ICX is a digital token used in conjunction with ICON’s technology. ICON is a key member of the Blockchain Interoperability Alliance, along with Wanchain and The Open Application Network. The ICON team aims to create a decentralized protocol that will enable independent blockchains that have different governance structures to interact with each other without intermediaries. Korean-based ICON wants to “hyperconnect the world” by building one of the largest decentralized networks in the industry.
It aims to achieve this using smart contracts allowing multiple, isolated blockchains to exchange information with one another via its central node, the ICON Republic. Additionally, ICON has developed its own decentralized exchange or DEX. ICON has a growing list of impressive partnerships. These include layers, a leading Japanese blockchain consultancy, and South Korean onglomerate Samsung.
ICX was developed by the ICON team because they felt that decentralized, consensus-driven, and blockchain-based technology had too many limitations. The project believes that there are a lot of use cases for blockchains outside of the more common uses such as a currency or store of value. The ICX team aims to enable more developers and clients to use blockchains to perform business-related tasks that are not solely dependent on the movement of digital currency. To achieve that goal, the ICON team maintains a five-pillar organization that consists of community, C-Node (the code used by each node on the network, C-Rep (a group of C-Nodes), ICON Republic, and Citizen Node.