What is Icon (ICX) and How does Icon (ICX) work?

ICON is a powerful decentralized network. The ultimate goal of Icon is to build the best digital economy, thereby the network can easily host other networks that are based on blockchain technology. Icon economy representation is purely based on the present economy, the way all the elements in real-life are interconnected to each other. 

The native token for the Icon network is ICX. This native token is successfully helped while running the Icon (ICX) ecosystem.

Hope you’re interested in ICX. If you’re unaware of what is ICON and how it works? No more worries! This article is specially designed for explaining everything about Icon.

What is ICON (ICX)?

The Icon was introduced with the key idea of building the latest model of the digital economy, thereby the application can easily run on Icon (ICX) infrastructure. Also, these new models have become a primary part of the economy that was created by the Icon and their automated protocol. These applications can represent the economic investors. Also, they can create their native crypto tokens. Every application is independent. But, these applications are interconnected and can communicate with each other. Icon republic is the centrepiece of every operation, here the tokens are minted.

The primary goal of Icon is to create the widest decentralized network and can interconnect several decentralized apps, economies, smart contracts while improving interoperability.

Who are the founders of ICON (ICX)?

The founder of the ICON project is Min Kim. He has introduced Icon in 2017. Min Kin previously founded IVELA Global, an e-commerce platform. Also, he worked in “Asian fintech DAYLI Financial Group” as the advisor. The development of the Icon project is sponsored by ICON Foundation”.

ICON held its initial token contribution and raised 150,000 Ethereum (ETH), the value is equivalent to $43 million during 2017. The sale of the coin has included half of the total ICX supply. ICON Foundation has officially launched the ICX network in Jan 2018.  ICO investors have received initial Icon tokens in June 2018.

ICON (ICX) constantly develops and grows while the foundation keeps renewing its roadmap to meet new goals for better projects that can become the largest decentralized economy around the world.

What makes ICON (ICX) unique?

It’s no surprise that Icon (ICX) is offering unique opportunities for its investors to build apps and connect with other decentralized applications and economies within the blockchain ecosystem. Also, ICON offers decentralized architecture to offer efficient protocol and “proof-of-stake”.

The best part of Icon is it has several use cases within its model. Let’s consider, the important information such as hospital records, bank documents, insurance records can be highly secured. Also, ICON investors can create individual or native tokens. ICX offers fast and secure transactions between its users. With delegated proof of contribution, Icon will enable validations instantly. This could be another unique feature of Icon (ICX). 

How many ICON (ICX) coins are in circulation?

The number of coins that are in circulation is 671,551,245. New Icon  (ICX) is minted to fund staking rewards. However, the emission price may change as per the total number of transaction charges in the block. When the transaction volume is massive, Icon (ICX) can become deflationary.

The total supply of Icon (ICX) is 800,460,000. `The current price of the Icon  (ICX) is $2.10. The total number of ICX tokens on the circulation is multiplied by the present ICX value is equal to the Icon total market capitalization.

How does ICON (ICX) work?

Unlike other cryptocurrencies such as Bitcoin, Altcoin, Icon (ICX) don’t depend on the mining process. Mining helps to build new blocks in the network. Icon networks depend on the “proof-of-contribution” algorithm in order to select nodes that should be added as a new block or not to the blockchain. As per analysis, “delegated proof of stake” is determined to be more effective and efficient than the existing proof-of-stake protocol.

Delegated proof-of-stake will enable the participants, nodes to vote-and-elect that delegate needs to be the next in order to validate the block on the network. Here delegates are considered by depositing digital coins into the voting poll for an individual delegate.

ICON (ICX) network consists of 5 components i.e

  • Icon Republic
  • Communities
  • Community representative
  • Citizen nodes and
  • Community nodes

These five key components will ensure the operations of the network are in the proper order.

The network of the ICON (ICX) is powered by the “Loopchain”. The loopchain offers the highest performance enterprise blockchain that has the feature called a smart contract. Also, the loopchain is providing the key feature of integrated communication or messaging between multiple economies as well as applications using the “Loop Fault Tolerance” algorithm.

How to use ICON (ICX)?

Let’s have a look at how to use ICX effectively.

ICON (ICX) is used in multiple applications i.e companies, institutions, startups, non-profit organizations and more. These are probably used to create powerful well-interconnected apps that purely act like economies based on the decentralized network. network participants can easily create their own coins, tokens and also communicate with other users. These tokens can be traded in the cryptocurrency market. This way investors can generate passive income depending on the price of buy and sell.

How is the ICON (ICX) network secured?

With the “Delegated Proof-of-Contribution” protocol, ICON ensures security. The protocol will use the Loopchain with the “Loop Fault Tolerance” algorithm to offer better security. Loopchain uses a Spinning mechanism, this will decrease the steps to build new blocks. Also, the mechanism will validate the block information and transactions within every block.

Conclusion

ICON (ICX) will constantly and continuously grow in accordance with the ICON roadmap during the journey to interconnect the globe. Keeping it simple, Icon has already been created as the largest network that provides communication depending on blockchain technology. If you’re an institutional investor, Icon could be the best investment strategy for you. As long as ICON (ICX) grows, ICX coins will have a better possibility of becoming a popular digital currency together with the network.

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