating in network governance, users can earn staking rewards. This incentivizes the holding and active use of ICX, contributing to the overall security and stability of the network.

The ICON Network's unique architecture and its focus on interoperability make it a foundational component in the broader blockchain ecosystem, enabling diverse applications and use cases beyond simple transactions. From facilitating secure medical and insurance record storage to powering decentralized exchanges and finance applications, ICON's utility spans various industries and sectors, highlighting the transformative potential of blockchain technology.

ICON has experienced several pivotal moments that have significantly contributed to its development and growth within the blockchain ecosystem. Notably, the release of the Central Relay and GMP 2.1 in March 2024 marked a significant technological advancement for the network. This update was crucial for enhancing the network's capabilities and efficiency.

Another key event was the launch of the ICON Interoperability Framework. This development was instrumental in facilitating seamless cross-chain interactions, allowing for a more interconnected blockchain ecosystem. By enabling different blockchains to communicate and share information, ICON has positioned itself as a leader in promoting blockchain interoperability.

Furthermore, the burning of ICX fees generated by applications using ICON technology represents an important milestone. This mechanism not only helps in reducing the overall supply of ICX, potentially affecting its value, but also demonstrates ICON's commitment to creating a sustainable and economically viable ecosystem.

The ICON Network was co-founded by Min Kim and JH Kim, both of whom bring a wealth of experience from the fintech and digital content distribution sectors. Min Kim, with a background as the former chief strategy officer of a major fintech holding company in Korea and a chief operating officer at a digital content distribution platform in the U.S., has a solid foundation in business strategy and development. His education from the Haas School of Business at the University of California, Berkeley, further complements his role in steering the ICON project towards its goals. Min Kim also played a pivotal role in incubating ICONLOOP, which serves as ICON's technical partner, highlighting his instrumental role in the technical and strategic development of the ICON Network.

JH Kim's contributions to ICON, while not detailed in the provided information, can be inferred to be equally significant, given the collaborative nature of such innovative projects. Together, their combined efforts have positioned ICON as a notable player in the blockchain space, focusing on interoperability and seamless cross-chain communication. This collaborative approach towards blockchain technology underscores the founders' vision of a connected and efficient blockchain ecosystem.