The world of cryptocurrency can be a confusing one, with over 800 currencies in existence (not just Bitcoin). Various currencies are increasing in popularity, such as ICON (ICX). This is mainly due to its dedication as a platform that allows blockchain interaction through smart contracts.
What is ICON?
ICON is a cryptocurrency trading platform, while ICX coin is the currency of the platform. It aims to connect the world in new ways, using smart contacts to allow the communication of blockchains with each other.
It exists within a system, the ICON republic, where communities communicate with each other through the loop chain technology of ICON. The result is a platform that allows users from different security, financial, healthcare, insurance, educational, commerce and other industries to exist and transact on the same network.
Why is ICON different?
Several features make this currency stand out.
This is the hub accommodating the communities on the platform, and the link with the Republic is C-Reps. The republic operates using LFT (Loop Fault Tolerance) algorithms, while every community follows their own consensus algorithm.
This is the decentralized exchange, which sets aside currency reserves for the blockchain communities, and this allows the communities to trade in real time through the Republic. Its focus is on value and transfer of currency, and the ICX coin acts as an intermediary currency for the trade.
A.I. and IISS
The use of artificial intelligence on this platform is extensive, mainly to maintain exchange rates and reserves, in addition to calculating the IISS (Incentives Scoring System).
These are decentralized applications on the Nexus Public channel, which any citizen with a Citizen Node can download and use.
Alternative coins to use
ICON has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Lisk – founded in 2016, it aims to simplify development of blockchain technology, therefore allowing for faster transactions.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to ICON.IN because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How ICON works
Through the loop chain technology, ICON uses a system of blockchains through the ICON Republic. Communities’ link to the Republic through C-Reps (community representatives) who connect to Nexus, which is the loop chain based blockchain underpinning the ICON Republic. C-Reps will act as portals for their communities to interact with Nexus and other communities.
Blockchains using the ICON platform can trade currencies through the ICON decentralized exchange (DEX).
Every community on the network has their individual rules and consensus algorithm, and this means that ICON itself has no control over the communities outside of the ICON Republic.
The average individual can access the network through Citizen Nodes. Community members can use them as well to make transactions and use DAPPs. The community chooses its own C-Representative, and this representative will act as a delegate – they will even receive compensation in form of the ICX token.
ICON prices and trading history
Since the platform is recent, it does not have an extensive history – but so far, the indications have been positive in terms of its value and the security it gives its users.
The ICO ended in October, with exchanges listing it at the end of that month. Its popularity has been exponential within the last two months, with its standings being 25th on CoinMarketCap (as of January 2018). It was first on the Binance exchange, then spread to other exchanges – and it has a current value of $7.30 (more than ten times its initial ICO value).
Where to purchase the currency
Binance dominates the trading market of ICON (it accounts for more than 80% of trading volumes daily). Most of the trade is through Bitcoin – 73%.
Because this is an Ethereum blockchain-currency, all Ethereum wallets are compatible with it, such as My Ether Wallet and Meta Mask.
Is it worth trading in it?
This answer to this question is complicated, since even experts generally see investing in cryptocurrency as a risky venture with low returns.
The success of investment will however, depend on the uptake by individuals and businesses. This platform offers you a wide range of services, so we consider it a wise investment to make, provided you conduct your research properly.
ICON gives its users (particularly Ethereum users) a future possibility of unlocking blockchain interactions, in ways that other currencies have not done. Individuals can use it as well for verification of identities and enhancing security, in addition to transacting and connecting to different industries.