What’s in our review?
In our ICON review, we will go through all the amazing aspects of the ICX network and everything the company provides and is aiming to do. There will be an in-depth analysis of the progress made by the company alongside other areas. Here’s everything you can find in the ICX review;
- What is ICON and the ICX coin?
- How to stake ICX for rewards
- Where to buy ICON crypto?
- What are the best ICX wallets?
- Short price prediction for 2020
History of ICON
ICON is a South Korean based blockchain company. They were established in 2017 by the DAYLI Financial Group, a fintech giant in South Korea. The DAYLI financial group is well established at launching services with over 30 different products being launched. They also own a large exchange worth approximately $4 billion USD called Coinone.
The ico (initial coin offering) or ICON foundation token sale for ICON was carried out in 2017 where it raised a large sum of $40 million USD. The coin gained a lot of exposure at the back end of 2017 and the beginning of 2018 where it reached an all-time high of around $12 USD in January 2018. Since then the price of ICX has been on a decline to an all-time low of $0.106 USD. A price prediction of 2020 can be found towards the end of the article.
ICX was originally an ERC-20 token before ICX mainnet launch occurred. This is when the ICON token swap occured where ICX coin we now know at an exchange rate of 1:1.
What is ICX ICON?
So what is ICON cryptocurrency? ICON is a decentralized cryptocurrency network that is aiming to connect communities through individual blockchains. Their motto is to “hyper connect the world”, by creating the largest blockchain on the planet. The idea is to have individual communities connect to form the ICON Republic. Every community will act on its own as a node and contribute to the ICON Republic ensuring everyone is connected and working together.
As we all know, companies that use the blockchain to power their platforms and networks use a token/coin. In the case of ICON, they use the ICX coin which is a coin and not a token. The difference between coins and tokens is that simple. Coins have their own blockchain while tokens run on other blockchains. ICX ICON has multiple use cases such as making smart contracts, payment mechanisms, generating new coins on the platform and voting for P-Reps. ICON ICX also has a partnership with Samsung. The ICX ICON Samsung partnership was a great step forward for the Korea ICON crypto token.
How does the ICON blockchain work?
The ICON ICX blockchain connects everyone through smart contracts. It’s possible for anyone to come along and build a blockchain business on the network and connect to other businesses. The new businesses or entities made will be able to connect with other businesses or entities to build a community. Each community will then have the ability to connect with other communities using a C-rep. The C-rep is short for community representatives and is responsible for connecting their community to other individual communities on the ICON blockchain. Connecting communities is performed on the NEXUS which is the overall blockchain holding everything together. An understanding of how the entire ICON block works can be seen in the image below.
Staking ICX Coins
Staking of ICX crypto coins is an alternative method of mining. The process is known as proof-of-stake, where individuals will stake a portion of their ICX coin crypto and receive a percentage of rewards that are proportional to their staked amount. At the moment the rewards are between 6 – 36% and vary depending on the number of individuals who staked their ICX. Once ICX coins are staked they are locked up for a period of 5 – 20 days. The staking period is dependent on the number of ICX staked on the network. The higher amount of ICX staked the short the lock-up period and vice versa.
Staked ICX can also be used for P-Rep voting. P-Reps are public representatives that validate blocks on the public chain and vote for governance decisions. There is a pool of 22 P-Reps in total that are elected through voting. To become a P-Rep 0.2% of the total ICX supply needs to be used to vote for the person. That means a total of 1,600,920 ICX needs to be voted to a P-Rep.
The voting process is easy to understand. It occurs in two parts. The first step is where people on the network begin staking their ICX and start voting for P-Reps. During the first step, the ICON distributes the rewards to people who staked their ICX coins. The typical amount distributed during this process is 3,000,000. The second phase then occurs a month later where staking occurs and the P-Rep is chosen.
Staking and voting on the ICX blockchain is very easy. Here are a few steps you can follow to begin staking your ICX coins.
- The first thing to do is make an ICON wallet account. You can do this by downloading the wallet to your iOS or Android devices through the app store or Google Play Store. You can also download the Google Chrome extension that is available for computers.
- During the account opening steps, you’ll be able to create a wallet name, password and be given your key store file. (Keep this safe)
- Once you’ve logged into your wallet, you’ll see different tabs. There will be a voting tab. Once you click on that there will be “my account” table below. You’ll be able to observe the amount staked. If you’re new to staking then that value should be zero.
- All you need to do now is select how much ICX you’d like to stake and press the complete button. Once you’ve completed these steps your ICX coins will be staked.
Where to Buy ICX?
You might be wondering should I buy ICON altcoins and where can I buy ICX coins? There are several crypto exchange ICON to purchase ICX from. We recommend using our very own ChangeNOW exchange as it’s a reputable and reliable way to purchase cryptocurrencies. Our platform has a good ICON ICX stock available for exchange. Here is a list of all the best exchanges to buy ICX on;
- Binance (where you can ICX swap Binance)
There are many more exchanges out there. We could come up with the entire list of exchanges but for reliability, purposes we’ve only attached highly reliable ones. The Binance ICX BTC exchange is very reliable and safe as they have several security protocols.
What are the best ICX wallets?
There are a few ICX crypto wallets you can use to store ICX coins. The best ones are the ICONex wallet and the Nano Ledger S. Both wallets are amazing and are compatible with all ERC20 tokens. That means you can store Ethereum in these wallets as well.
Mentioned earlier the ICONex wallet is available for both Android and iOS devices. It also has a Google Chrome extension for those who can use their computers and laptops to store their ICX coins. The wallet was first developed in 2018 and has become very popular for storing ICX.
The Nano Ledger S is a very popular hardware wallet that many people store their ERC20 tokens on. It stores the tokens offline, so it’s practically impossible for someone to steal your tokens from the internet. The Ledger Nano S is the update version of the Ledger Nano X a Ledger Nano ICX compatible.
2020 price prediction
The current price of ICX is $0.23 USD with a market cap ICON of $124,948,145. (April 17th, 2020). The global economy has come to a standstill due to the pandemic. This has an effect on the cryptocurrency market and may carry on influencing the price of ICX coins until the economy bounces back. ICON coin has been at a high of $0.60 USD and a low of $0.10 USD during the start of 2020. Much lower than the icx price prediction 2018. The ICON coin future is very promising.
Coin switch predicts that ICX will reach an astonishing $5.05 USD by the end of 2020 which is nearly 22 times the current value of the coin. A more conservative approach was taken by trading beasts, with a prediction of $0.35 USD by the end of 2020. The price of ICX could go anywhere in 2020 so its best to look at many more price predictions to gain a full picture of what could happen. Not all predictions are going to come true.
ICON wants to hyper connect the world, and they are well on track to achieving their goals. The biggest task for the ICON team will be attempting to set out onto the global scene. They are well established in South Korea, but to become an even bigger success they’ll need to reach countries such as the USA, China, India, and the United Kingdom. 2020 will be a great year for ICON and hopefully, they prevail and move forward on their journey.
We hope you gained great insight into ICON and the ICX coin from our review and are ready to purchase your ICX on our exchange here at ChangeNOW.