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ICON (ICX) Coin: Ultimate Guide for Beginner’s
Our ICON (ICX) coin guide will tell you everything you need to know. We’ll explain what ICON coin is, how it’s trying to hyper-connect the world and give you our opinion on the project. As always, TotalCrypto urges caution before making any cryptocurrency investments and we encourage you to do your own research.
- 1 What Is ICON?
- 2 What Are The Connections ICON Is Looking To Make?
- 3 What Is The Purpose Of The ICX Coin In The ICON Ecosystem?
- 4 What Industries Is ICON Looking To Connect?
- 5 How Else Can The ICX Ecosystem Help Businesses?
- 6 The ICX Team
- 7 The Future Of ICX
- 8 The ICON ICO
- 9 Should I Invest In ICX?
- 10 How To Buy ICON Coin?
- 11 Conclusion
- 12 Resources
What Is ICON?
Blockchain is one of the most promising technologies since the invention of the internet. An increasing number of businesses and governments are adopting the technology. However, there are two main challenges the tech needs to overcome to be truly useful and widely adopted:
- Blockchain has the ability to be used to hyper-connect the world. The issue is that our current centralised systems do not allow for such connectivity.
- Businesses, governments and app developers are building on different blockchains. A bridge to connect these different blockchains together and allow them to communicate with each other is needed.
These issues can be summed up as there being a lack of connectivity. The ICON project is all about increasing connectivity between different blockchains and systems. This should increase the usage of blockchain and enable businesses to further leverage this technology.
The idea of ICX is to create a network of different blockchains for different industries. Sectors like insurance, capital markets, universities and health records will all have their own industry blockchains on the ICON network and will be able to store and transmit relevant data. The connectivity of ICON enables these different industries to communicate with other industry blockchains on the network. This means the health record blockchain could communicate with the insurance one. If it came to a medical insurance claim, then such connectivity would prove exceptionally useful.
Although ICX is a decentralised network, it aims to breakdown the boundaries that exist in the centralised world. Shouldn’t a investor, anywhere in the world, be able to trade stocks in real-time along with US investors? ICON aims to break down these boundaries and create a network that isn’t constrained by national boundaries or rules from centralised powers. This freedom should promote the maximum benefit to global society.
What Are The Connections ICON Is Looking To Make?
There are many amazing cryptocurrency projects, but many are built on different blockchains. Decentralized developer application platforms like EOS and Ethereum cannot currently communicate with each other. This means an decentralised application built on EOS cannot communicate with an APP built on Ethereum. ICON aims to change all this and enable these different blockchains to communicate with each other. The amazing thing about this is that all blockchains connected to the ICON network will function with their own governance and incentive systems. Anyone can join the ICX network and connect any type of blockchain, ensuring the principle of connectivity is free to prosper.
There are also ambitious cryptocurrency projects like Steem that connect the cryptocurrency world with the real world. Steem has been successful in doing this with the social media market. However, there are many other niches which have significant obstacles and ICX aims to help overcome these limitations and connect the crypto world with the real world.
The ICON network is creating different blockchains for different industries and allowing them to connect to each other. Through ICX these different industries will be able communicate with each others blockchains and this ecosystem should promote further blockchain adoption and business benefits.
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In addition to this ICX will allow applications to be built on it’s own blockchain, this also means that ICOs can be launched on the ICON network.
What Is The Purpose Of The ICX Coin In The ICON Ecosystem?
The ICON coin has a few important use cases in the ICON ecosystem:
- It is a bridge currency for cryptocurrency transactions on the network. For example, if a user is sending Bitcoin and the receiver wants Ethereum, then the transaction will go like this: Bitcoin > ICX > Ethereum.
- ICX is used to pay for transaction fees on the ICON network.
- The coin is used by decentralised apps built on the ICON network. On the ICON network, any app trying to get funding using an ICO will be raising funds in ICX.
It should be noted that these last two use cases are exactly the same as Ethereum on their network. This is why many commentators are now referring to ICON as the ‘Ethereum of Korea’.
What Industries Is ICON Looking To Connect?
The idea is that every community should have their own blockchain on the ICON network. This includes industries like banks, e-commerce, hospitals, insurance, universities, securities and many more. Each community almost never operates independently and there is is a need to transfer data or services to businesses in other industries. The ICON network allows this happen all on the blockchain and in a single ecosystem.
For example, the healthcare community mainly operates and communicates with other players in that industry. However, there might be a patient who needs an insurance claim. This requires the healthcare community to communicate and transfer data to an insurance company. On ICON the two sectors and their perspective blockchains can communicate with each other and automate an insurance claim.
There are almost endless scenarios where the ICON ecosystem can add value and connect different companies and niches together. ICX really is trying to hyper connect everything.
How Else Can The ICX Ecosystem Help Businesses?
The ICON framework comes with a lot of features that are very attractive to businesses and will help cultivate institutional adoption of blockchain technology. These include:
Blockchain ID: Allows different communities on ICON to verify identities for individuals. For example, if you need to verify your ID to a healthcare provider then the ICON network can connect the health provider with the insurance provider and verify your identity. Over time, regular people will build up their IDs (by providing verification to service providers). This ID can then be shared with different communities on the ICON ecosystem.
Blockchain ID can truly be revolutionary. Consider that if you were on the education blockchain (meaning you were studying), a business on the e-commerce blockchain could verify that you were a student. A smart use of this information could be sending you student discount offers to increase sales.
Decentralised Exchange: You can transfer, settle and exchange currencies in real time on the exchange. This is exceptionally useful for integration for banks, securities, insurance and a variety of other industries.
Artificial Intelligence: Most blockchain platforms do not support artificial intelligence. ICON does support AI and has its own artificial intelligence solution called DAVinCI.
Scalable: ICON not only connects with traditional blockchains like Ethereum, but also connects with blockchains that connect with the real world. This opens up almost unlimited business opportunities.
The ICX Team
The ICON project is a highly ambitious project aiming to solve a real problem. Much has been written in the media about how great and world changing blockchain technology can be. However, most gloss over the real problems that are preventing this from becoming a reality. ICX solves these problems and that is why it could be one of the most influential cryptocurrency projects. The key to whether ICON will succeed is the team. TotalCrypto love the quality of the team and think it’s packed full of superstars. This is just a short summary (to do the team justice we could have written an entire article on them):
- 8 Advisors: This includes key players in the crypto space such as Paul Veradittakit who is a partner at Pantera Capital. Jason Best advises ICON and was named by Forbes.com as one of the top 10 most influential people in crowdfunding.
- ICON Foundation Council: 6 Members. Min Kim is CEO of the ICON Foundation and the DAYLI Financial Group with is one of the largest FinTech companies in South Korea. Min’s business connections have lead to many real-world partnerships with Korean educational institutions, hospitals and financial institutions.
- Blockchain Development Department: 19 members.
- Blockchain Business Team: 11 members.
- Artificial Intelligence Team: 8 members.
- Design, Communication and Security: ICON have an additional 8 team members.
ICX boasts one of the largest teams in the cryptocurrency space. It is clear they have already scaled up and started putting their ICO crowdfunding to good use. We recommend you check out the team members in more detail yourself and expect you to be impressed.
The Future Of ICX
ICON is already in the top 20 cryptocurrency projects. Given the scale of their ambitions and the team to back it up, it is perhaps surprising that they do not have a bigger market cap. The success of the project really depends on the number of companies using the ICON framework. It will also be interesting to see how the project scales outside of Korea and if they can build a truly global ecosystem.
ICX is certainly looking to solve perhaps the biggest problem in the blockchain space. It is widely reported that blockchain technology is looked upon enthusiastically by many large businesses. ICON is a project that can certainly supercharge enterprise adoption of the technology. If ICX succeeds in creating a strong ecosystem, the sky is the limit for this project. We will let the ICON team outline their own roadmap and it’s then for you to decide if you think it’s exciting:
The ICON ICO
The ICX ICO took place on the 20th September 2017 with the goal of raising $42.8 million. The ICO sold out quickly even though investors from China, Singapore and the USA were barred from taking part. Strong support for the ICON project has continued after ICO and the crypto is now a firmly established top 20 cryptocurrency.
ICX Founder Min Kim Explains The Project & Talks About The ICO.
Should I Invest In ICX?
- ICON understand that a big vision requires a big experienced team. They have one of the biggest and most impressive teams in the cryptocurrency space.
- There is a big appetite for blockchain technology in traditional businesses. ICX solves the problems that are holding back this enterprise adoption. This is why TotalCrypto thinks ICX can become one of the most successful cryptocurrencies.
- Artificial intelligence is being taken incredibly seriously by businesses. The fact that ICX supports AI is a massive bonus.
- ICON can essentially do what Ethereum can and more. Many are dubbing it as the Ethereum of Korea. We have already seen that application developer platforms can be valued in excess of $100 billion and are excited by the potential valuation upside.
- For the ICON system to be truly valuable, it needs a large number of industries to move to it’s framework and industry key players to be in the ecosystem. The idea is fantastic but it remains to be seen if this vision can be properly executed.
- There are other cryptocurrency projects that are trying to solve the blockchain connection issue as well. It is still early days for ICX and it’s still very possible that the project will be overtaken by a competitor.
How To Buy ICON Coin?
The two main ways of buying ICX are by using Coinbase and Binance. It’s a truly simple process!
ICON is a super ambitious project trying to hyper-connect the world. Being able to allow different blockchains to communicate with each other is a truly game changing technology. It is tech that should greatly increase enterprise adoption of blockchain.
ICON is also a member of The Interoperability Alliance, along with Aion and Wanchain. The shared research between these three top 100 cryptocurrency projects should help accelerate growth.
The ICON ecosystem is still very young and needs time to onboard traditional businesses into their framework. Rome wasn’t built in a day and the same will be true of the ICON ecosystem. It remains to be seen if the project can live up to their lofty ambitions. The TotalCrypto Team remain optimistic on this project and will certainly be following it closely over the following months and years.
Disclosure: The TotalCrypto Team own a position in this cryptocurrency.
Below we’ve listed some key resources relevant to ICON (ICX).
? Best Free Wallets
ICX has now launched their mainnet. This means you need a wallet that supports the new ICON blockchain and you should swap old Ethereum ERC-20 for mainnet tokens.
- The ICONex wallet: The official mainnet wallet for ICON. The wallet also supports the ICX token swap.
? Best Apps To Track Your ICX Investment
Need more information on ICON? Check out the ICON white paper to find out more.