ICON Price & Charts
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What Is Icon ?
The icon is a blockchain technology designed to link independent blockchains to interact with each other and to achieve greater results. It can be regarded as blockchain of blockchains meaning creating a new world by hyper-connecting different communities of blockchains. There will be no intermediaries to aid in Blockchain A interacting with Blockchain B, this is what ICON intends to achieve using its’ platform.
What ICON aims to achieve is already in a existence but in a centralized system. ICON aims to decentralize the existing structure thereby removing boundaries that have been existing in a centralized system. Imagine a Chinese hospital obtaining permission to work with a patient’s data stored in Malaysian hospital database; how long will it take? With ICON, all data will be decentralized and will be accessible in seconds.
The ICON is a Korean start-up blockchain and claimed to be the #1 blockchain company in Korea. The coin is called ICX and recently concluded its’ ICO.
Little preview how ICON works
It uses a loop-chain structure, ICON links a community of blockchains via ICON republic. The ICON is the governing head for the communities also known as the federating units.
Blockchains can interact with the Republic at large via community representatives known as C-Reps, that links to Nexus(facilitator), C-Reps is the Portals for Nexus and communities to interact. extending that interaction to the ICON Governing head. Blockchains that are linked to ICON can exchange their respective currencies via the platform’s distributed exchange (DEX).
ICON’s team is made up of 31 seasoned professionals from different fields of endeavours: A.I, Engineering, Marketing, Blockchain, etc.
The advisory team include Don Tapscott(Senior executive based in Canada) and Jason Best(one of the Forbes’ organizers) and other six members.
- ICON uses DApp built with a Smart contract for financial security, mostly used to verify IDs in other communities.
- Because of security features in DApp , it is used for Payment & Exchange
- ICON’s Blockchain ID can be used for verification in all blockchains within the ecosystem.
- Many financial institutions in Korea use ICON’s Blockchain ID identity for the opening of the account, verification of account holder’s identity etc.
- ICON’s Decentralized Exchange can be used in day-to-day activities with our blockchain network – banks, Forex and securities, universities, and insurance.
ICON cannot be mined but can be staked. It uses both DPoS(Delegate Proof of Stake) and PoS(Proof of Stake). One can earn ICX by getting an ICON wallet as the first step from an approved source. Add ICX to the ICON ’s wallet and ensure that, the wallet is connected to the network. One will receive a reward in the form of ICX token and the higher the token in the wallet, the bigger the reward.
NOTES FOR INVESTORS
The total token supplied in the just concluded ICO (Sept. 2017) was 400,230,000 ICX at a given exchange rate of 2,500 ICX for each ETH.
In December 2017, it took off on a high note with an all-time high of $7.30 and this was a major upset. It was 10x the price sold during the ICO.
Currently, it is at $3.389 and a market capitalization of $1,242,514,483 which makes it 25th in overall on coin market.
ICON has a viable product, expect the price to climb astronomically before the end of 2018, investors take note.
This report is not an endorsement to invest in ICON, rather, it’s an expression of the writer’s observation about the cryptocurrency. You are advised to do a consultation before investing.