What is ICON [ICX]? : Everything you need to know
ICON [ICX] or Korean Ethereum has seen a meteoric rise in the last couple of years in the ever-growing sea of cryptocurrencies. As of the beginning of July 2018, there are over 1600 digital currencies listed and dozens of new coins are added every month.
While many of these cryptocurrency are Ethereum-based ERC20 tokens, plenty of other tokens run on their own blockchain platforms with proprietary technology. The result – you get several walled eco-systems that are isolated with no means of communicating with one another.
This has led to a massive demand for a product that connects all these technologies and bridges different cryptocurrencies platforms, thereby making it more accessible to the end users.
This is where the ICON [ICX] comes into the picture.
What is ICON (ICX)? – A Beginner’s Guide
Though, ICON is a blockchain, it’s more of a decentralized network. ICON aims to connect and bridge all the blockchains across the world, thereby standardizing and adding consistency to the industry.
It aims to overcome the compatibility issues faced by major blockchains across the world. The native token of the ICON platform is known as ICX. The mission of ICON in a nutshell is to “Hyper-connect the world.” It proposes to do that by building one of the biggest decentralized networks in the entire planet.
For over two years, ICON has been in development. Dayli Financial, a popular Korean Fintech company launched the ICON project. It’s to be noted that Dayli Financial are no newcomers to the crypto-space and have an accurate understanding of the crypto industry as the company is the owner of the Korean crypto-exchange firm, Coinone.
Though ICON is based in South Korea and carries its operations from there, the parent company ICON Foundation is situated in Switzerland.
The Team behind ICON
Currently, ICON boasts of a strong and robust team of over 100 people. Min Kim, the Chief Strategy Officer of Dayil is the leader of the ICON project. The digital currency has an extensive business and development team similar to the ones you find at tech giants like Microsoft or Google. Check out the detailed profiles of key team members on the official page of the ICON Foundation.
ICON Partnerships – A Closer Look
Industry partnerships are one of the critical factors that help in evaluating the overall efficiency of a particular platform. Given that the P2P network proposed by ICON has massive potential for businesses across industries, it’s not surprising that some of the biggest names in the world have partnered with ICON. Some of the crucial partners of ICON include Samsung, Hyundai, Wanchai, LINE and several more.
ICON is also backed by several major financial organizations including:
Pantera Capital – An investment firm that is solely focused on tokens, blockchain tech projects, crypto assets, cryptocurrencies, ventures, etc.
Coinsilium – Is a firm that offers seed capital to fintech and blockchain tech businesses. Coinsilium often joins in lucrative partnerships with businesses that are involved in smart contracts.
Kenetic Capital – This is an investment firm located in Hong Kong and has been nurturing offline and online communities since 2014.
Crypto Bazar – This is one of the biggest blockchain communities in Russia and other nations that were a part of the former Soviet Union. This is the place where you can interact with top-blockchain developers, crypto-fund venture capitalists, and others from the industry.
Token-as-a-Service – This is a closed-end fund that contributes to the development and standardization of the blockchain ecosystem.
Overview of the ICX Coin
According to CoinMarketCap.com, here are the basics:
Network – ICON
Token – ICX
Current Market Value – $1.64 USD
Market Cap – $635,092,950 USD
Trading Volume (24h) – $40,926,100 USD
Circulating Supply – 387,431,340 ICX
Total Supply – 400,228,740 ICX
Rank – 23
What are the Stand-out Features of ICON [ICX]?
ICON [ICX] is highly scalable and provides solutions to businesses of all sizes. It works with several traditional blockchains like Ethereum, Bitcoin, etc. Additionally, it also connects seamlessly with other blockchains, that are connected to the real world. This means ICON acts as the perfect bridge for linking the crypto-world with real-world applications with ease.
Flexible and User-friendly
The ICON network makes it easy to use the potentials of blockchain technology in our daily lives. Throughout the development phase of the project, the team has created several real-world applications that are used by businesses and communities all over the world. DAVinCI, an AI-powered solution from ICON is already being tried by several leading financial institutions across the world.
ICON is decentralized, meaning various communities can interact and connect with each other like never before. Even if different communities have separate governance structures, they can join the network using their own dApps.
The DEX (Decentralized Exchange)
A centralized exchange is convenient, but it comes with some inherent security flaws. A decentralized exchange on the other hand is more secure, but a bit difficult to use.
ICON has its own decentralized exchange known as the DEX. It links independent blockchains and provides a way for them to communicate using the ICX coin. The exchange rate between different tokens on the DEX is determined by the Bancor Protocol.
This is one of the most striking features of the ICON network. The loopchain helps to connect various blockchains together. It’s an enterprise-level blockchain, that has smart contracts. The loopchain can be customized and tailored to suit specific applications and operational needs.
Loop Fault Tolerance (LFT)
The consensus algorithm of the ICON network is known as Loop Fault Tolerance. It’s based on the Byzantine Fault Tolerance. By consolidating messages shared across the network, LFT improves the performance levels. By using a technique called “spinning”, the LFT reduces the time and the number of nodes involved in the consensus process. This makes the network highly scalable and more efficient.
How Does ICON [ICX] Work?
It’s a decentralized network using which users can connect to any blockchain. ICON helps to connect communities that are isolated due to technology differences. It helps to share services among various blockchain networks.
The ICON [ICX] uses the Nexus platform (loopchain) to connect and bridge several blockchains. The ICON Republic oversees this process. The Republic is akin to a governing body for several leading blockchain communities.
Each independent blockchain community nominates a representative to the ICON Republic. And, then the communities connect with the republic via their representative.
The representatives communicate with Nexus and among themselves. If two independent blockchains want to share some service or commodity, they can do using the DEX (Decentralized Exchange) of ICON.
The DEX allocates currencies to these communities thereby facilitating the exchange of value. All transactions on the DEX are carried out using the ICX (ICON’s native token).
Simply put, the Loopchain and the NEXUS are the platforms where different blockchains (ledgers) can talk with each other and the ICX tokens are the mics which they use for communication.
The ICON has the potential to grow into the worlds biggest and most scalable blockchain. It lets individual blockchains on the network do whatever they want, while also ensuring that the capabilities of different blockchains are utilized on one interconnected platform.
How to Buy ICON [ICX]?
The ICX coin is listed on several popular crypto exchanges and you can find it paired with all major cryptocurrencies like ETH, BTC and USDT. This means you can purchase ICX using your cryptocurrency stash on popular exchange platforms like OKEx, Binance, Huobi and several others.
An easier alternative is to use CoinSwitch. This portal aggregates exchange rates across several crypto exchanges at one place, thereby making it easy for you to choose your preferred rate.
How to Store ICON [ICX]?
Originally, ICX was an ERC20 token. This meant you could use any of the popular Ethereum-based wallets to store your ICX coins. Some of the commonly used Ethereum Wallets are MyEtherWallet, Ledger Nano S and more.
At the beginning of this year, the ICON team launched a dedicated wallet for the ICX coins known as ICONex. This wallet promises several advantages like – secure payments, faster transactions and better liquidity, and pairing with several cryptocurrencies.
One of the noteworthy features of the ICONex wallet is ICONick. This is a unique wallet ID generated by the ICON network. You can use this shorter, easy to remember ID in place of the long wallet addresses used today.
Should you Invest in ICON [ICX]?
On May 2018, the ICX had a market cap of around 1.2 billion dollars. During this same period, the market cap of Ethereum was $68 billion and Bitcoin was $140 billion. During the initial launch, the price was around $0.4, and it steadily rose to reach $10 within the next two months. Today, it hovers about $3-4.
The ICON project has got its objectives right. If it manages to successfully deliver, then it could prove to be immensely useful across a wide range of applications like finance, healthcare, education, insurance and more.
By addressing two of the major problems plaguing the crypto-industry today (lack of interconnectivity and centralized exchanges), ICON has placed itself on the right path. If it remains successful, it has the potential to create a truly hyper-connected world and will pave the way for the acceptance of cryptocurrencies by the rest of the world.
Image via Shutterstock
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