Three years ago, the thought of bringing all global blockchains together was far-fetched. However, in a few months, this dream could be realized thanks to the developers behind ICON (ICX). The platform has been around for several months now and it is causing waves across the crypto-sphere. The big question is whether the little known but fast growing ICON platform help connect other blockchain ecosystems?
Well, your guess might be as good as mine but first things first.
What is ICON (ICX) putting on the Blockchain Table?
ICON (ICX) is not just another entrant into the cryptocurrency bandwagon; it seeks to build a massive platform or the “loop”. This is a decentralized system that will be able to link other players to a central point of convergence. This is an innovative way to help blockchain interact and provide better experience to the user.
When you take a closer look at the other Altcoin, each has a specific goal; to connect the financial institutions, a platform for content creators to share their ideas or even bringing together healthcare institutions together. ICON goes beyond that; it seeks to create a single network with ease of interaction and seamless flow of information and transactions.
How does ICON (ICX) Work?
In simple terms, ICON connects other blockchain communities of repute using loop-chain technology. Through this they have come up with the ICON Republic concept that will bring other players under their system. The ICON republic will work as a simple hub that facilitates “communication between affiliate blockchains.
ICON is self-sufficient in nature through DEX, the ICO’s decentralized exchange. With DEX all communities can exchange value in real time using the ICN republic protocol. The function of the DEX is to add value to the affiliate currencies and that digital transfers are seamless as long as you are connected to the Republic. All exchange rates are set by the DEX reserves.
The Future Face of ICON (ICX)
Just like other cryptocurrencies of repute, ICX was not spared by the recent crash but was among the first to clean the dust and start the upward trend afresh. The coin is trading at $4.82. Once the Republic concept catches up, positive growth will be guaranteed.
One of the striking features of the platform is the loop that seeks to address the problem mainstream cryptocurrencies have failed their users in; interoperability. Each ecosystem seems to hit a snag when it comes to data and information sharing. ICON will act as a central depository where blockchains are connected and data and information is shared freely irrespective of individual blockchain programing language.
ICON comes at the right time when many sectors are moving towards adopting blockchain technology. Data exchange is important in all industries. It makes processes easy, fast and reduces the costs of doing business drastically by eliminating middlemen.
ICON uses smart contracts giving the system the autonomy to authenticate transactions in a pre-secured environment. To ensure integrity, the system uses unique signatures. This technology will make it easier to medical practitioners, health insurance service providers and others share patient data or medical records seamlessly.
Already ICON has established partnerships with banking institutions in Korea, Hospitals, higher learning institutions, Insurance companies and AI companies and is already trading at Binance and OKEx exchanges. This is a different platform that offers real-life utility and a future coin to invest in.
ICON (ICX) History
From the historical facts about Icon (ICX) you can be able to tell that the South Korean cryptocurrency is here to stay and it is getting bigger and bigger every other day. It ended its TGE in October 2017 and got listed the same month. After being listed at Binance, the news on its concept made the price shoot to an all-time high of $7.30
Currently, ICX is paired with ETH, BTC and USDT at OKEx and you can now store your ICX token in any Ethereum compatible wallet like Nano S, and My Ether Wallet. They are however set to launch their range of wallets.
Once the project is complete, ICON (ICX) will be able to connect all blockchain systems and enable users enjoy the benefits of a system that is fully interoperable. With the strong partnerships, ICON should be a first choice Altcoin to invest in before the value appreciates and locking you out.