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What is ICON?
ICON (ICX) is a Public Blockchain platform that allows blockchains to interact with each other through smart contracts (Smart Contracts). This project seeks to connect the world by building the world’s largest decentralized network. Specifically, institutions such as universities, hospitals, finance companies, e-commerce or any other 3rd party provider can co-exist, develop dApps and transact on a single network. of the ICON.
ICON was founded by Dayli Financial Group – a $ 4 billion Korean Fintech company that also owns the famous Korean Coinone.
What is ICX?
Cryptocurrency ICON (ICX) is a very potential coin in Korea and has been referred to as the Ethereum of Korea. ICX was born with the aim of developing various decentralized applications (DApps) such as a blockchain-based identity service and decentralized exchange (DEX). The future purpose of ICX is to allow everyone using ICX to shop, identify, pay, even use whatever services ICON owns.
ICON The sale of ICX Token has been launched from September 20 and ends on October 20, 2017. A total of 400,230,000 ICX tokens were issued with an initial exchange rate of 2500 ICX = 1 ETH. Of which: 50% will be sold during the ICO; 15% for storage; 10% belongs to the development team, consultant and investor; 0% belongs to community groups, strategic partners; 14% belong ICON Foundation, a non-profit organization from Switzerland.
ICX Token Allocation
With a total supply of 800,460,000 tokens, ICX is allocated by the ICON Foundation at the rate below:
- 50% for Token Sale.
- 14% hold the ICON Foundation.
- 10% for community groups and strategic partners.
- 10% for Teams, Advisors and early contributors.
- 16% of the budget for the reserve fund.
ICX inflation rate can be up to 20% per year.
Outstanding features of ICON (ICX)
- Smart contracts (ICON Score): Blockchain ID is issued through smart contracts for verification in all communities. Opening a new ID only takes a few seconds and a discount can be received.
- Payment and transaction: Based on Wallet platform for real-time exchange, payment and currency exchange via DEX (decentralized exchange), you can use ICX with community networks such as banks, stocks, insurance, universities, … ..
- Possibility: ICON using Blockchain technology to build real-world applications for communities.
- Scalability (Loopchain): This is a very nice feature of the ICO. Loopchain helps ICON has compatibility with blockchains like Bitcoin or Ethereum, and all other third-party Blockchain networks connected to the real world. Loopchain can link other blockchains together and is compatible with smart contracts. ICON connects the virtual world with the real world to inspire new business connectivity possibilities.
- Decentralization: ICON is a decentralized world with free communities. This decentralized network has different governance structures for connection and interaction. ICON doesn’t limit anyone, ICON network users by creating a new DAPP with independent administration.
In addition to the above comprehensive features, ICON also developed its own consensus algorithm, Loop Fault Tolerance (LFT). This is a BFT (Byzantine Fault Tolerance) based consensus algorithm, along with the ability to foster consensus more quickly by creating a group of Nodes with very high trust.
In addition, another notable point is that, in order to be able to connect other blockchains together, Nexus and ICON Republic (C-Rep) will help ICON realize this. Nexus is run on Loopchain with transaction scalability and contract integration. In addition, the C-Rep will act as a gateway to help other blockchains connect to the Nexus.
ICON ICX transaction information
- Token name: ICX
- Founders: Max Kordek and Oliver Beddows
- Country: Korea
- Release Date: 2017
- Market Cap: $ 133,390,303
- Volume (24 hours): 25,350,439 USD
- Circulating supply: 473,406,688 ICX
- Total money supply: 800,460,000 ICX
- Rank 42
Check information every day at: https://coinmarketcap.com/en/currencies/icon/
See more information at:
Currently, ICON ICX has been listed on many major exchanges, you can buy at: Binance, Huobi, OKEx, Crypto.com, Upbit, … In which, ICX is the most traded on the Binance (ICX / USDT). accounting for 21.19%, ICX / ETH accounts for 21.18%), the exchange OKEx (ICX / USDT accounts for 15.28%)
The development of ICON (ICX)
ICX coin has a very clear development roadmap, divided into a business development roadmap and technical development roadmap:
Business development roadmap:
- Open source loopchain
- Hold your first developer meeting
- Cooperation with major banks
- Organize the ICO program
- Make a list of ICX coin
- Financial investment advice
- Open the U-coin control system in 3 universities
- Insurance: Open Blockchain based on the control system that automatically alarms when there is an error
- 2nd developer meeting
- DEX reserve fund expansion for major cryptocurrencies
- Expand partnership with other Blockchain networks
- 3rd developer meeting
- U-coin expansion to 10 universities
- Financial investment consulting: start the second campaign
Roadmap for technical development
- Q3 2017: Build V1 RC version, launch Nexus Testnet
- Q4 / 2017: build V1 GA version
- Q1 2018: build V2 version
ICON development team includes many Korean experts in the field of Blockchain and AI.
- KJ Eee (CEO of DAYLI Intelligence): expert in computer science and engineering at POSTECH University, developer ‘SUHOSHIN’, established Nomad Connection with 3 million users through P2P Media Service Zimly.
- JH Kim (CEO of Theloop): expert in computer science and engineering at POSTECH University, with 20 years of experience in information security.
- Jay Kim (Chief Financial Officer of Theloop): political science and philosophy expert at Korea University. He used to be an accountant in PwC Consulting for more than 10 years.
ICON storage wallet (ICX)
ICON is being stored the most on Ledger Nano S. It can be said that Ledger Nano S is the first choice for Bitcoin and hundreds of Altcoins with high security and safety features.
In addition, you can store ICX on the ICON Foundation’s official wallet, ICONex.
The current ICONex wallet only supports 2 versions:
- Mobile version: Support on iOS and Android.
- And Chrome Extension version (same as Metamask).
In addition to ICONex wallet, you can completely store ICX on some decentralized wallets developed by a third party such as: Metamask, Trust Wallet, imToken, …
The future of ICON (ICX). Should I invest in ICX?
The CHK team has provided the most complete information for you, all of the above factors, I think ICON is a good project, with CHK reviewing some notable good points.
After more than 1 year, since ICON officially Launched Mainnet. ICON also has 20+ Dapps developed on their platform.
You can refer to the list here: https://tracker.icon.foundation/tokens
However, how the quality of dApps on ICON is, it needs further assessment!
ICON’s roadmap is quite long, in addition, the roadmap is also updated quite a lot and continuously, so I did not bring it all into the article.
You can visit here to see the full roadmap of ICON in detail: https://icon.foundation/contents/development/roadmap
ICON has a lot of opponents from many different sides, so I will split up to make a few ideas for you to follow:
- Open- Sources: Ethereum, EOS, Tron, …
- Cross-Chain: Polkadot.
ICON (ICX) has many major partners from investment funds, Law Firm to media parties including hashed, CertiK, PANTERA Capital, …
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