ICON – A Complete Overview Of ICX

Most of these Altcoins capitalize on certain limitations of the early cryptos like BTC and ETH. One of such coins is the ICON cryptocurrency, a coin that facilitates the connection and interaction of various blockchain projects.

ICON looks to serve as a connection point for multiple blockchains to interact and become more accessible crypto adoption. Read on to learn what ICON is and how it plans to create a hub for the interaction of various blockchains.

What Is the ICX Token?

The ICON token (ICX) is a blockchain-based coin that came into the financial scene in 2017 by a South Korean Company. The main idea behind ICON was to provide a standard hub for various blockchains to interact with each other freely. The idea is admirable as the fast-developing blockchain technology has about 1000+ cryptos with their blockchain network. Therefore, a solution to bridge multiple blockchains could massively help since it will take less time to complete inter-blockchain transactions.

Quick Look into ICON

ICON raised about $43 Million from its initial coin offering (ICO) of 2017. This sale was inclusive of over 50% of the total coin supply. The official rollout of the coin’s blockchain took place in 2018, and the participants in the ICO received their coins in June. In the following year, ICON announced the release of their IRC16 standard, which allows the hosting of other assets on their blockchain. Today, the ICX coin sells at slightly over $2 compared to the launch’s $0.5 price tag.

How Does the ICON Blockchain Work?

Since ICON has a goal to host multiple blockchains, it has its decentralized exchange (DEX) to facilitate the conversion of one digital currency to another. The DEX uses an A. I algorithm to set live prices for the exchange. However, ICON has other major operational structures in its concept.

The ICON concept has five components: The ICON Republic, community representatives (C-Rep), ICON communities, community nodes(C-Nodes), and citizen nodes.

ICON Communities

Communities are a network of nodes within a single governance system where the nodes operate on their governance. These communities can also vary in their approach to decision-making. For example, while BTC uses a consensus decision-making process, some coins may use a hierarchical method.

Community Nodes

Community Nodes are the infrastructure for each community, and they function to maintain a community’s blockchain.

Community Representatives

These are the Nodes elected from each community and entrusted to interact with the ICON Republic. Therefore, they serve as a link of the community’s blockchain to the ICON Republic. Additionally, these nodes receive ICX tokens for their work.

ICON Republic

The ICON Republic serves as the governing and decision committee of the blockchain’s operations. However, the votes of community representatives determine the governance of the ICON Republic.

Citizen Nodes

These are the Nodes that are participants in the ICON network but do not have voting rights. However, they are free to make transactions within a community, other communities, and the ICON Republic.

Some Use Cases of the ICON Blockchain

One of the most iconic applications of the ICON blockchain is the digital driving licenses project. Under the current systems, drivers’ information is in a central server which is vulnerable to cyber-attacks. Therefore, the ICON decentralized licensing system can keep the crucial information of drivers safely.

The ICON blockchain has several other distinct services like ‘BROOF,’ which is already at Pohang University. BROOF is a current project that provides fraud protection against fake educational certifications. The ICON blockchain also offers anti-spam technology to multiple banks and government agencies in South Korea.

Is ICON A Viable Crypto Investment?

ICX token is not very popular compared to the other cryptos since it is not among the earliest ones that took most of the attention. Despite its ‘underdog’ operation, ICX once hit a high of $13 in early 2018. However, the coin had a sharp decline to almost its launch price.

Currently, ICX’s price correlates with other significant cryptos like ALGO and Cardano’s ADA. As of Jan. 2021, ICX had about $316 million in market capitalization and a daily trading volume of $90 Million. Therefore, due to its massive growth and daily transactions, this coin is one to watch in 2021 and beyond. Now let’s learn how to trade this crypto.

How To Trade ICON

ICON is now one of the best cryptos the market has to offer. Therefore, it is good to learn how to buy, hold and sell this crypto.

Buying And Storage

For a successful purchase, identify exchanges that support the ICX token and fiat currency. Then open an account with the most favourable price offer and deposit your fiat in the account. Place an order, complete your purchase, and then research the best wallet to hold your coins. ICON is available in leading exchanges like Binance and Crypto.com

Selling

The same account used in purchasing ICON can also facilitate its sale. However, it would be best first to research the exchange with the most competitive prices and fees. Then select the amount of ICX that you want to sell and confirm your transactions.

Converting

It is also possible to exchange your ICX tokens for another crypto in most exchanges.

What Is ICON Staking?

ICON offers a chance to earn extra tokens through Staking, making it one of the best cryptos. Note that ICON cares about its customer’s funds; therefore, they recommend their ICONex wallet. This wallet is only available on WEB. Download it and create your new wallet. Ensure that the wallet has a minimum of 5ICX tokens and click on the voting button on the main menu.

Then proceed to the ‘My Status’ section of the wallet and click the ‘Adjust’ button in the ‘Stake’ section of the menu. Select the number of tokens you are willing to Stake and complete your transaction.

The ICX Claim

Notice that after Staking, the account will reflect I-scores. Once the I-score reaches a sufficient amount, click the voting section of the menu, then the ‘My Status’ section and the ‘Claim’ button. After that, confirm your transaction, and the process will be complete.

The Unstaking Process in ICON

To unstake, go to the ‘My Status’ section and click on the ‘Vote’ button for the P-Rep that you want to unvote. Then you will be redirected to a page where you can reduce the voting power and confirm the transaction. However, note that it takes 11 days for your coins to be ready for re-use.

The Current Market Analysis of ICX Token

As of OCT. 21, 2021, ICX is trading at $1.89 with a daily trading volume of $110,662,045. However, it is a 2% drop from yesterday’s figures. ICX also ranks at #80 with a market cap of $1,376,895,265. Therefore, this token is one of the most viable cryptos of the year.

Conclusion

To conclude, ICON stands as a viable investment for 2021 and beyond. One of the main reasons why it is an encouraging project is that its blockchain has a wide range of uses and a low market cap for its price. Therefore, its market cap does not need to move by significant amounts to create notable changes in its price.

This relatively low market cap is encouraging because the investor’s money will likely multiply faster and more significantly. ICON also has the potential to dominate the crypto market due to its unique features. Since its goal is to link other blockchains together, achieving this feat would cause a massive shift in its price. Therefore, it is advisable to start trading, staking, and HODLing ICX tokens since it is a promising project.

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