What is Icon (ICX)?
Future of ICX Cryptocurrency and know how to buy ICX

What is ICON (ICX)? 

#1 - What is ICX?

The cryptocurrency market has exploded rather quickly. There are over 1500 cryptocurrencies in the world as of June 2018, with dozens coming up every month. While many of them may be ERC20 tokens, there is a significant number that runs on their own blockchains with their own technology, leading to walled ecosystems that do not communicate with each other.

 In such a scenario, there is a clear need for a product that bridges the gaps between all such technologies and makes them more accessible and usable to consumers. Enter ICX, brought to you by ICON.

ICON: The Basics

 ICON is a decentralized network more than a blockchain, built with an aim to connect multiple blockchains across the world and bring some consistency to the industry. This solves the large compatibility issues that all the current variety of blockchains bring. Its token is called ICX.  ICON claims it is on a mission to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.”

 ICX Development

 ICON has been in the development stage for about two years since 2016. It was launched by Korean Fintech company - the Dayli Financial Group. The Dayli Financial Group also owns the Korean exchange Coinone. While it operates out of South Korea, its controlling entity - the ICON foundation is headquartered in Switzerland.

 

#2 - What are the advantages of ICX? 

Technology 

  • ICON is a decentralized network where anyone can participate and connect to any blockchain. Through ICON, communities that were isolated can connect and share various services through the network.
  • The ICON cryptocurrency (or ICON coin) uses its ‘loopchain’ platform - called the Nexus - to connect multiple blockchains. This is done via the ICON Republic, which is the governing body for a group of independent blockchain communities.  
  • These blockchain communities connect with the ICON Republic via their representatives, which are elected by the communities themselves.
  • These representatives coordinate with Nexus and with each other on behalf of their communities. The blockchains can then exchange value between each other using ICON’s own decentralized exchange (DEX).
  • The DEX assigns currency reserves to these communities to allow for this exchange of value, which is transacted in the ICON coin - ICX.

 

Use Cases

  • ICON runs its own decentralized exchange (DEX), which allows users to settle and exchange currencies in real time globally. This has large applications across a variety of sectors - especially banking and finance.

  • Using its Blockchain ID technology - which is created via a smart contract, users benefit from simplified verifications across industries. This could allow them to sign up for government services, open a new bank account, or even verify their age at events, all within seconds.

 

#3 - How to buy and store Buying ICX

How to buy to ICX 

  1. The ICX coin is listed to trade on more than 28 exchanges globally, paired with major cryptocurrencies such as BTC, ETH, and USDT. This means users can obtain the ICX token by using their existing BTC, ETH or USDT balance. All major exchanges - such as Binance, OKEx, Huobi and more support ICX trading.
  2. Of course, an easier way to buy ICX is to use CoinSwitch, best cryptocurrency exchange. CoinSwitch aggregates rates across cryptocurrency exchanges all at one place, allowing users to pick and choose the most favorable rates for them. 
  3. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your ZEC coins. Instead, all transactions happen to and from your own personal private wallets, the benefits of which we’ve spoken about here earlier.

 

ICX Storage

ICX was originally an ERC20 token. Therefore, an Ethereum-compatible wallet was all you needed to store the ICON token. Popular Ethereum wallets include the Ledger Nano S, My Ether Wallet, and more. In 2018, the ICON team launched its own wallet for the token - called the ICONex. ICONex claims faster transactions, more secure payments, and liquid exchange across multiple cryptocurrencies. To download ICONex, head over to the ICON foundation’s website. 

ICONex also features ‘ICONick’ - a ‘wallet ID’ implemented throughout the ICON network, which allows users to create their own unique nickname in place of the typically long wallet address associated with most other cryptocurrencies. This allows for easy recall and usage.

 

#4 - How is ICX different from other cryptocurrencies?

  • ICX is a smart contracts platform, allowing varying blockchains to share value via its decentralized exchange, or DEX. This can be thought of as a specific implementation of Ethereum’s smart contracts feature. The advantage here is that with its own mainnet, a host of new features can be implemented that would not have been feasible on the Ethereum blockchain. 

  • ICX also shares characteristics of Bitcoin in the sense that is will facilitate the exchange of value. But ICX again stands out here since it’s supporting the exchange of value across platforms, and isn’t just restricted to one ecosystem, giving it far larger applications and connecting what is becoming a fragmented industry.

 

#5 - Should you invest in ICX?

As of May 2018, ICX - the ICON cryptocurrency - has a market cap of approximately $1.2 billion dollars, compared to $140 billion of the market leader Bitcoin. Ethereum, which was the network the ICX coin ran on prior to moving to its own wallet, has a market cap of $68 billion in comparison.

There are a total of 400,230,000 ICX coins in circulation, whose individual price has ranged wildly from $0.4 at the time of launch to over $10 within 2 months of launch.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

May 01, 2018

4.34

4.43

4.01

4.41

66,976,200

1,679,080,000

Apr 01, 2018

2.21

2.23

1.9

2.06

46,232,600

854,976,000

Mar 01, 2018

3.55

3.86

3.5

3.81

20,427,300

1,369,150,000

February 01, 2018

7.72

7.75

5.43

6.09

128,136,000

2,942,890,000

Jan 01, 2018

5.35

6.43

4.98

6.16

103,225,000

2,017,570,000

Dec 01, 2017

1.35

1.65

1.26

1.46

97,184

Also Read: Complete Analysis of ICON | Live ICON (ICX) Price Charts & Predictions



#6 - Should you invest in ICX?

Trends so far 

ICON’s ICO concluded in October 2017, post which it witnessed listings on major exchanges. Since then, the cryptocurrency has risen to attain the 23rd ranking in terms of market cap globally. The price rose from $0.4 in October to a high of more than $10 in January. However, after the market wide dip post-January 2018, its price has settled to hover around the $3-4 mark.

Future Prospects 

  1. If ICON can deliver on its stated objectives and targets, it may lay the foundation for blockchain interoperability and truly connect the fragmented industry as it stands today. There is no dearth of its application across major industries - such as insurance, education, healthcare, finance and more.

  2. Since each industry requires a customized application of blockchains, it is fairly to have one common blockchain protocol globally. It is in this scenario that ICON becomes so valuable. With its additional features, such as blockchain ID, a major problem - that of identity verification could also be solved.

  3. Another common issue that plagues the industry today are centralized exchanges. Centralised exchanges, whilst extremely popular and easy to use, are also prone to hacks and theft, putting large amounts of user money at risk. A decentralized exchange solves these issues as there is no central point under threat. ICON’s DEX provides users a safer alternative to the current ecosystem. Another workaround to this issue is to use services such as CoinSwitch, which allow users to trade cryptocurrencies via their own wallets instead of ones hosted on centralized exchanges.

If ICON is successful, expect a truly ‘hyperconnected world’ and true acceptance of the cryptocurrency and blockchain industries with the rest of the world and its traditional industries.

Support & Regulation

ICON is supported and backed by major financial institutions, such as: 

PANTERA Capital - an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, cryptocurrency, and crypto assets.

Kenetic Capital - a Hong Kong-based investor in online and offline blockchain communities since 2014. Fosters growth of innovative blockchain business models.

Token-as-a-Service - a last-generation tokenized closed-end fund actively contributing to the development of the blockchain ecosystem.

Coinsilium Provides seed capital to developers of blockchain technology and fintech businesses. Coinsilium engages in partnerships with industry leaders in the smart contract and token space.

CRYPTO BAZAR - one of the largest blockchain communities in Russian-speaking countries (top blockchain developers, largest events, industry media network, venture crypto fund investing in ICOs) 

ICON also remains unaffected by the regulation controversies in South Korea, where it operates, as it is originally based out of Switzerland.

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