What is Icon (ICX)?
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Written by Ignat
Updated over a week ago

Icon is a decentralised blockchain network that is focused on interoperability. Its blockchain transmission protocol allows independent blockchains (e.g. Bitcoin and Ethereum) to transact with each other. ICON Network can run smart contracts, adopt the delegated proof-of-stake consensus protocol and delegated proof-of-contribution governance protocol. It has a throughput of hundreds of transactions per second and its native cryptocurrency is ICX.

Created to ensure the integrity and transparency of shared data and the ability to move assets without involving a centralised third party, ICON Network strives to become an ‘interchain’ that would connect multiple blockchains based on blockchain transmission protocol.

Important: please note that ICX deposits and withdrawals are currently not supported. You can buy, exchange and store ICX. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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