ICON coin is a native cryptocurrency of the ICON blockchain platform created and issued on the Ethereum network but was later transferred to the ICON blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset.As a native coin of the ICON blockchain network, ICON coin was created to enable different developers to be able to use the coin to create and issue the token of their created Dapps on the ICON platform. A user wanting to transfer their ICON coin to another user will also use the ICON coin to pay for the transaction cost so that the public representative upon verifying the transaction they can receive the transaction cost as a reward. Users of different Dapps created on the ICON platform can also use the ICON coin to pay for transaction cost when they want to transfer the token of those Dapps from one smart contract address to another. Different Dapps can also swap the tokens of their Dapps to ICON coin after which they can easily exchange ICON coin to the cryptocurrency of their choice such as bitcoin and ethereum. Since ICON coin is a delegated proof of stake coin, different community members who want to receive reward can delegate their ICON coin to any of the 22 verified public representative who will use the coin to validate transaction as well as to secure the ICON network after which they will receive reward based on the amount they will have delegated.
ICON coin transaction
ICON coin transaction takes place on the ICON blockchain explorer based on block height and timestamp. Here is a view of the ICON coin transaction;
To view how the transaction takes place on the ICON blockchain, you can follow the link below;
ICON coin project was started and launched in 2017 on the ethereum network but was later transfered in 2018 to its ICON blockchain mainet with the main objective of helping developers to build their own Dapps as well as to create and issue the tokens of their own created Dapps.
Founder Of ICON coin
ICON coin project was started and created by Dayli Financial Group which is also the parent company of the coinone exchange , a South Korean cryptocurrency exchange. The main objective of Dayli Financial Group for starting the project was to enable developers in south korea as well as those all over the world to be able to create and issue the token of their created Dapps on the ICON blockchain platform.
Process of creating ICON coin
Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for ICON coin, that is not the case. Instead, ICON coin was created to become a delegated proof of stake coin.During its launch, 50% of the required supplied amount of 800,460,000 coins were sold. Some of the remaining amount will be released through staking at a rate of 3,000,000 coins to be distributed among public representative and community members but the reward can be increased in the near future. There are two key participant in the ICON staking process, the community group member and the public representative.The community member delegate their vote to any of the 22 verified public representative. The public representative then use the vote to secure the ICON network and to validate transaction on the ICON network thus in return they receive reward in form of the 3000,000 coins minted as well as the income fee charged which are then distributed to the community members based on the vote they delegated. The more the votes the community member delegate the more reward they receive. As a community member, you can delegate any amount of votes to the verified public representative while to become a public representative, you need to have atleast 0.2% of the supplied delegated votes.The reward can range from 6% to 36% the whole year. Incase the public representative try to cheat the network, 6% of the delegated votes will be burned. This will also affect the community member thus they are recommended to diversify their votes to several verified public representative. The staking period ranges from 5 days to 20 days after which the delegates can unstake their votes.Here is how the ICON staking process looks like;
If you would like to take part in the voting process so that you receive reward when your coins are used to secure the network and to add new block to the ICON network, then you can follow the link from below to join
Maximum circulation of ICON coin
The maximum amount of ICON coin that should be circulating in its ICON loopchain blockchain network should be 800,460,000 coins. During its launch 400,230,000 were issued for sale(50%) while another 136,078,200 was reserved for future release(17%). Another 80,046,000 coin was set aside for team members, advisors and early contributors(10%) while another 80,046,000 coin was set aside to cater for several community group and strategy partner(10%) while the remaining amount of 104,059,800 coin was set aside to cater for the ICON foundation(13%). Here is how the distribution of ICON coin looks like;
ICON coin Price
Currently, 1 ICON coin is worth more than $0.17 and its price is expected to increase over the next period of time. ICON coin is being abbreviated as ICX.
Converting my ICON coin to other cryptocurrencies
To convert your ICON coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your ICON coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your ICON coin to your favorite cryptocurrencies;
Storing my ICON coin
To store your ICON coin, you need an ICON coin wallet. You can either store online or offline. To store your ICON coin online, you can either use ICONEX chrome extension wallet or tustwallet . To securely store your ICON coin offline from being stolen by hackers, you can use ledger Nano wallet.
Transferring my ICON coin to other Users
If you want to transfer your ICON coin to another user, the two of you must have trust in each other. The trust should be the ICON coin address provided for by the receiver while the sender must have the ICON coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;
Knowing more About ICON coin
If you feel that you need to learn more about ICON coin, then you can follow them on their site. Here is the link redirecting you to ICON platform website
You can as well read their white paper to learn more about their idea from below
You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;
Now that you know, I think that it is time for you to start earning some ICON coin by simply delegating your ICON coin to any of the 22 verified public representative who will use the coin to validate transaction and to secure the network. The more your delegating amount the more your reward.If you feel that we should also own some ICON coin for simply helping you know about it then here is our ICON coin address;