What to Look Forward to Icon (ICX)

What to Look Forward to Icon (ICX)

Since a lot of cryptocurrencies are currently in a lull, Icon (ICX) is definitely a project to watch out for. Icon has the potential to explode in popularity due to its many use cases and partnerships. In this article, we will explore the things that are worthy to look forward to for Icon.

History of Icon (ICX) 

Icon was founded in 2017 by a team of Korean fintech and blockchain pioneers. Icon’s vision is to “hyperconnect the world” by building one of the largest decentralized networks in the world. Icon’s platform allows different blockchains to interact with each other through their Icon Republic protocol. In other words, Icon Republic acts as a bridge between different blockchain networks.

In 2018, Icon successfully raised 150,000 ETH in their token sale, which was about $42 million USD at the time. Icon’s native token is called ICX and it is used to power the Icon Republic protocol.

2019 is a year of partnerships and mass adoption for Icon. Icon has partnered with some big names in both the cryptocurrency world and traditional industries. In the cryptocurrency world, Icon has partnered with Wanchain, Aion, and Qtum. These are all major projects in the blockchain space and by partnering with Icon, it shows that they believe in Icon’s vision.

Icon’s partnerships are a big reason to be bullish on Icon in 2019. By partnering with both major cryptocurrency projects and traditional corporations, Icon is positioning itself to be adopted by a mass audience. Icon is also working on its own mainnet launch, which is scheduled for Q3 2019.

Icon’s mainnet launch is another big reason to be bullish on Icon in 2019. A lot of cryptocurrency projects never launch their mainnet and end up being vaporware. Icon, on the other hand, has a working product and is continuously adding new features. Once Icon launches its mainnet, we can expect ICX to be used more and become more valuable.

What is Icon (ICX)?

Icon is a project that aims to build one of the largest decentralized networks in the world. The Icon network will be composed of various blockchains and will allow for interoperability between them. This means that Icon could potentially become the go-to platform for dApps and smart contracts. Icon has already partnered with some big name companies, such as Samsung, LINE, and Wanchain.

Icon’s native currency is called ICX. ICX can be used to pay for transaction fees, smart contracts, and other applications on the Icon network.

Icon Governance Model

Icon also has a governance model that allows ICX holders to vote on Icon’s roadmap and other important decisions. This governance model is called Delegated Proof of Contribution (DPoC). Under DPoC, Icon’s roadmap and other decisions are decided by the Icon Council, which is composed of ICX holders.

Icon also has a reputation system that allows Icon Council members to be voted in or out. This reputation system is designed to keep Icon Council members accountable and to ensure that they are acting in the best interest of the Icon network.

Icon Ecosystem

Icon is a multipurpose blockchain platform that strives to build an interoperable network among all blockchains. Icon utilizes the “loopchain” technology to achieve this interoperability, and the team behind Icon has created various tools and Dapps to bolster the Icon network.

The loopchain technology is a high-performance blockchain engine that is scalable, flexible, and adaptable. Icon also has a unique consensus algorithm called “lazy proof of stake” which makes Icon one of the fastest blockchains around.

The on-chain registration process for Icon is also very user-friendly, and the Icon team has created numerous SDKs and APIs to help developers build on Icon. You just simply need to create an account on Icon’s website and register your wallet address to start using Icon.

Icon (ICX) Use Cases

The Binance smart chain made it possible for Icon (ICX) to interact with other chains and expand its use cases.

Here is a list of some of the use cases that Icon (ICX) can be used for:

  • Payment method on the Binance smart chain.
  • To create digital contracts on the Binance smart chain.
  • Create decentralized applications on the Binance smart chain.
  • Create a digital identity on the Binance smart chain.
  • Collateral asset on the Binance smart chain.
  • Vote on the Binance smart chain.

The blockchain transmission protocol of Icon (ICX) is already being used by industries such as:

  • The Financial Industry: Financial institutions make use of Icon to create digital contracts and streamline the KYC process.
  • The Healthcare Industry: Hospitals maximize Icon on healthcare providers to create a decentralized patient data management system.
  • The Education Industry: Icon (ICX) is being used by educational institutions to create a decentralized Student Information System.
  • The Manufacturing Industry: Manufacturing companies use Icon to create a decentralized supply chain management system.

Icon blockchain technology is also being used by the following government organizations:

  • The Seoul Metropolitan Government: The Seoul Metropolitan Government is using Icon to create a blockchain-based voting system.
  • The Ministry of Science and ICT: The Ministry of Science and ICT is using Icon to develop a blockchain-based authentication system.
  • The Korea Customs Service: The Korea Customs Service is using Icon to develop a blockchain-based customs clearance system.

As you can see, Icon (ICX) has a wide range of use cases that spans across different industries. Third party source is not a problem at all since Icon is an open source project.

Risks of Icon (ICX) 

Of course, no investment is without risk and Icon is not exempt from this.

Here are some risks to consider before investing in Icon: 

  • Success Reliant: Icon’s success is largely reliant on the success of other blockchain projects. Icon can only achieve interoperability if other blockchains are willing to cooperate with Icon.
  • Competition: Icon faces stiff competition from other blockchain platforms that are striving to achieve interoperability, such as Polkadot, Cosmos, and Aion.
  • Centralized Development: Icon is developed by Icon Foundation, a Swiss non-profit foundation. While Icon Foundation claims to be decentralized, the reality is that the Icon team is largely in control of the Icon platform.
  • Highly experimental technology: Some of Icon’s features, such as smart contracts and dapps, are still highly experimental and have yet to be fully tested or perfected.

These are just some of the risks associated with Icon. As with any investment, you should always do your own research before investing in Icon or any other cryptocurrency.

Icon Mining System

People wonder if they can mine Icon (ICX). The Icon mining system is interesting because loopchain works by creating a “loop” that constantly repeats. In each loop, there are three main phases.

The first phase is called “consensus.” In consensus, Icon miners come to an agreement about which transactions should go into the next block.

The second phase of Icon mining is called “commit.” In commit, Icon miners “commit” the transactions that they have agreed to put into the next block.

The third and final phase of Icon mining is called “reveal.” In reveal, Icon miners “reveal” their committed transactions to the Icon network.

Icon’s mining system is interesting because it is different from other cryptocurrency mining systems. Most other cryptocurrencies, like Bitcoin, use a “proof of work” system. Icon uses a “proof of stake” system.

ICX Delegation

You can delegate ICX depending on how much you have. The more ICX you have, the more Icon you can delegate. Delegating Icon is how you can earn rewards for Icon mining.

You can also join a pool to Icon mine. Icon pools are groups of Icon miners who work together to Icon mine blocks. When a pool Icon mines a block, the rewards are shared among the Icon miners in the pool according to how much Icon they have delegated.

 Icon Mining Rewards

The Icon mining rewards are given out in two parts. The first part is the “base reward.” The base reward is given to the Icon miner who Icon mines a block. The second part of the Icon mining rewards is called the “transaction fee reward.”

You can passively earn rewards when Icon is delegated to you. When Icon is delegated to a pool, the Icon miners in the pool will earn rewards based on how many icons they have delegated. If you have Icon, delegating is a great way to earn rewards.

So, can you Icon mine? Yes! Icon mining is a great way to earn rewards.

Icon Price

The current price of Icon (ICX) is $0.314119 per ICX with a market cap of $250.6M. Icon’s circulating supply of 919.5M ICX. The highest price is 12.64 USD with a 24-hour trading volume of 12.2M USD price.

If you want to buy an icon it is recommended that you buy it on Binance.com, Upbit or Bithumb as these exchanges have the most trading volume in Icon (ICX).

Future of Icon (ICX)

The chief strategy officer of Icon, Hong-sik Choi, expositioned that Icon will have a hard fork in September which is going to be called ” Icon Foundation P-Reps” or “Permanent Representatives”. It means that the Icon network will now run on the independent nodes called P-Rep.

The Icon team believes that giving more power to the community will help in the development and adoption of Icon. The Interoperability solution of Icon is one the most anticipated features in the cryptocurrency space.

The crypto journey started with a vision to create an open, accessible and fair financial future, one piece of technology at a time. Icon (ICX) is one project that is bringing us closer to that reality.