ICON is an interoperability layer designed to help teams and developers create successful cross-chain applications. By acting as a bridge, it enables seamless data exchange between various blockchains and their respective applications.
ICON operates as a decentralised, open-source blockchain platform that facilitates connectivity between different blockchains. It utilises the Blockchain Transmission Protocol (BTP) for cross-chain data transfer, employs the Loop Fault Tolerance (LFT) consensus mechanism, and supports Java smart contracts to enhance interoperability.
ICON has a wide range of potential use cases, including:
ICON was founded in 2017 by the ICON Foundation and launched its network in January 2018. The initial coin offering (ICO) in September 2017 raised roughly 150,000 ETH. Over time, ICON has formed collaborations with multiple organisations and introduced technological updates like ICON 2.0, which supports Java smart contracts and enhances blockchain interoperability through BTP. The platform focuses on scalability and high transaction processing, establishing itself as a notable player in blockchain technology.