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What is ICON?
ICON is a general-purpose open-source blockchain ecosystem designed to unite various blockchains.
One of ICON's key features is its Loopchain protocol. Loopchain supports smart contracts and utilizes the Loop Fault Tolerance (LFT) consensus algorithm, which is a modification of the Practical Byzantine Fault Tolerance (PBFT) algorithm. LFT ensures fast transactions and minimal latency, making it ideal for commercial applications.
The ICON platform also introduces the ICON Network, a decentralized network that enables independent blockchains to interact with each other. Through the ICON Network, organizations can harness blockchain technology and collaborate with other entities without the need for identical blockchain protocols.
ICONIX (ICX) serves as the native token of the ICON ecosystem. ICX is used for transactions within the network and as a means of participating in voting processes within the ICON ecosystem.