Iconomi Coin Review: Full analysis
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Iconomi is one of the modern Financial Technology firms which aim at closing the traditional methods of payment through digital substitution. The firm is developing a blockchain based platform to manage Iconomi digital assets. The platform facilitates access to a wide range of virtual products known as Digital Assets Arrays (DAAs). The assets are integrated and presented for trading on the platform in a viable manner. The DAAs are created strategically by DAA mangers. Investors then select the combinations that appeal to them and invest in the portfolios. The investors then pay a fee to the experts. Let us learn all about Iconomi.
What is iconomi?
Iconomi is a fintech company which has its headquarters located in Slovenia. Its prime aim has been the development of an investment and an asset management platform based on blockchain technology.
Founded and led by CEO, Mr. Tim M. Zagar, the basic agenda of Iconomi is to allow people to create/manage digital tokens and their cryptocurrency assets with great ease, along with investment solutions. It is more like an index fund for different cryptocurrencies. In other words, you would not have to worry about investing in each cryptocurrency on your own. Rather, Iconomi will pick the right cryptocurrency for you.
Iconomi offers a golden opportunity to those investors who are looking to make their way into the world of cryptocurrencies via index investing, with experts managing it behind the scenes. On this decentralized platform, the fund managers will get paid via the platform itself for creation and management of the funds. This allows people to make a connection with the online economy.
How does Iconomi work?
This decentralized platform makes use of DAA managers, by giving them opportunities to test their crypto fund management skills and to share their thoughts with other managers in the community for constant feedback. Moreover, it also allows the investors to search a number of DAAs that are being offered in order to invest their cryptocurrency funds.
Upon performing well on the platform, the DAA managers get their reputation boosted up. This increases their visibility to potential investors so as to attract them. This way, investors are able to gain high-rated services and results that are guaranteed by high-level expertise. Iconomi is the first platform that uses four generations of cryptocurrencies, offering people things that are not as mainstream as of yet.
Starting off on the Iconomi platform is rather simple and straightforward. All that a new user needs to do is to sign-up, deposit some funds, and get their hands on the DAA. One of the best aspects of Iconomi is that it offers fast withdrawals without putting coins on hold.
Moreover, it also allows you to have some control of your funds while they are under storage and management on the platform.
Iconomi offers a high level of security with multi-signature and cold-storage wallets that are stored permanently. While this fact is not yet confirmed via a large number of customer reviews, the few customer comments, however, do suggest the same. Nevertheless, since it is quite well-managed in the rest of the aspects, it can certainly be expected to have a high level of security.
Moreover, all the exchanges that are conducted on this platform are done via smart contracts that have no hidden charges.
Digital Asset Arrays (DAAs)
DAAs are what the foundation of Iconomi rests upon. DAA stands for digital assets arrays. The Iconomi platform has a number of asset arrays that which DAA managers use. By making use of an asset array that has been in use by a DAA manager, users can easily hold coins while following the footsteps of experts.
In simple words, DAAs are used to make a combination of various cryptocurrency assets such as Digital Cash, Bitcoin, Ether, Waves, Qtum, and a lot more. Moreover, each DAA manager can form his/her own combination of various cryptocurrencies and offer them to potential investors.
Why become a DAA investor?
DAA investors have the privilege of choosing from a wide range of DAAs. They can search the DAAs based on their performance, their market cap, and various other factors. This way, profit would be guaranteed in case an experienced DAA manager is employed. All in all, becoming a DAA investor could be quite profitable.
Why become a DAA manager
DAA managers have the authority to arrange the DAAs and analyze their performance. Moreover, after attracting the investors, they can also collect the fee on the platform. This can help a DAA manager in building a consistent base of investors hence resulting in good profit.
Becoming a DAA manager in case you’ve got great skills can be quite rewarding. Those DAA managers who have a great performance get their visibility improved which helps them in attracting new investors. DAA fund managers can hence, earn off a good amount of bucks off this platform.
What is the Iconomi token?
The ICONOMI cryptocurrency (ICN) is the dedicated token that is used on this platform. With the passage of time, the ICN coins get brought back and are burned. This helps the investors who hold the ICM coins a lot on making a profit.
One major use of the ICN token is that by DAA managers in order to pay the prices for different actions that include opening funds, raising the limits of funds, and a lot more.
All in all, this coin is used to hold the profits on the platform.
As far as the mining of Iconomi coins goes, however, they are not mineable as the traditional cryptocurrencies such as Bitcoin. Instead, they can only be bought.
Another important feature of the Icononmi coin is that it is an ERC-20 class compliant token. This means that it can be stored on all Ethereum based wallets, as the Iconomi platform runs on an Ethereum based network. This aspect of this platform, also adds to its good level of security.
In general, the prime purpose of the ICONOMI coin as it seems is to increase the holdings on the Iconomi platform.
The ICONOMI ICO has been quite a successful one, with a total amount of $10 million raised in the crowdsale. During the ICO, Iconomi sold away about 85% of the total tokens to the investors.
The money raised in this ICO was in the form of Bitcoins, Lisk, Ethereum, Euros, and US Dollars.
It is quite surprising to see how it managed to raise quite a reasonable amount within 5 weeks, which was the total ICO period. It started on 25th August 2016 and ended on 26th September 2016.
After the crowdsale ended, the total amount of money raised was:
- 6,901 BTC, approximately 4,210,883 USD
- 199,205 ETH, approximately 2,557,802 USD
- 3,995,992 LSK, approximately 895,897 USD
- 2,329,478 EUR, approximately 2,599,018 USD
- 131,454 USD
The total supply of the tokens in the ICO was 100 million, with no plans to add more. Almost 85% of all this token supply was sold to the investors.
Moreover, the early investors were also given a bonus according to the following scheme:
- 15% in the 1st week
- 10% in the 2nd week
- 5% in the 3rd week
Iconomi price growth
According to the 2017 financial report, the user base of Iconomi platform had an increase of about 50% over the last quarter of 2017. Moreover, in January 2017, about 10,000 new users were added to the platform, which is quite a significant improvement considering the fact that the user base was extremely limited in 2016.
Apart from that, the book value went up to $327 million which signifies an increase of about 173% more. Moreover, in one quarter of the year 2017, DAAs generated more than $200,000 as revenue. With 2017 being a good year for ICONOMI platform, there are good hopes for 2018.
How To Buy Iconomi
The current Iconomi price is quite stable. In order to buy the Iconomi coin, follow the steps below:
- The first step is to set up a wallet. Since Iconomi is an ERC20 class compliant token, you can store it on any Ethereum based wallet. For storing ICN, the three recommended wallets include MyEtherWallet, Ledger Nano S, and Metamask.
- Once you have the wallet of your choice set up, you need to purchase some Bitcoins or Ethereum. Later, you will have to exchange these for ICN, as there is no way to buy the ICN tokens via fiat currency. You can buy bitcoins from Cex.io.
- Once you have your bitcoins or Ethereum ready, head on to a cryptocurrency exchange. The ones that we recommend include Kraken, Binance, and HitBTC.
All three exchanges mentioned in step 3 above, i.e. Kraken, Binance, and HitBTC are highly reputed and safe for use.
- In case you are using Binance, the first step is to register. Once registered, head to the funds section and deposit your Ethereum in the specified wallet address provided in the Deposits and withdrawals section. Now, send your funds from Cex.io to this wallet address. Once your deposit is available in Binance, simply choose ICN followed by the Market trading option. Enter the details, and click on ‘Buy COIN’ in green once ready.
- In case you are using HitBTC, simply register yourself and click on the deposits option. You will be taken to a page with the wallet address visible either for Bitcoin or Ethereum. Once visible, send your Ethereum from Cex.io to HitBTC. After your funds are available, select the market tab and choose the currency that you wish to exchange. Then enter the amount in the ‘Amount’ field and click the ‘Buy Market’ option.
- In case you are using Kraken, create an account and then click on the ‘funding’ tab. Select Iconomi ICN from the left side menu. Click on generate a new Once your address appears, simply select and copy the text. Once selected, enter you ICONOMI account and click on ‘withdraw’ from the top menu. Select Iconomi ICN followed by the number of tokens that you want to transfer. Paste the ICN deposit address from the Kraken exchange and paste it in the ‘recipient address’ section. Once done, confirm the transaction and carry out the security measures.
- Once you are ready, send your ICN funds to the preferred iconomi wallet so as to keep them safe. However, remember that the wallet must be an Ethereum-based wallet.
With significant growth in the year 2017, it seems like Iconomi platform will spread even more in the year 2018. While this platform currently faces a number of challenges, it is working on removing all the few shortcomings that still exist. All in all, the future of Iconomi seems to be bright.
We hope to have delivered all the information about ICONOMI that you were looking for. To learn more about cryptocurrencies, and about the hottest news in the crypto world, feel free to check out the other sections of our website.