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A Quick Overview of our ICON Review:
Several changing pairs have been introduced on the platform to offer convenience in converting and trading HT.
ICON Live Price
What is ICON?
The ICON cryptocurrency platform and its native coin, ICX, are focused on developing a decentralised interchain network along with a smart contract platform that has a global reach. ICON aims to connect independent blockchains and to enable transactions between them.
Key Features and Takeaways of ICON
ICON is a decentralised network that works with an ambition to enforce global interaction between various blockchains while being based on smart contracts. ICON has the following key features and takeaways:
At the heart of the ICON project is the ICON Republic which is a type of ecosystem with global reach. In this ecosystem independent communities are built around different blockchains which are intended to interact with one another in real-time without facing any technological obstacles.
The ICON project aims to overcome the separation of these communities and ICX tokens are used to pay for access to the network. They also serve as the tokens that enable smart contract-based transactions on the platform.
The creators of ICON focused on designing the platform in such a manner that it will support global interoperability, benefitting various stakeholders along with government institutions, banking, insurance, healthcare, and other sectors.
ICON works with the vision to bring representatives of these sectors under one umbrella of unified network infrastructure which is supplied by ICON, allowing them to engage in transactions.
In addition, the ICON network also aims to connect stakeholders in addition to creating an environment that can facilitate communication between various blockchains without having to involve third parties.
ICON has several interconnected components that are organised in a hierarchical manner, based on the level on which they operate. At the heart of the network are the communities that are built around a specific blockchain, governance or any other technology.
Closely related to these ICON communities are the nodes, C-nodes, who are recognised as decision-makers on their blockchains based on the chosen consensus mechanism.
These nodes oversee maintaining the existing governing system and they keep an eye on the overall health of the blockchain on which they exist.
ICON provides an adequate interface that allows for the seamless communication between individual committees. Components of this system are known as “Community Representatives” and “Citizen Nodes”.
Community Representatives are chosen by their individual communities to represent the interests that they have on ICON. These C-Reps take care of the governance on the system and they validate transactions that take place between the various communities.
The function of C-Reps can be compared to what delegates do on a delegated Proof of Stake (DPoS) Consensus mechanism.
Citizen nodes act as the gateways that allow for standard members of the individual communities to connect to the ICON platform.
Loopchain is an innovative technology that allows for various blockchain platforms to exist on a single ecosystem, allowing them to work together while realising that each has its own unique architecture and incompatible governance models.
The ICON platform runs on its native decentralised exchange (DEX) system which allows for transactions to be made without the need for centralised exchanges or intermediaries.
Transactions on ICON are executed independently and in real-time as part of the trustless system that ICON features. This system is more resistant to bugs, hacking attacks, and server failures.
ICON Mining
As result of the unique consensus mechanism used by ICON, ICX coins cannot be mined.
However, users are incentivised to participate on the ICON network through the ICON Incentive Scoring System (IISS). Users on the ICON network are known as ICONists and they can participate through two different ways, either indirectly or directly.
Direct contributions to the ICON network involve the creation of decentralised applications (DApps), running a block generating node, or kickstarting an Ecosystem Expansion Project, also known as an EEP.
Indirect contributions relate to the staking of ICX and delegating of ICX to ICONists who contribute to the ICON network directly.
DApp Ecosystem
ICONists cannot propose changes to the underlying ICON blockchain, however, they can propose the development of various DApps on the network through something known as the DApp Booster Program.
To submit a proposal, ICONists must pay a 500 ICX fee and they must develop the DApp themselves to become eligible for the reward.
All the ICONists on the network can use the ICX that they have staked to vote on the project. At least 10% of all staked ICX must participate in the vote. If this is not the case, the project will be rejected and the staked ICX will be burned.
ICX Staking
Staking on the ICON network was introduced in 2019 and it began with the pre-selection for P-Reps. By the end of September 2019, there were 22 main P-Reps who were elected, and this cemented the integration of staking on ICON.
Staking can be done through the native ICONex Wallet or through Ledger Nano X. Staking rewards for ICX is between 6% and 36% per year, depending on the total amount of ICX which is staked.
Staking rewards are not paid in ICX but is paid in I-Score, which can be converted to ICX from the treasury. When users stake ICX, their funds are locked in a period of between 5 to 20 days.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| ICON allows for transactions to be executed independently and in real-time | ICON is still a young project and has not earned the reputation that more established projects have earned |
| The system that ICON uses is more resistant for bugs, hacking attacks, and system failures | There is a significant amount of competition in the cryptocurrency space |
| ICON is open-source and fully decentralised | |
| ICON works supports the use of smart contracts and DApps | |
| Participants are rewarded for their contribution to the network |
Transaction Fees
| Type of Fee | Information |
|---|---|
| DApp proposal fee | 500 ICX |
| Withdrawal Fees | 0.2 ICX |
Should you buy ICON?
Despite the dismal price action that ICX has experienced in recent months, the ICON development team is hard at work, with the ICON Foundation having done an exceptional job of keeping the community informed of any changes in the plans of the platform.
ICON is one of the largest projects in the cryptocurrency industry which has been drawing the attention of many investors around the world. With increased acceptance of blockchain technology, top cryptocurrency projects such as ICON are set to see steady increases in value.
How to buy ICON (ICX)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase ICON/ICX and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ICX can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ICX.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ICX, select the option from the “Trade” Menu. Enter “ICX” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ICX_USDT or ICX_ETH. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ICX/USDT or ICX/ETH.
Here, you will see that you have the option to buy or sell ICX either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ICX through via Limit Order
To buy ICX and create a limit order for it, you can enter the amount of ICX you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ICX through via Limit Order
To sell ICX, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ICX that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was ICON first launched?
ICON was launched in February 2018.
Who founded ICON?
ICON was developed by the employees of the DAYLI Financial Group which is a Fintech company based in South Korea.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was ICON’s ICO and how much did it raise?
ICON’s ICO was held in 2017 and it raised more than 603 million ZAR.
Is ICON legit?
Yes, ICON is legit.
What is ICON’s total supply?
ICON has a total supply of 800 460 000 ICX.
What is the purpose of ICON?
ICON aims to facilitate connections and interaction between various blockchains through the ICON network.
On which blockchain is ICON based?
ICON is based on its own native blockchain known as Loopchain.
Does ICON work with smart contracts?
Yes, ICON relies heavily on smart contracts to operate and function.
Does ICON have potential to become more valuable?
Yes, both ICON and ICX have potential to become more valuable.
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