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ICON (blockchain platform)
Cryptocurrency From Wikipedia, the free encyclopedia
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ICON is a decentralized, open-source blockchain with smart contract functionality. ICX is the native cryptocurrency of the platform.
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History
ICON was founded in 2017 by Min Kim of the Switzerland-based ICON Foundation.[1][2] According to the official ICON white paper, the purpose for ICON was to introduce a new era of decentralization and hyper connect Korea.[3]
ICON's initial coin offering (ICO) in September 2017 raised 150,000 ETH (approximately US$43 million at the time).[4]
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.[5]
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Applications
Decentralized finance
Decentralized finance (DeFi) is a use case of ICON.[6] 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.[7] 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.[8] Many of these decentralized applications (also known as dapps) can connect and work together to create complex financial services.[9]
Non-fungible tokens (NFTs)
ICON allows for the creation of non-fungible tokens (NFTs).[10] 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.[11] Land, buildings, and avatars in blockchain-based virtual worlds can also be bought and sold as NFTs.[12]
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See also
References
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