What Is ICON?

ICON (ICX) is a blockchain platform developed by the ICON Foundation, based in South Korea, in collaboration with ICONLOOP (originally known as theloop), a fintech company specializing in enterprise blockchain solutions. The project was founded by Min Kim and launched in 2017 with the vision of "hyperconnecting the world" -- creating a network where independent blockchain communities used by governments, banks, hospitals, universities, and businesses can transact and share data with each other while maintaining their own governance and rules. The ICON Foundation raised funds through a token sale in September 2017 that closed at its target of 150,000 ETH, distributing 400,230,000 ICX tokens with 50% allocated to the sale, 16% to reserves, 14% to the foundation, 10% to community and strategic partners, and 10% to the team, advisors, and early contributors.

Overview - Table of Contents
What Is ICON?
Getting Started With ICON
How To Get An ICON Wallet?
ICON Resources
How To Buy ICON?
Latest ICON News

ICON's architecture is built around the concept of the "ICON Republic," a decentralized network that connects independent blockchain communities through a central nexus. Each community -- whether a consortium of banks, a group of hospitals, or a university network -- operates its own blockchain with its own consensus rules and governance. These communities connect to the ICON Republic through portals called C-Reps (Community Representatives), which participate in the Republic's governance. The underlying blockchain engine is loopchain, developed by ICONLOOP, which uses the Loop Fault Tolerance (LFT) consensus algorithm optimized for enterprise-grade performance.

The ICON network uses a consensus mechanism called Delegated Proof of Contribution (DPoC), a variant of Delegated Proof of Stake. ICX holders can stake their tokens and delegate them to validators known as P-Reps (Public Representatives) who produce blocks and govern the network. There are 22 main P-Reps responsible for block production and up to 78 sub P-Reps providing additional network support. Smart contracts on ICON, called SCOREs (Smart Contracts on Reliable Environment), can be written in Java or Python, lowering the barrier for enterprise developers who are already familiar with these languages.

A core technology of ICON is the Blockchain Transmission Protocol (BTP), which enables trustless cross-chain communication between heterogeneous blockchains. Unlike bridge solutions that rely on multi-signature schemes or trusted relayers, BTP uses on-chain verification to confirm transactions across chains without centralized intermediaries. BTP 2.0 expanded these capabilities to support connections with major networks beyond the ICON ecosystem. The project also explored subnet architecture through ICE and SNOW, application-specific networks designed for specialized use cases like DeFi and gaming.

ICON has established strong roots in South Korea, with ICONLOOP deploying enterprise blockchain solutions for major institutions including the Seoul Metropolitan Government, Samsung, and several Korean insurance and securities companies. ICONLOOP's blockchain-based decentralized identity (DID) system provided digital authentication services used in government and financial contexts. The ICON DeFi ecosystem includes Balanced (a decentralized exchange and stablecoin protocol), OMM Finance (a lending and borrowing platform), and Craft (an NFT marketplace), all accessible through the Hana wallet, the official ICON browser extension formerly known as ICONex.

Getting Started With ICON

Step 1: Learn About the ICON Ecosystem. Visit icon.community to explore the ICON ecosystem, including DeFi protocols, NFT marketplaces, and cross-chain applications built on the network.
Step 2: Set Up an ICON Wallet. Download the Hana wallet (browser extension) or use MyICONWallet to create an ICON address. This will allow you to hold ICX and interact with ICON-based decentralized applications.
Step 3: Acquire ICX Tokens. Purchase ICX on a supported cryptocurrency exchange and withdraw to your ICON wallet. ICX is needed for transaction fees, staking, and governance participation on the network.
Step 4: Participate in Governance. Stake your ICX and vote for P-Rep validators to earn staking rewards and contribute to network governance. You can explore DeFi protocols like Balanced and OMM Finance to put your ICX to work.

How to Get an ICON Wallet?

Hana Wallet

Hana (formerly ICONex) is the official ICON browser extension wallet. It supports ICX and all IRC-2 tokens on the ICON network, and provides a simple interface for staking, voting, and interacting with ICON dApps.

MyICONWallet

MyICONWallet is a community-built web wallet that offers staking, delegation, and token management features. It provides a straightforward interface for managing ICX holdings and participating in network governance.

Ledger Hardware Wallet

ICX is supported on Ledger hardware wallets, providing cold storage security for your tokens. You can connect your Ledger device to Hana wallet for a combination of security and convenience.

ICON Resources

How to Buy ICON?

ICX can be purchased on centralized exchanges including Binance, Kraken, and Crypto.com. Create an account, complete verification, deposit funds, and trade for ICX. Once purchased, withdraw your ICX to your personal ICON wallet for security.

For decentralized trading, ICX can be swapped within the ICON ecosystem using Balanced DEX. Cross-chain bridges also allow trading ICX against assets on other blockchain networks through BTP-enabled connections.

Latest ICON News

ICON continues to advance its cross-chain interoperability vision through ongoing BTP development and ecosystem growth. The network has expanded its DeFi ecosystem with protocols like Balanced, OMM Finance, and Craft, while pursuing cross-chain connections to major blockchain networks. The ICON Foundation remains focused on establishing ICON as a leading interoperability solution in the multi-chain blockchain landscape.