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What is ICON (ICX)?
ICON launched in 2017, created and developed by a company based in South Korea. Information technology was created with the idea of developing a new model of digital economy where applications could run on the ICON infrastructure and go a part of the decentralized economic system created by ICON and its automated protocol.
These applications would represent economy participants and could create their own cryptocurrencies, while nodes controlled past computational ability could choose which application to support. All these applications are independent, but they are still interconnected and tin mutually communicate. The centerpiece of all operations and economies hosted on the ICON Network is the Icon Republic, which is where ICX tokens are minted. Icon Foundation, the company behind the ICON project, aims to "hyperconnect the world," which is an ambitious project as ICON keeps updating the roadmap and upgrading the ecosystem.
The ultimate goal of the project is to build the largest decentralized network that volition interconnect various smart contracts, decentralized applications, and economies, while enhancing interoperability.
How Does ICON Work?
Different Bitcoin, and many other altcoins that came afterwards, ICON doesn't rely on the process of mining to reach consensus and create new blocks within the network. Instead, ICON network relies on the delegated Proof of Contribution consensus algorithm to choose the nodes that should add together new blocks to the blockchain. DPoC is a variant of Delegated Proof of Stake, which is considered to be more efficient and democratic than the original Proof of Pale protocol.
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DPoS enables network participants, i.e. nodes, to vote and elect which delegate should be the adjacent to validate a cake. Delegates are chosen by depositing tokens into a voting pool for the particular delegate.
The ICON Network consists of five primary components that ensure the network's operations are in gild. These components are the Icon Republic, Icon Communities, Community Representatives, Customs Nodes, and Citizen Nodes.
ICON network is powered by Loopchain, which is a high-performance enterprise blockchain with smart contract features. Loopchain ensures the functionality of integrated messaging between dissimilar economies and applications through the use of the Loop Fault Tolerance algorithm.
ICON has its own IRC-16 token standard, first proposed in 2019, which enables network participants to issue securities and tokenized assets.
Who Are the Founders of ICON? History of ICON
The ICON project was founded in 2017 by Min Kim, who previously founded due east-commerce company IVELA Global and served equally an advisor to Asian fintech DAYLI Financial Group. The promotion and development of the project is supported by the ICON Foundation.
In 2017, ICON held an initial coin offer and raised 150,000 ETH, which was equivalent to about $43 million at the time. The token auction included half the total supply of ICX. The ICON Foundation, which is in charge of all operations and developments regarding the ICON Network, its economy, and its token ICX, launched the official network in January 2018, and the ICO investors received their ICX tokens in June that twelvemonth.
ICON continues to develop while the ICON Foundation keeps updating their roadmap to friction match new plans for the ambitious project that might go one of the biggest decentralized economies on a global calibration.
What Makes ICON Unique?
ICON offers a nearly unique opportunity to build applications and interconnect with other dApps and economies within a public blockchain and a decentralized architecture that employs an efficient protocol, Delegated Proof of Stake.
ICON technology has various utilize cases within the decentralized economic system model, so network users can, for example, store medical records, insurance records, and other important data at a high security level. ICON users can too create their own tokens and cryptocurrencies as national currencies for their private economy congenital and established on the ICON network.
ICX also enables fast transactions and prompt validations cheers to the employment of Delegated Proof of Contribution, which is another point of uniqueness in the technical roadmap of ICON (ICX).
What Gives ICON Value?
There are numerous factors that can affect the market value of ICX. ICON, as well as other cryptocurrencies, is discipline to frequent price changes due to the loftier volatility in the market. 1 of the crucial factors that may influence the value of ICON is its full supply. The ICX supply can potentially exist inflationary or deflationary depending on the number of transaction fees in a cake.
More important factors that requite ICON value are its technical capacity, utility, and technology. ICON Network enables ICX staking and rewards, while enabling interoperability betwixt dApps and economies created on the platform. ICX can also be rewarded to network participants, including representatives. The intrinsic value of ICON as a blockchain project is determined past the efficiency of the network and its technology. Every bit ICON is expanding and continuing to develop, the project may concenter institutional investors and more users.
How Many ICON (ICX) Coins Are There in Circulation?
ICX currently has a circulating supply of 
and a total supply of . New ICX are minted to pay staking rewards but the emission charge per unit changes dynamically according to the number of transaction fees in a block, with whatsoever excess transaction fees existence burned. This ways that if the ICON Network transaction volume is big enough, ICX could become deflationary.
The number of coins in apportionment multiplied by the electric current market toll of ICX equals the total marketplace cap. The total marketplace cap determines the rank of ICX in comparison with its crypto peers and determines its market share.
Other Technical Data
The construction of the ICON Network consists of v different components as mentioned before: ICON Democracy, ICON Communities, Customs Representative, Customs Nodes, and Citizen Nodes.
ICON Republic is a organization of nodes that connects unlike communities and functions equally a communication channel between them. ICON Communities can operate within their own ecosystems and rules that define the economy of that community, and are divers as a network of nodes with the aforementioned governance arrangement.
Community Representatives, also known as C-Reps, are rewarded with ICX tokens for their participation in the network's governance system. Representatives are elected nodes from each community that exists on the network. These nodes tin can communicate with ICON Republic. Customs Nodes are the basis of infrastructure of each hosted Community in charge of governance and maintenance of the blockchain. Lastly, Citizen Nodes support transactions between the communities and ICON Commonwealth.
How is The ICON Network Secured?
ICON Network is secured through the use of the Delegated Proof of Contribution protocol that uses Loopchain with a Loop Fault Tolerance algorithm. Loopchain works by assigning nodes to blocks with grouping transactions, further distributing those blocks to other nodes. Next in the line of control are validation nodes that check the validity of blocks and ostend the generation of new blocks.
Loopchain uses a machinery known as Spinning, which reduces the number of steps needed to generate new blocks and validate cake information and transactions within blocks.
How to Use ICON?
ICON can be used by businesses, institutions, and non-profit organizations to create interconnected applications that act as economies based on blockchain and decentralization. Network users can create their ain tokens and cryptocurrencies, and communicate with other communities as well.
ICX, the native token of the ICON ecosystem, can exist staked by network participants in elections and voting on nodes and delegates, i.e. Representatives, and is also used as a reward for the participation of Representatives in the network's governance. ICON tokens can as well be traded in the crypto market, while traders can make a profit based on the difference between the ownership and selling price.
How to Choose an ICON Wallet?
There are several types of wallets where you can keep your ICON (ICX) in a secure fashion and with maximum accessibility. Hardware wallets such as Nano Ledger Southward are usually a popular selection for ICX holders with greater balances. They provide the virtually secure option but tend to be more than expensive and crave more technical know-how.
ICON holders tin can likewise use the official ICON wallet known as ICONex, launched in 2019. ICONex is a Chrome extension wallet simply there are also versions for web, iOS, and Android called MyIconWallet.
ICON can be safely and deeply stored in MyEtherWallet as well, which is a pop choice for many crypto holders that accept balances for multiple ERC-20 tokens.
Online or spider web wallets are free and piece of cake to use but can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your ICX, you lot should select a reputable service with a track record in security and custody. As such, they are virtually suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
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Kriptomat offers a secure storage solution, allowing you to both store and trade your ICX tokens without hassle. Storing your ICX with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling ICX, or trading it for any other cryptocurrency, is washed in mere moments when y'all cull our secure platform every bit your storage solution.
ICON Proof of Stake
Icon network uses a Delegated Proof of Contribution consensus, which is a variation of Delegated Proof of Pale. DPoS is more efficient when compared with the traditional Proof of Stake machinery as information technology employs a reduced number of steps for validation and security with the use of Loopchain.
Determination
ICON continues to develop in accord with its roadmap on its journey to hyperconnecting the world. Information technology is creating i of the biggest networks that facilitates a network of communities based on blockchain technology. ICX could make an interesting investment for institutional investors who can see the potential in the decentralized interconnected economy of democratic interoperable communities.
As the ICON ecosystem grows and develops, ICX has a greater run a risk of condign a more pop nugget together with the ICON Network.
Join the crypto revolution and get started on your ICON journey today.
ICON FAQ
How to Buy ICON?
If you've been wondering how to buy ICON , you will be thrilled to know that you tin can hands buy your ICX whatsoever fourth dimension through Kriptomat with a range of payment methods available.
How to Sell ICON?
If you already ain ICX and hold it in a Kriptomat substitution wallet, you tin easily sell information technology by navigating the interface and choosing your desired payment option.
ICON Price
ICON price tin can change radically from one moment to the next, due to the volatility in the cryptocurrency market and a multitude of specific factors that may crusade the price to change. Y'all tin check the live ICON price on Kriptomat.
As well as traditional factors such as market sentiment, the menstruum of cryptocurrency on exchanges, and the economy in general, the price of ICX is as well affected past the transaction volume on the ICON Network and therefore the number of projects building on it.
The electric current ICX price is EUR.
The 24-hour trading volume of ICX is EUR. ICX is currently ranked of all cryptocurrencies past total market cap, with a market place cap of EUR. It has a circulating supply of and a max supply of .
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Source: https://kriptomat.io/cryptocurrencies/icon/what-is-icon/
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