Home Altcoins News ICON ICX Going Places with Apps Like Balanced OMM ICONFi LICX ICX Staking Lottery ICONPool Kotani Pay and Optimus

ICON ICX Going Places with Apps Like Balanced OMM ICONFi LICX ICX Staking Lottery ICONPool Kotani Pay and Optimus

ICON icx

ICON is a blockchain protocol for decentralized applications. As an aggregator chain, it achieves interoperability, which is a web of interconnected networks that aggregate all blockchain data into one layer.

ICON ICX has been around since 2017, as founded by the ICON Foundation.  ICON is the next-generation blockchain protocol that has smart contract functionality and interoperability. ICX is the native cryptocurrency of the ICON network.

The ICON network has been powered by a high throughput blockchain engine known as the ‘loop chain.’ It has been developed and updated by blockchain industry leaders like ICONLOOP.

During the process, ICON has made several industry breakthroughs which consist of the consensus algorithm and interoperability protocol: Blockchain Transmission Protocol.

The ICON Network has two primary actors: 1. ICONists, who are the users, stakers, and delegators of the ICON Network.  2.  Public Representatives, who run validator nodes on the ICON Network.

The Applications are the use cases of the ICON Network. The network is continually expanding. There are many ways in which it will be possible for users to participate and have a say in ICON’s Governance and on how the network operates.

ICON’s Delegated Proof-of-Contribution protocol makes it possible to have 22 fluid public Representatives to produce and validate blocks when they are participating in the governance. ICON is the largest decentralized network in the world.

With interoperability technology focusing on bridging all blockchain networks, both private and public networks will communicate using smart contracts on ICON’s Network of Networks.

ICON empowers 1300+ transactions in 2 second block confirmation times.  It is constantly evolving. ICON has also received high praise from KAIST University for their industry-wide consensus algorithm breakthrough, LFT2, which doubles speed without compromising safety.

ICON has an extensive acceleration network for its startups and partners with ICX Station partners in Seoul, San Francisco, and Tokyo. Build on ICON and receive global acceleration.

The prominent DeFi apps in the community are Balanced, OMM, ICONFi, LICX, ICX Staking Lottery, ICONPool, Kotani Pay, and Optimus.

Balanced is the DeFi DAO on the ICON Network, which creates tokens that are pegged to real-world assets like stable coins.

OMM is a DeFi money market where anyone can lend and borrow assets, earn interest, and own a share of the protocol.

ICONFI is a crypto staking and earns service used by the ICON community. LICX LiquidICX is a pool where people will stake their ICX and get a fully liquid LICX token representing that pool.

ICX Staking Lottery is a lossless lottery on the ICON blockchain. ICONPool is an automated liquidity provider on ICX.

Kotani Pay is a technology stack that helps blockchain protocols integrate seamlessly into local payment channels in Africa.

Optimus is an ICX yield optimizer and an aggregator which seeks the best interest rate between investment pools and automatically switches the funds to the more profitable one.

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James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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