Why ICON (ICX) is worth investing in for the future ! ICX staking and MY-ID Alliance.

Why ICON (ICX) is worth investing in for the future ! ICX staking and MY-ID Alliance.

By Djordi | DJCrypto | 23 Apr 2020


ICON (ICX)

ICON wants to build a decentralized network which surrounds hospitals, financial institutions, universities and more. Their network would help blockchains that are independent and have different governances and models, to transact with one another without the use of intermediaries. ICON uses the phrase “Hyperconnect the world”.

In this article I will give some explanations as to why I think ICON still has a bright future. It will be a longer article.

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ICX Staking

You can stake ICON quite easily with your Ledger wallet. It is not like TRON or Tezos where you can stake directly through your Ledger Live, but you will need a wallet called ICONex, that is created by ICON itself. It is a Google extension and you will find it in the app section of Google Chrome. Once you have it you will need a passcode of course every time you log in. Here is a quick guide of how to stake :

  1. Click on the ICONex icon
  2. put in your passcode
  3. Click access my wallet
  4. Find Connect to ledger and click on it
  5. Connect and open the ICON app on your ledger
  6. You should see a balance here of ICON if you have any and on the right you have a small tab called “vote”. Click on it.
  7. Go to my status
  8. You will see staking and voting. In staking you can click adjust to put the amount of ICX you wish to stake and you confirm this
  9. After this you go to the voting and choose a representative. Put for example 100% of your voting to one of the representatives and you confirm this ones again

This is it ! Now you wait a little bit and you can go back to the staking and voting page and claim your rewards whenever you want. You will have to confirm this with your Ledger but it is easy to do. You can always take back your staking amount at any given time and you can claim the rewards every day if you like.

Personally I have only invested a small amount in ICX to try out the staking and it works very well for me !

ICX MY-ID Alliance comes out in 2020

MY-ID Alliance is one of the big developments ICON is working on and it is set to be released this year. This alliance is a collaborative organization that wants to establish a blockchain-based digital ID-ecosystem. There are already 57 partners that will participate in this alliance.

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Big names on this list are Samsung, Bithumb, 8 percent and Funda. S-1 Corporation recently joined as well and is a subsidiary of Samsung. MY-ID will act as a KYC and to open financial accounts. It will have a wider operability because it can also store healthcare data, work experience and certifications. MY-ID Alliance has received air time on TV in South Korea and that is a big deal. South Korea is seen as a big crypto investment country and ICON can benefit from this heavily if MY-ID becomes a success.

Top performing cryptocurrency in Q1 2020 !

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This graph shows that ICON has been performing very well in Q1 of 2020 with a rise of 115%. It is finally starting to get recognized again after a heavy drop in price from a high of more or less 12,50$ to around 0,10$ ! This drop came during the bear market of 2018 and especially ICON got hit very hard. This cryptocurrency got hyped up a lot during the bull market in 2017 and was seen (still is by the way) as the South Korean “Ethereum”.

ICON rose from 0,10$ all the way to 0,60$ in the beginning of this year which was massive. This was long overdue, because the team is still working hard and gets more and more recognition in South Korea. Right now its price is hanging around the 0,22$/0,23$ level. I will quickly show a weekly chart of ICON compared to the USD :

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When I look at OBV (On Balance Volume) it tells me this thing is very bullish in the long term. We talk about a weekly chart so it can take a lot of months to play out. Patience is key and we might see a big drop again if Bitcoin decides to drop big, but the on balance volume is very high right now, even higher than it was at the 0,60$ level. Price level is around 0,22/0,23$. It means that volume and price are not in an agreement and this is a good sign ! You can see for example in the beginning of 2019 and around October 2019 a big bullish divergence. Price went lower and OBV was rising. After this we saw a big move from 0,10$ to 0,60$ so this divergence has played out already. Now we see in 2020 once again a bullish divergence forming with lower prices and a higher OBV. Hopefully we will see this bloom towards summer/autumn of this year.

Conclusion

I still see a bright future for ICON and its ICX. Staking is obviously an interesting point in the crypto space (look at Tezos for example) at the moment and with ICON you can do it easily with your own Ledger. Staking will create less supply, because more people tend to hold this coin in staking and claim rewards. This should make prices rise in the future.

MY-ID Alliance is a big project that will start this year and is a real use-case for ICON. Big partners like Samsung and Bithumb have already signed up to take part in this alliance and if it becomes a success, it will help ICX a lot.

ICON has performed very well in the first quarter of 2020 and has outperformed the vast majority of the cryptocurrencies. The On Balance Volume on ICX showed a big bullish divergence that played out in the beginning of 2020 with ICON rising from 0,10$ all the way to 0,60$. Right now it is around 0,22$/0,23$ and this is a healthy correction after such a big rise. We see on the weekly chart again a bullish divergence forming and hopefully this will once again play out for ICON. ICX is number 42 on Coinmarketcap.com in terms of market cap and has still a lot of room to grow. 

This is not financial advice and I am not a financial adviser. Please do your own research and make your own decisions.


Djordi
Djordi

I am Djordi van Kampen and I live in France. 2017 was the year I learned for the first time about cryptocurrencies and I am intrigued by what it can accomplish in this world, for the better of course !


DJCrypto
DJCrypto

Crypto enthusiast that would like to share his experience in the market in terms of investing and trading. Also travels a lot and likes photography and minerals.

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