The cryptocurrency space has been a beehive of activities in the past couple of months. Tron and EOS networks launched their mainnet at least two weeks apart. ICON (ICX), on the other hand, has also been concentrating on setting up a fully functioning network. As it is expected, token migration takes place after a protocol has been launched officially and deemed fit to handle its own network. ICON (ICX) token migration is in progress and the foundation has affirmed that the process is smooth and without any issues so far.
ICON is a platform that is developed to connect various blockchain communities and government services. It is powered by ICX token, although the token was initially launched on Ethereum blockchain. The network is now switching from the Ethereum blockchain to have ICX tokens hosted on ICON protocol.
The mainnet was released in January this year. However, the current token migration will take a few months and will be completed on September 25. At least $42,750,000 in ERC20 tokens are going to be flipped into an equal amount of ICON (ICX) tokens. While talking to CoinDesk, an official of ICON Foundation said:
“No issues have been reported and we haven’t had any on our end.”
The exchanges that are supported include Binance, Bithumb, and Upbit. Similarly, they are the only ones that can move the ICX tokens from Ethereum blockchain to the new ICON blockchain. The users have been advised to move their ERC20 tokens to the above exchanges for the switch. However, ICONex wallet is being prepared to start the migration on June 25. ICON (ICX) deposits and withdrawals have been halted until the switch is completed. The exchanges have also said that withdrawals and deposits will continue only when the ICON mainnet has been deemed to be safe. Binance exchange on its websites says:
“We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.”
ICON bags a Strategic Partnership with Bodhi Foundation
In other related news, ICON team has announced a new partnership with Bodhi Foundation, which is a decentralized platform that focuses on predictions in the market. Bodhi is based on Qtum blockchain. The partnership will allow Bodhi to better its market predictions by integrating ICON’s ability to interconnect blockchains. Significantly, ICON is bound to benefit as the partnership will cement its position in China. Moreover, it could also open the door for more partnerships with decentralized applications in the industry.
ICON has promised to increase the speed of transactions, besides lowering the fees. The fact that ICON is a vital member of the ‘Blockchain Interoperability Alliance,’ Bodhi users will now have the capacity to move assets of value across different blockchains. The foundation will have ICON’s experienced technical support when executing Bodhi dApp to run on ICON blockchain this year. A comment from a council member at ICON, JH Kim reads:
“Bodhi is the first live prediction market on a mainnet and it already has active users utilizing the product, having Bodhi on board will enhance the diversity and strength of the decentralized application ecosystem on the ICON platform,”
The founder of Bodhi who also doubles up as the lead of the decentralized Market Prediction platform, Xiahong Lin expressed his excitement for the partnership saying:
“We are happy to partner with ICON, which has a strong technological edge, a great user base and healthy ecosystem. Although Bodhi is native to the Qtum blockchain, we believe it is important to have footprints in other protocols as each of them has the advanced features. The partnership with ICON enables us to facilitate more accurate predictions and better reach out to Korean users”
ICON (ICX) Market Status
ICON is trading at $1.96 at the time of writing. The digital asset is correcting lower on Friday and has sustained a brief sharp decline in the Asian trading hours. It, however, found a support at $1.94 before bouncing back up to seek equilibrium. The price is facing immediate resistance at $1.98 but eyes are glued on $2.0. ICON (ICX) is ranked 23rd with a market capitalization of $760,570,338.