One of the main problems with blockchain projects is they’re created independently and therefore aren’t able to interact with one another. For example, without protocols like Icon, it would be impossible to send tokens or share smart contract data between blockchains such as Solana and EOS.
The Icon Foundation held the ICX initial coin offering (ICO
) in September 2019, offering 2,500 ICX for 1 ETH. The ICO made 50% of the total token supply available for public sale and raised just under $43 million
. The remaining 50% of the token supply was allocated for product development and Icon’s founding team.
Newly issued ICX is first held by the Icon treasury before being distributed to community members based on their contribution to the project’s development.
Icon’s price spiked to $13.16 in January 2018 a few months after its initial coin offering
(ICO) the previous September. ICX however caught the crypto bear market that unfolded throughout 2018 trending steadily downward toward a price of $0.25 at the end of the year.
The Icon price
remained consistently under $0.50 for the next two years before eventually breaking north of $2.00 in early 2021.
How does Icon work?
The Icon network builds multiple components into its governance structure in order to maintain transparency and longevity, starting with Pubic Representatives (P-Reps) who are responsible for block production on the network. P-Reps receive votes from ICX holders which determine their rank.
P-Reps are elected by ICONists, who are incentivized to vote for P-Reps based on who contributes most to the network and whose policies they support. Policies are created or amended by the Network Proposal System (NPS), which P-Reps use to attempt to appeal to ICONists and attract votes.
P-Reps can also vote on or sponsor the proposals of their fellows using the Contribution Proposal System (CPS), which they can do to acquire additional rewards. They must however offer collateral equivalent to 10% of a proposal’s budget should it be unsuccessful.
Finally, a system called the Blockchain Transmission Protocol (BTP) allows messages to pass between connected blockchain by relayers. All data sent between blockchains are verified by smart contracts
Key events and management
The Icon blockchain project was founded in August 2017 by Mun Kim, former chief strategy officer for Korean fintech holding company DAYLI Financial Group. The Icon protocol is governed by the Icon Republic, with notable representatives from the Seoul government, Samsung and LINE. The Icon Republic has since added Shinhan Bank and Saramin to its list of partners.
On December 5, 2017, the Icon Republic joined
the Blockchain Interoperability Alliance, which aims to promote interconnectivity between blockchain networks.
Icon started life on the Ethereum blockchain before migrating to its own blockchain on January 24, 2018. The Icon Mainnet 1.0 was released
just ahead of the Icon Annual Summit: The Genesis and featured a native ICX wallet with an ERC20 token swap.
There followed rumours in early 2019 that Iconloop, the startup behind the project, was gearing up for an initial public offering (IPO) on the Korean technology-focused stock exchange KOSDAQ. However, Iconloop CEO Jonghyup Kim denied these rumours.
In January 2020, Icon announced that it would be integrating with Chainlink (LINK) on a collaborative, interoperable oracle solution for all blockchains. Oracles are third-party services which provide real-world data to smart contracts, such as live price information. Through the integration of price oracles with Chainlink, Icon was able to launch its token staking, yield and swap platform ICONFi
In September 2020, Icon announced its plans
to launch Icon 2.0, an upgrade on its existing loopchain with interoperability features to support decentralized finance (DeFi) services.