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What is the ICON coin?
ICON and its cryptocurrency ICX is a platform based on its blockchain technology, created to integrate and manage an infinite number of blockchains within its system. In addition, it allows you to program DApps and start ICOs. ICON can group infinite Blockchains within a single system through its specific protocol.
Initially, ICXs were created as ETH tokens, but later, in 2018, they have been swapped for coins of their blockchain. ECX tokens are useless now, so don't buy them instead of an ICX coin. The process of migration ended in October 2018. ICON cannot be mined. There is a total number of 800,460,000 ICXs, of which the vast majority have practically already been released.
ICON has smart contracts known as SCORE that is written in Python, an improved algorithm based on BFT (Byzantine Fault Tolerance) known as Loop Fault Tolerance (LFT), a governance mechanism known as Delegated Proof of Contribution (DPoC) to reward those contributors to the ICON network, and a concept known as'Virtual Ste' that allows SCORE operators to cover user transaction fees. ICON's primary goal is to solve a 'walled garden' problem in the enterprise blockchain space. The ICON Project was born to act as a bridge between various enterprise solution implementations while providing the benefits of a general-purpose public blockchain platform with enabled smart contracts.
On most blockchain platforms with network fees, the sender of the transaction incurs the fee. Instead, ICON introduces a concept known as Virtual Step. Virtual Step enables an ICON intelligent contract developer to deposit ICX (the native protocol token on the ICON blockchain) to the smart contract and earn non-transferable and non-exchangeable interest on the deposit. This interest is for the sole purpose of covering the transaction fees associated with the interaction with the respective smart contract. Developers can set a share percentage, between 0% and 100%, for those who interact with the contract. This significantly improves the user experience, as users of the application will not be responsible for paying transaction fees.
Rather than having control of the network in the hands of those with the most hashing power (Proof of Work) or those with the most incredible wealth (Proof of Stake), DPoC will likely result in developers having more control over the network.
Thanks to the LFT (Loop chain Fault Tolerance) consensus algorithm, ICON can process transactions at much higher speeds than Bitcoin or Ethereum. In addition, it is multichannel. It executes transactions simultaneously through different channels of the same network, configuring each one independently.
ICON network is made up of five main elements:
- Community. It is a network made up of various types of nodes with the same governance system. The following community examples are given inICON'ss whitepaper: financial institutions, schools, e-commerce platforms, bitcoin, or Ethereum. Each community has its characteristics and structures, according to the composition of the nodes in the network.
- C-Node. They are the primary nodes of a network and are in charge of consensus and decision-making in a community. They can be organizations but also individuals whose policies are determined by community members.
- C-Rep is a community representative or community representative. The C-reps make up the' ICON Republi' and govern the operation of the network. They have the right to vote and verify transactions on the network. C-Reps may change according to the situation and purposes of the network.
- ICON Republic. It is the connector of the different communities in the ICON network. It is made up of representatives or CReps and other «citizen nodes.»
- Citizen node. It is a component of the ICON Republic. Anyone can participate as a Citizen Node through decentralized applications built on the loop chain, an underlying ICON technology with a high capacity for transaction processing. Other characteristics of the loop chain are its tiered structure, multichannel nature, and constitutes the ICON consensus algorithm, called LFT (fault-tolerant loop chain).
The work that ICON is doing is vital. Its primary function is to act as a link between the blockchains to be compatible and act independently and do it as nodes of the ICON network. The Republic Community has the function to let other projects freely interact with each other by implementing Community Nodes (C-Nodes). Using them, you can broadcast transactions or use dApps. Anyway, their power is restricted only in the Republic network. Still, they're considered the base of the ICON project since being responsible for verifications, elections, and delegating tasks to other participants. This is an innovative way for projects to work together while keeping their autonomy at the same time.
The Korean company Dayli Financial Group is leading the development of the ICON (ICX) project. This company was created under Yello Financial Group, one of the leading Fintech companies in Asia. The company is made up of 159 professionals, including its founders. Ninety-eight team members are dedicated to its development, 49 to business and operations, and the remaining 12 to operations. Among the team members, we find specialists in artificial intelligence, marketing, design, and security, among other specialties.
What is ICON Wallet?
Whenever you choose a wallet, you have to think about several factors, such as your mobility, the operating system of your device, and the level of security you are looking for. As for choosing an ICON Wallet, on desktop and mobile platforms, you can choose Atomic Wallet.
It enables you to manage, buy, exchange and stake ICX coins.
ICON wallet features
Since there aren't that many options where to store ICX coins, it's a bit hard to classify the features of the ICON wallets. Some of them have an open-source code and hierarchical deterministic nature (HD). All of them, including the official core client, are multi-coin supporting wallets. Most of them miss the two-factor authentication feature, which requests you to add a security code to access your funds, but they still offer the standard encrypting password.
Hierarchical deterministic wallets are known to have a seed. It generates a new public key every time you place a transaction to keep your balance anonymous.
What are the features that you should evaluate when choosing an ICON Wallet?
- Security and Privacy. If you're privacy oriented user, then you might be interested in the HD feature. This is a seed, which generates new addresses for your incoming transaction. By avoiding reusing the same address every time, you're making your balance hard to trace. You additionally receive a seed phrase when initially setting up your ICON wallet, with which you're able to easily and quickly restore your data to another wallet.
- Open Source. The open-source code allows the ICON users to read it and propose modifications to be edited by developers. There's also an opportunity to fork the code and create an entirely new wallet.
- Staking and Delegation. ICON Wallet currently boasts one of the highest rewards for blockchain staking. It is important to delegate to P-Reps that add value to the ICON ecosystem to ensure the growth of the network and your staked ICX.
How to store ICON safely?
You can buy ICX directly from the ICON crypto exchange. You can also buy ICX at some of the most popular exchange houses, such as Binance, Huobi, or Gate.io. At the moment, you can only exchange them for other cryptocurrencies and not for fiat money: ETH, BTC, BNB, and USDT.
Exchanges are an excellent option to store crypto assets when you want to buy or sell cryptocurrencies, but it is never advisable to keep our assets in them.
If you are not going to use them, it is always recommended to keep your cryptocurrencies offline. The further away from the internet, we have them, the more secure they will be. Another option is to have them distributed in several wallets to reduce the risk of attack.
Atomic Wallet allows you to buy ICX, save them in the wallet, and stake them at a rate of 10%.
Top 5 things to know about ICON?
- In terms of safety and efficiency, ICON essentially replaces people with artificial intelligence for decision-making. It could become the first decentralized network that is managed exclusively by technology, while Bitcoin and other platforms require human intervention.
- ICON is trying to increase the application of blockchains to more everyday and tangible uses, promoting, among others, domestic artificial intelligence technology.
- The ICON network is based on three fundamental pillars: individual nodes (each person represents a node), node communities (grouping of individual nodes that form part of a more extensive network, and the ICON Republic (the entire ICON network). The interconnections of these are very varied. An individual node can be connected with another individual node, and both, in turn, form part of numerous communities (within the ICON Republic.) The nodes receive rewards based on ICON activation performance. The artificial intelligence system ensures a fair distribution of rewards, optimizing distribution and ensuring complete decentralization.
- CON allows the execution of smart contracts (computerized transaction protocols that allow direct authentication and the automatic generation/verification of digital signatures without the need for a third party)
- ICON hosts its own Exchange House called DEX, which works exactly like a regular Exchange except being integrated into the ICON ecosystem and serving as a reserve for your ICX coins.
The ICON (ICX) helps two independent blockchains, Bitcoin and Ethereum, connect and transact with each other. It can work like this by opening the cross-chain with an interop layer which is ICON.
Backed by 25 securities firms, it is the leading cryptocurrency in loop chain technology, and the group plans to expand its services to other market sectors. Something exciting about ICON is undoubtedly the firm alliances it has made with the Korean government and other international giants such as Ripple Asia and Samsung. On the other hand, its impressive technology has earned the community's support and the trust of other big names. ICON seems to have come to stay, and it is undoubtedly one of the currencies that you should consider.
A particular network manages a blockchain, and a different blockchain cannot be connected. ICON is an attempt at such a connection. Centralized payment systems, like Visa, require companies to adhere to the policies and guidelines they have developed. By allowing individual communities to control their policies, ICON seeks to reduce potential barriers to adoption. The communities are connected to the ICON network through a decentralized exchange. This allows the maintenance of a large checkbook within the community network itself. This ledger reduces the need for third parties, which can reduce transaction costs.
The ICON team has dedicated significant resources to R&D for interoperability between enterprise and public blockchains, with a long-term version of connecting many heterogeneous public blockchains. Building an application on ICON Blockchain ensures that any network connected to ICON Public Blockchain will have access to operate with it.
Disclaimer.This post was written for the sole purpose of describing the ICON ecosystem and in no way constitutes financial advice. Nothing written herein cannot and should not replace the mandatory research that anyone must carry out before investing in risky assets.