Icon Coin (ICX) – Full Guide
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The dream of connecting blockchains together was far-fetched three years ago. It could only be realized later in a matter of months, thanks to the entry of ICON ICX. Present for just a few months, it is sending waves across the crypto-world. Deloitte reports that both public and private blockchains are popping up each day to promote interconnectivity and further recommends companies in the crypto-sphere to integrate and coordinate multiple blockchains as a means to ensure value in the cryptocurrency exchange.
The big question though is whether the fast-growing ICON (ICX) will facilitate the development of an international blockchains crypto coin ecosystem.
What is ICON ICX?
ICON (ICX) is a central network that connects blockchain-based communities and allows participants to develop user Apps, just as is the case with smartphones. In the ecosystem, the created projects connect to the available blockchains, to come up with a super-connected crypto-world.
The ICON Cryptocurrency was founded by Korea’s Dayli Financial Group and a team of experts in the blockchain consultancy such as Don Tapscott, Yiseul Cho, and Jason Best. Tapscott is the founder of the Blockchain Research Institute whereas Jason Best is an expert in crowdfunding. Yiseul Cho is credited for setting up the R & D laboratory in London.
ICON works by connecting the various communities such as e-commerce enterprises, security firms, insurance companies, health institutions, domestic banks, airports, and other organizations without third parties or intermediaries. It mainly uses the dApp services such as ‘settlement,’ ‘exchange,’ and ‘blockchain ID’ to blend the crypto-world and the real world, and hence inspire the potential in businesses.
The technology behind the ICON has been tailored to allow three different types of ICON coin interfaces. The first is the connection between the communities. The second is the connection between the different nodes within the ICON Republic; third is between the Community and the ICON ICX Republic.
The unique thing about ICON is that its systems authenticate transactions through a secured signature technology, thus ensuring integrity. It has therefore enabled seamless dissemination of data in health insurance and medical practice. ICON Crypto solves the problem of interoperability, and thus serves as a secure central repository for data and information. The vision of ICON coin is to enable customers to verify their identity through the Blockchain ID and hence use their loyalty cards to transact with any banks.
ICON Coin Main Features
ICON coin has special features that ensure the interconnectivity with different cryptocurrencies. The features are;
- Loop Fault Tolerance – ICON’s Coin LFT consolidates messages across the different networks for optimum performance. It uses the ‘spinning’ technology to make it easier to select a primary node.
- The Decentralized Exchange – ICON’s DEX links independently-developed blockchains. It uses the ICON ICX tokens. DEX uses Bancor Protocol, which is convenient and secure to determine the exchange rates.
- Loopchain – it is ICON’s most noteworthy feature. It connects different blockchain networks, something which makes it the most authentic and practical. It can be customized, linked to ledger networks, and allows contracts compatibility.
- DaVinci Artificial Intelligence – ICON ICX uses AI to reward the network nodes. Dayli Intelligence developed the algorithm. Blockchain and AI complement each other as AI learns more about how to attain full decentralization.
- ICONick Service – this is ICON’s naming service. Your nickname serves as your ‘wallet ID’ and can be used for transactions in DEX and DAPP platforms within the ICON network.
- BIA Service – called the Blockchain Interoperability Alliance. It links public and private blockchains. BIA incorporates Wanchain and AION in the alliance.
- ICONex – a service that enables account holders to manage ICON Wallets and protect their ICX Coins for various ICON Cryptocurrencies. Some of the ICON Cryptocurrencies include ETH and ICX.
The ICON Crypto team is composed of a team of expert Advisors and partner investors. Don Tapscott is the lead Chief Executive Officer and founding member. The other Advisors include Paul Veradittakit of Pantera Capital, Jason Best, Eddy Travia, Ismail Malik, and Jehan Chu. ICON’s parent company TheLoop has also partnered with corporate brands such as Samsung and Korea’s CoinOne. ICON contracted Kyber Network in January. Kyber Network is to provide a token exchange service and hence connect other blockchains within the ICON Coin node network.
ICON Loopchain Projects
ICON’s vision is to create a secure and valuable blockchain system. The objective has attracted engagement in the following closely-related blockchain projects in various industries:
Banking sector– ICON’s bank is developing a prepaid payment system. The system shall entail money withdrawals, money transfers, currency management, and account recharging services. ICON is expected to stabilize the banking partnership by the end of 2018.
Securities projects– ICON uses the CHAIN ID security system for some security firms in Korea. It is expected to finalize transactions in the clearing, settlements, and trading sectors by the first half of 2019.
Healthcare– the project brings the Precision Healthcare Information System on board, as a new threshold for keeping medical data and records. By mid-2018, ICON expects that the data-sharing system will be mature and stable.
Insurance– ICON launched the blockchain insurance in Q4 of 2017. It is a limited version though and focuses on connecting employees to the partners. It plans to implement the full end-to-end Loopchain insurance model, to fully automate the healthcare insurance system.
Education– ICON rolled out its program in education in 2017 through the U-Coin payment model, a custom-developed mobile application. It enables university students to charge cryptocurrencies and make purchases through money transfers and vending machines.
ICON (ICX) Roadmap
ICON’s 2018 roadmap focuses on adoption in the five industries it seeks to invest its Loopchain projects, including the securities, insurance, healthcare, banking, and education.
- Meeting for second developer sessions.
- Ensure the extension of the DEX Wallet coverage by extending DEX Reserves.
- Expand the available blockchain network partnerships.
- Will be the third Developer Meet-up.
- Expansion of the U-Coin projects to cover ten universities.
- Launching the financial investment consortium, in its second phase.
- Dissemination of token information regarding quantities and ICON ICX prices as well as amounts.
The ICX Coin
ICON’s tokens (ICX) shall be used as an interchain blockchain in the transaction with other blockchains such as Qtum, Bitcoins, and Ethereum. ICX is, therefore, a form of an intermediary crypto coin, and enables exchanges through the DEX Reserve. ICX can also be used as a U-Coin (DApp token) as well as a token for a platform such as ERC-20. Its distribution is effected through the interconnected blockchains to allow customers to buy ICON tokens, easy transfer of money and sharing of data.
You can earn on ICON via the proof-of-stake (PoS) system which permits staking, where token owners can stake their holdings and receive ICX values in return. You are also able to earn through digital currency exchanges which facilitate trading. Trading can be conducted through cryptocurrencies and fiat. Users cannot be able to mine on ICON. The network uses special DPOS, a system that has been developed as the authority and proof of stake. Ark uses the same protocol to secure its network.
How to buy ICON?
Step 1: Setup an ICON Wallet.
Set up an ICX wallet using the wallets provided below.
Step 2: Buy Ethereum
you can use a credit/debit card on Coinbase for immediate coin purchases or a bank transfer. Click ‘buy/sell’ once the payment is verified. Go to the bottom of the page, select Ethereum, and choose an amount to spend, and then click ‘Buy.’ Confirm purchase.
Step 3: Exchange Ethereum for ICON Coins
Using the exchanges provided below, exchange your ETH coins to ICX.
Step 4: Store ICX in your ICON Wallet
Withdraw your ICX coins to your wallet for safe storage.
ICON ICX can be stored on Ethereum because ICX qualifies as an ERC20 Token. ICX can be stored in the following wallets:
MetaMask >> it’s a bridge that allows you to run Ethereum DApp in your browser. It has a security vault, with a user interface that keeps sign-ins safe after transactions. It makes Ethereum easy to use as much as possible.
Trezor >> SatoshiLabs launched Trezor in 2014. It is the world’s first Bitcoins hardware wallet. It has offline cold storage and allows usage of tokens in hot wallets. It’s the size of a car-key and connects to your desktop via a USB. It can also work on a computer that has been infected by malware. Trezor wallet holds Ethereum, Bitcoins, Litecoin, Testnet, and ZCash.
ICON exchanges can be carried out through Binance, Bithumb, and OKEx, ICX can also be bought on Upbit, CoinTiger, and Huobi. The first three are explained below:
Binance >> Binance is a platform that focuses on cryptocurrency exchange through the crypto-to-crypto exchange. Its advantage is that it has no limit to the number of cryptocurrency funds to deposit. There are also no deposit fees.
Bithumb >> Bithumb is the leading cryptocurrency exchange platform in Korea. Its world’s number 10 regarding exchange volumes. Its advantage is that it also offers the lowest commission rates. The disadvantage is that there is little information about its online team. Bloomberg does not mention its executives, company profile, or even the members of the board.
OKEx >> it is a crypto-currency exchange that provides a stand-alone computer platform. The advantage is that it allows multiple-customer support.
In a Nutshell
ICON aims at creating a hyperconnected world through its ICX coins and ICON cryptocurrencies. It envisions blockchain connectivity through its Loopchain projects in education, securities, banking sector, and health provision. The token system is different than competitors and offers a variety of ICON coin exchange platforms. Its future is diverse and aims at ICON Price stability.
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