ICON is a decentralized permissionless multi-blockchain network which can deploy new purposed blockchains, or connect existing ones, if they support tokens and smart contracts. ICON is designed to be a single data space for transmission of all kinds of data transactions between parties that possess their purposed blockchain instances.
The ICX token is the primary payment medium in the ICON network, and is heavily used for data transaction consensus. This principle is taken from Loopchain, a virtually instant blockchain for extended smart contracts, which worked out the data transaction consensus during the proof of concept stage.
The ICON Network relies on the LFT consensus algorithm, which is analogical to the DPoS. Like the DPoS, it requires users to stake parts of their wallet balances and delegate them to delegates (P-Reps) so that the latter can gain voting power in the consensus.
P-Reps receive rewards from transaction verification and block propagation, and share these rewards with the delegators who stake with them, accordingly to the stake sizes.