What is ICON
ICON is a blockchain-based project designed to be an inter-blockchain union system. The main idea of the project is connecting different blockchain communities to ICON’s one. This is called the ‘ICON Republic’, an ecosystem for different blockchains’ interaction. The principle of work is built on the presence of the ICON community members in different blockchains. They pick their representative — a node that interacts with the ICON network by request from other users. It is much like the delegated PoS algorithm — the so-called community representative (C-Rep), for instance, can exchange currencies on the ICON’s decentralized exchange. The C-Rep gets a reward for that work — it is counted in ICX, the project’s native token based on the ERC-20 technology.
The mission behind the project is quite simple but yet high. ICON exists to make living in the world of crypto easier. It is focused on uniting different blockchains without compatibility into one huge system people use. For example, there may be a person owning Bitcoin, going to use a service accepting Ethereum, but also mining Stellar and so on. ICON’s purpose is to make it all simple.
The developer and owner of the ICON project is South Korea’s fintech corporation called DAYLI. This is the company that dives deep into crypto: for example, this company also owns Coinone, the largest crypto exchange of South Korea and a major player on the market. No surprise that the platform of ICON has unique tech features. For example, the development team uses artificial intelligence to help in the network’s maintaining. The AI provides the work of the special reward calculation system called the IISS — Incentives Scoring System. It is the smart algorithm that counts rewards basing on different factors such as amounts of the ICX stake, exchange volumes and many more. In other words, the more a community member does, the higher the reward. The ICON platform allows deploying smart contracts and decentralized apps as tools for the network’s operating.
ICON (ICX) Price
ICON had its ICO presale closed in October 2017 — this is now considered as the point of the token’s release. Since then, ICX has had periods of rallies and sideways.
The main rollercoaster period for ICX was the first 7 months of existence. After being listed by several major crypto exchanges like HitBTC, Huobi and Binance, the rate went into wild fluctuations. That resulted in the all-time peak of the price on the 9th of January, 2018 — the rate was $12,64 on that day.
Later on, the hype around the token diffused at the approximate point of May 2018. There was the last peak at the end of April when the ICX cost was $4.83. After that, the price entered a slow bearish trend that is actual till nowadays.
The year 2019 was the flatline time for ICX. The chart took the narrow sideways, the price has been changing between $0,5 and $0,1. At the time of this writing in December 2019, the current ICX price is $0,116601. CoinMarketCap displays the ROI calculated in comparison with the initial token price — it is stated to be −72%. ICON has the market cap volume of $59 524 150 which is #69 in the CoinMarketCap’s rating. Along with that, the token has quite a large daily trading volume — $6 243 185 for the last 24 hours. The supply in circulation is 510 492 682 tokens. This is 63% of the total supply, 800 460 000 ICX. There is no determined maximum supply because ICON community members also participate in decisions about issuing the token.
ICON is quite new to the crypto market, but it is powered by big ideas and strong financial and technical team behind the scenes. Despite the current condition of the crypto market, many experts and analysis portals hold positive opinions about ICX.
- CoinLiker predicts that the price of ICX will soar and touch the height of $9,59 by the end of 2021. The same prediction also has the forecast saying that ICX cost will reach $13,62 in 2023.
- Captainaltcoin published an analysis article remarking several promising partnerships aiming at adoption improving. Basing on the technical analysis, the article concludes that ICX will potentially reach $12 in 2020.
- Cryptoground predicts good times for ICX, too. According to their forecasts, the price will continuously grow through the next 5 years and reach more than $10 in 2024.
Our opinion is not financial advice, but it can’t be ignored that ICON is a curious project and investment option.
ICON (ICX) Wallet
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