What is icon cryptocurrency (ICX)?

DEFINITION of 'ICON Cryptocurrency (ICX)'. ICON is a blockchain technology and network framework designed to allow independent blockchains to interact with each other. ICON is supported through a cryptocurrency token, called ICX. Next Up. Blockchain. On-Chain Governance. Distributed Applications (ĐApps)

What is crypto and how does it work?

Crypto are digital assets —they have no tangible form. Cryptocurrencies exist and operate on a public ledger called a blockchain, which records all crypto transactions. Blockchain encryption is designed to make all transactions immutable and secure from tampering, counterfeit, and other forms of fraudulent transactions.

What is icon token?

In 2019, Icon released its own token standard, IRC16, which allows users to issue tokenized assets and securities . How does Icon work? The Icon blockchain uses a delegated proof-of-stake consensus algorithm to determine which nodes can add new blocks to its blockchain.

How does the icon blockchain work?

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.