ICON (ICX)

Interoperability and Cross-Chain Transactions

ICON enables different blockchains to connect and interact through its Cross-Chain Framework and Blockchain Transmission Protocol (BTP). This allows ICX to be used for transferring tokens and data across various blockchains without complex bridges, supporting decentralized finance (DeFi) and other applications.

Decentralized Finance (DeFi)

ICX is used as collateral, for liquidity provision, and transaction fees within ICON’s DeFi platforms like Balanced, OMM, and Optimus. Users can access DeFi services such as lending, borrowing, and earning interest through decentralized apps (dApps) built on ICON.

Governance and Staking

ICX holders can stake their tokens to participate in network governance by voting for Public Representatives (P-Reps) who create blocks and make policy decisions. Staking ICX also rewards users and helps secure the network.

Enterprise and Real-World Applications

ICON supports various enterprise use cases including digital identity verification (e.g., Zzeung), document issuance (e.g., diplomas via broof), payments integration (e.g., with Danal Fintech’s Paycoin app), and secure data storage for medical and insurance records.

Token Creation and Custom Assets

Users and organizations can create their own tokens, including stablecoins and security tokens, on the ICON network. This supports building custom blockchain economies and applications tailored to specific needs.

Developer-Friendly Environment

ICON allows developers to build dApps using Java smart contracts executed in a Java Virtual Machine (JVM), making it easier for enterprises familiar with Java to integrate blockchain technology.

In summary, ICON’s use cases include connecting blockchains, enabling DeFi, supporting governance, facilitating enterprise solutions, creating custom tokens, and providing a developer-friendly platform.

Advantages of ICON

• ICON enables different blockchains to connect and interact through its cross-chain framework, making it easier to transfer value and share data between cryptocurrencies.
• It uses a Delegated Proof-of-Stake (DPoS) consensus mechanism, allowing token holders to stake ICX and participate in governance without technical setup.
• The network supports decentralized finance (DeFi) applications and the creation of non-fungible tokens (NFTs).
• ICX is used for transaction fees, governance voting, and as collateral in DeFi.
• ICON’s ecosystem is designed to allow communities like businesses, hospitals, and governments to maintain their own policies while connecting to others.
• The platform offers fast transactions and prompt validations.
• It has a growing list of connected blockchains and integrated bridging protocols, simplifying cross-chain development.
• ICX tokens are burned from fees, potentially reducing supply over time.
• Wallet options exist for storing ICX, including multi-coin wallets and the official ICONex wallet.

Disadvantages of ICON

• The token swap process has experienced delays, sometimes due to exchange-side issues.
• ICON faces challenges from traditional centralized cryptocurrency exchanges that may oppose its decentralized model.
• The public ecosystem development is less active compared to corporate and project ecosystems.
• Price performance can be volatile and has recently underperformed the global crypto market.
• Limited wallet options compared to some other cryptocurrencies, and popular wallets like MetaMask do not support ICX.
• Some users note that public buzz around ICON can fade, affecting short-term interest.

This summary highlights the main strengths and weaknesses of ICON based on community feedback and technical features.

Founders of ICON

• Min Kim: Founded ICON in 2017 through the Switzerland-based ICON Foundation. He has a background as the former chief strategy officer of DAYLI Financial Group and COO at Tapas Media. Min Kim is a key figure in the creation and vision of ICON, focusing on blockchain interoperability and decentralized finance.

• J.H. Kim and H.O. Lee: Mentioned as contributors to ICON's development alongside Min Kim, indicating a collaborative founding team.

• Jason Ballard, Evan Loomis, Alexander Le Roux: Identified as founders of another company named ICON (in 2025), but this is unrelated to the ICON blockchain project founded by Min Kim.

Summary

The ICON blockchain project was founded primarily by Min Kim in 2017, with significant contributions from J.H. Kim and H.O. Lee. The other individuals named as founders belong to a different company also called ICON and are not related to the ICON blockchain platform.

Investors in ICON

ICON was co-founded by Min Kim, who has a strong background in fintech and digital content platforms. The project has attracted interest from various investors, including institutional investors who see potential in its decentralized interconnected economy model.

Investment Teams and Firms

• Joe Naggar, a notable figure in crypto investment, leads a team that spun out from the New York investment firm Republic to form Feynman Point Asset Management, which is involved in the crypto space including projects like ICON.
• ICON has raised funds through ICOs, with investors receiving ICX tokens after the mainnet launch in 2018.

Exchanges and Accessibility

• ICON (ICX) is available on major cryptocurrency exchanges such as Binance, Kraken, and Uphold, which facilitates investment by retail and institutional investors worldwide.
• These exchanges provide liquidity and access, making it easier for investors to buy and sell ICX tokens.

Community and Network Support

• The ICON network is supported by a global community of node operators (P-Reps) from over 35 countries, which includes stakeholders who have invested in the network by staking ICX tokens.
• Over 61% of ICX circulating supply has been staked, indicating strong participation from investors who support network security and governance.

In summary, ICON's investors include its founding team, institutional investment groups, ICO participants, and a broad community of retail and institutional investors accessing ICX through major exchanges and staking within the network.

Halal Status of ICON

• Halal: Yes, ICON is considered halal.
• Reason: ICON uses a Delegated Proof of Stake (DPoS) consensus mechanism, which aligns with Islamic principles as it involves actual work and service provision. The staking method complies with Shariah principles, and the project does not involve interest (riba), gambling (maysir), or other prohibited activities. It serves practical purposes such as governance participation, transaction fee payments, and cross-chain value transfer, which supports its halal status.
• Supporting Views: Multiple Islamic finance sources and halal crypto screening platforms recognize ICON as a halal cryptocurrency based on its compliance with Shariah guidelines.