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What is ICON Coin? (ICX)

24 March 2018 | 0 comments | Posted by Che Kohler in Money Talks

What is ICON Coin (ICX)

If you've started your trip down the cryptocurrency rabbit hole you may have noticed the thousands of projects available for users to invest in. Many of these are simply copycats of the big boys while others are hyper-niche and are hoping that the first mover adoption will give them some sort of advantage in that specific sector. However, every so often a promising project comes along that is hard to ignore. One such cryptocurrency is ICON (ICX), a South Korea-based project seeking to “hyperconnect the world”.

As of today, ICON’s infrastructure is currently being used by a number of banks, hospitals, universities, insurance providers, and investment firms throughout South Korea. ICX is a new project whose main net launched this year, on January 24.

Until very recently, it remained largely unclear what exactly ICX did. However, on January 30, the ICON whitepaper was published, and it has left readers amazed and extremely bullish on the future of this cryptocurrency.

What is Icon (ICX)?

ICON's aim is to “hyperconnect” the world by attempting to overcome the challenges of our data-heavy world through the power of blockchains. The ICON project is broken up into two streams.

  1. ICON is a blockchain platform that connects various platforms such as Bitcoin, Ethereum, NEO, Ark, and Qtum.
  2. While ICX is, on the other hand, a token used on the ICON platform.

The ICX token also enables transactions between different cryptocurrencies by determining their exchange rates through the DEX Reserve. It was developed in Python for faster testing but to transition into C/C++ programming language to increase transaction speed. ICON does not only want to interconnect cryptocurrencies but traditional businesses and fiat currency.

ICON has set its sites the medical and insurance sectors as examples of the practical value of ICON. When an individual visits the hospital for medical services and wishes for the treatment to be covered by his insurance, a hospital on the ICON network can send the patient’s details associated with the blockchain ID to the insurance provider, who is also on the ICON network. This transaction will occur using ICON tokens, ICX.

Why should you pay attention to Icon?

To accomplish the monumental task of connecting blockchains and various cryptocurrencies ICON has had to bolster its core code with some pretty nifty features.

DAVinCI Artificial Intelligence

ICON uses AI for its distribution policies and to ensure that nodes in the network are fairly rewarded. The DAVinCI AI algorithm was developed by Dayli Intelligence. AI and blockchain are two technologies perfectly suited for each other, playing off each other very well. They plan to teach the AI to learn from several variables to achieve full decentralization.

DEX (Decentralized Exchange) There are pros and cons to both centralized and decentralized exchanges. The former is more convenient but less secure, and the latter, vice versa. ICON is offering its own Decentralized Exchange (DEX) that will link independently-governed blockchains, using the ICX token. The exchange rate is determined via the Bancor Protocol.

Loopchain

The loopchain, which can connect various blockchains to each other, is arguably ICON’s most noteworthy feature. This is what gives it a very authentic practical application that distinguishes it from other coins. The loopchain is an enterprise blockchain, with smart contracts compatibility, that can be customized according to operational and needs and linked to other ledger networks.

Loop Fault Tolerance (LFT)

ICON has developed its own consensus algorithm, called Loop Fault Tolerance, that supports Byzantine Fault Tolerance. LFT aims to improve performance by consolidating messages across the network. This method uses a technique called “spinning” to make selecting the primary node simpler. It reduces the number of nodes involved in consensus, thereby making the network more efficient and scalable.

Nexus and ICON Republic

We have mentioned that ICON allows a variety of blockchain-based independent communities connect to each other through its platform. This is done through the Nexus and ICON Republic. A Nexus is a collection of blockchain communities that can be connected to each other through C-Rep portals. One Nexus can be connected to others, allowing for great scaling and interconnectivity. Imagine one set of communities, like hospitals and insurance agencies, connecting to another, like universities and employers.

The Nexus/C-Rep portal model is similar to the internet’s network of networks. A Blockchain Transmission Protocol is what facilitates transactions between various independent blockchains that are connected to the Nexus via portals. This is where the idea of “hyperconnectivity” comes from. Each blockchain will represent itself on the Nexus through its portal. The ICX tokens can be used by the blockchains to transfer values between various blockchains. ICON’s blockchain of blockchains allows different blockchains to execute transactions and exchange values.

Independent Governance

Every blockchain connected to the Nexus can operate independently and governs itself. ICON calls the system an indirect democracy, with every blockchain having an equal level of representation. The Nexus will feature representation channels that allow involved parties to cast votes and propose policies. The representation channel is composed of nodes that participate in the C-Rep. This channel will let participants decide the addition or removal of nodes, adjust ICX transaction fees and discuss the voting rights of nodes in various channels. They compare the voting process to the Electoral College System.

Nexus Public Channel

The public channel on the Nexus is open to all. This will let people participate in ICX transactions, and create and use decentralized applications like Ethereum. However, unlike Ethereum, users will have to download and install these applications from the dApp store first.

What is Icon used for?

The ICON’s platform will be used primarily as a blockchain of blockchains. This means that a variety of Independently-governed blockchains with their own network and technology stack, can function by their own rules and still operate on the ICON platform. Interconnecting blockchains will allow easier transfer of monetary value between cryptocurrencies as well as sharing da

Can you mine Icon?

No, Icon cannot be mined as the network will make use of DPOS, which is delegated proof of stake, similar to what Ark has securing its network.

Can you earn Icon?

Staking

As mentioned earlier the Icon system is designed to run on a permissionless proof-of-stake (PoS) network which means that the token holders will be able to stake their holdings to secure the network and receive Icon in return.

Trading

Icon users can earn digital currency via exchanges. Users can earn tokens through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Where can you buy Icon?

ICON is listed on a few international cryptocurrency exchanges and is actively traded on websites like:

  • Binance
  • Bithumb
  • COSS
  • Gate.io
  • HitBTC
  • Huobi
  • IDEX
  • LATOKEN
  • OKEx
  • Rfinex
  • Upbit

Should you invest in Icon?

ICON (ICX) has silently made its way into the top 40 among all the cryptocurrencies in the world according to CoinMarketCap which is impressive when you consider that its only been in circulation since September 2017, which indicates a real interest in this project. If ICON can deliver in the real world what it claims to be able to do on paper, then this network may very well be the skeleton key that unlocks blockchain interoperability and could take the technology and industry that one step closer to mainstream adoption.

While the ICON’s DEX would provide users with a potentially safer, all-encompassing alternative to traditional exchanges.

We should also see an increase in token volumes and trades once the team releases ICON’s core wallet, investors and enthusiasts will be able to trade directly from their ICON software, web, or mobile wallet without having to navigate a multitude of exchanges. The future looks bright for ICON at this moment and is a project with huge upside potential.

However, delivery to promise in the crypto word has been few and far between in recent months so it remains to be seen if ICON can pull off this off.

For more on Icon check out their website

Contact us

If you want to know more about cryptocurrency don’t be shy we’re happy to assist. Simply contact us

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, blockchain

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