What Is ICON: Introduction to ICX Token
Cryptocurrency is becoming more mainstream with each passing day. Both cryptos and their underlying technology have been slowly but surely changing major aspects of our daily lives by disrupting the way technology works on a global scale.
Even though cryptocurrencies are very popular in most areas of the globe, there’s one particular area that can be easily described as a booming market and that area in Asia. China and South Korean have been catching a staggering number of headlines as of late thanks to various innovative and exciting crypto projects.
What is ICON?
One example of an innovative crypto project is ICON, South Korea’s most popular and arguably most important cryptocurrency. Often referred to as “the Korean Ethereum,” ICON’s motto is “hyper connecting the world.” ICON’s mission is to create a decentralized network/ecosystem capable of hosting multiple blockchains with different governance models and philosophies.
Despite the fact that this is a South Korean project, ICON has big plans to expand globally. Its ecosystem is aimed at being a global market for all types of assets and crypto/blockchain projects.
It’s important to understand that the goal of the project is not to build a blockchain, but an ecosystem for other blockchains as well as to connect communities through its proprietary ICON Republic Community.
This governing system allows each project owner or community to decide what’s best, while also allowing the project to efficiently function in relation to other projects on the network. Each IRC has its own community nodes called C-nodes. It’s these nodes that allow a community to function by following their specific set of rules. The “citizens” can register as citizen nodes within the network, but it’s worth noting that they have no governing power in any other community, nor the ICON Republic itself.
In order to have voting rights, a node must be elected by its representative community. This is where the ICX token comes into play, as it is used to compensate the representatives responsible with transaction verification.
The ICX token
The ICX token is actually an ERC-20 token and is tradable on various popular exchanges such as Binance, Bithumb, DragonEX, Upbit, Huobi, Gate.io, and OKEx, to name a few. The cryptocurrency is currently ranked 37th on CoinMarketCap with a total market cap of $220,361,511 based on a circulating supply of 387,431,340 ICX out of a total 800,460,000 ICX.
Since ICX token is an ERC-20 token, it can be stored in most Ethereum-compatible wallets, meaning there are a lot of good choices out there.
Other interesting aspects of the project
The ICON project also has a decentralized exchange capable of setting currency reserves for each C-Node to enable fast, efficient, real-time exchanges between various networks. Considering the aforementioned aspects, the project has valid use cases in sectors such as capital markets, healthcare, education, insurance, and many others.
The project is also capable of running smart contracts, but it aims to take the concept to a whole other level with the use of artificial intelligence. AI on the blockchain is probably one of the most controversial and one of the most exciting concepts of our time. It’s a known fact that most enterprises have already started using AI tech for quite some time now.
In the case of ICON, the AI technology revolves around the DAVinci financial A.I., from which the company has created its own A.I. capable of adapting to whatever changes happen both in the Korean market and the international one.
Icon is continuing its road to gaining acceptance in South Korea, and once it has done that, there’s a very good chance that the project will expand even more on a global scale. The project boasts a powerful, on-chain decentralized exchange for OTC exchanges determined through an A.I.-based system and a business plan that should expand its reach worldwide. If the project proves itself successful, it won’t be an exaggeration to call it “the blockchain of blockchains.”