ICON
Crypto Overview
Overview
ICON (ICX) is a blockchain protocol designed to facilitate interoperability between different blockchain networks. The project aims to create a decentralized network where various blockchain-based enterprises can interact and transact with each other seamlessly.
Purpose and Utility
The primary purpose of ICX is to serve as the native token for the ICON network, enabling: Governance participation through staking, Payment for transaction fees, Cross-chain value transfer, and Incentivization for network validators.
Business Model & Real World Adoption
ICON has established various real-world partnerships, particularly in South Korea, including government agencies, universities, and healthcare providers. The network enables the creation of decentralized applications (dApps) and focuses on practical blockchain implementation in various sectors.
Development Activity
ICON maintains active development with regular updates to its core protocol. The project has launched ICON 2.0, featuring improved scalability and interoperability. The ecosystem includes BTP (Blockchain Transmission Protocol) for cross-chain communication.
Token Distribution
The token distribution appears relatively transparent, with clearly defined allocations for development, ecosystem growth, and community initiatives. There are documented vesting schedules for team allocations.
Revenue Model
The platform generates revenue through transaction fees and enables validators to earn rewards through Delegated Proof of Stake consensus, which aligns with Islamic principles as it represents actual work and service provision.
Crypto Impact
To assign a comfort level investing in ICON from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to ICON.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.