ICON

The ICON Cross-Chain Framework is a blockchain interoperability system that lets decentralized applications communicate and transfer value across multiple chains without writing separate code for each. Founded in August 2017, ICON has spent years building sustainable cross-chain development infrastructure. The framework consists of four components: the ICON Layer 1 blockchain, a General Message Passing interface called xCall, modular connections to established bridging protocols, and an expanding list of supported blockchains.

The problem ICON solves is fragmentation. Each blockchain operates in isolation by default, like different countries using different currencies that cannot transact without an exchange. ICON acts as the exchange layer, giving developers a single interface to reach users and liquidity across chains they would otherwise need to integrate individually.

ICON GMP is a standardized interface that abstracts the varying technical architectures of underlying protocols, offering developers a single interface so they can focus on building rather than managing the nuances of each blockchain or protocol integration. Through xCall, applications can route messages across several interoperability protocols including IBC, BTP, Wormhole, and LayerZero from one unified codebase.

At the foundation of ICON’s cross-chain system is its Blockchain Transmission Protocol. Unlike traditional bridging solutions that rely on handpicked validators to relay cross-chain messages and custody funds, BTP uses fully decentralized incentivized relayers and on-chain verification of messages, making it as secure as the participating chains. Every chain needs only a single integration with ICON to access every other connected chain, making scaling the network easier as new blockchains are added.

The ICON Cross-Chain Framework expanded to Ethereum and BNB Chain in January 2024 through the deployment of BTP smart contracts on mainnet, enabling applications using ICON’s General Message Passing to connect to major EVM blockchains and access a larger market. This gave developers access to two of the largest blockchain user bases in a single integration step.

ICON was founded in 2017 by the Icon Foundation, an organization based in South Korea. In September 2017, an initial coin offering for ICX raised 150,000 ETH, roughly $43 million, in a sale that covered 50 percent of ICON’s token supply. The official ICON mainnet launched on January 24, 2018.

The project attracted significant institutional backing from its earliest days. At the time of launch, ICON was supported by various public and private organizations including the Seoul Metropolitan Government in South Korea and Line Corporation in Japan. Line Corporation is one of Asia’s largest messaging platforms with hundreds of millions of users, making its early involvement a strong signal of enterprise confidence. Shinhan Bank, South Korea’s second-largest commercial bank with $375 billion in assets, selected ICON’s identity technology to launch the country’s first blockchain-based financial service in 2020. The Seoul Metropolitan Government’s involvement positioned ICON as the leading blockchain infrastructure project for Korean public sector applications.

Real-world deployments across healthcare and government gave ICON credibility that most blockchain projects of its era lacked. South Korea’s Jeju Island selected ICON’s Zzeung identity application for private, secure contact tracing in August 2020, protecting the personal identity of 15 million annual tourists. ICON also developed blockchain-based university diplomas through its BROOF service and supplied anti-spam technology to more than a dozen South Korean banks. These were not pilots. They were live government and enterprise deployments on a public blockchain.

ICX is the native cryptocurrency of the ICON network and serves three interconnected functions. ICX acts as the Layer 1 gas token, the cross-chain fee token for ICON GMP transactions, and a trading fee token within associated applications, with a sizable percentage of all these fees collected in ICX and burned. The burn mechanism creates deflationary pressure tied directly to usage: the more activity flows through the network, the more ICX exits circulation. ICX holders can also stake their tokens to vote for validators who secure the network, participating in governance over the protocol’s direction. Staking, burning, and fee payment combine to make ICX functional across all layers of the ICON ecosystem simultaneously.

ICX trades on centralized cryptocurrency exchanges and is available for standard purchases. For large token amounts, locked tokens, or SAFT notes, Acquire.Fi’s OTC and Secondaries Marketplace is the right place to transact.

You can buy ICON tokens OTC on Acquire.Fi by engaging with existing sell listings that match your target price and quantity. If no current listing fits your requirements, you can submit a new Buy listing with your preferred valuation and token amount.

You can also sell ICON tokens OTC if you hold a position and want to exit. Browse active Buy listings to find a counterparty, or submit a new Sell listing with your asking price and the amount you want to move.

Acquire.Fi handles the rest. The team runs background checks, sends NDAs, and connects you with your counterparty. Due diligence and payment settlement are your responsibility, but Acquire.Fi will support both sides wherever possible to help the deal get done.