Icon is a decentralized project which seeks to bring together different blockchains and establish communication and interactions among them through smart contracts. Interoperability constitutes the ultimate goal of the Icon network.
The platform wishes to serve as an intermediary in the crypto world. In the Icon ecosystem, each blockchain constitutes a community which has an individual governing system. Yet, under Icon, all of these independent networks can operate together with the help of the Loopchain algorithm.
ICX is the utility token of the Icon network with multiple purposes. ICX is used for staking, which maintains the stability and security of the blockchain. As a result of locking their ICX tokens on the platform, users can participate in voting and receive rewards. Thanks to Icon’s Decentralized Exchange, ICX owners can convert their funds to any other cryptocurrency on the exchange at a good rate.ICX Payment benefits:
Icon blockchain is extremely scalable, which means that it can handle a large number of transactions in a short period of time. This leads to fast transfers of ICX.
- Low-Fee Transactions
Users can transfer ICX for a small fee which is especially convenient when making purchases.
- Easily Available
Due to the Icon blockchain's popularity, numerous exchanges feature ICX tokens. For instance, investors can buy and sell ICX on Binance and eToro.