What is ICON (ICX)? Things to know about the latest ICX coin 2020

icon-coin

ICON (ICX) a blockchain platform from the land of kimchi, Korea, dubbed as Ethereum Korea.

So…

  • What is ICON? What is ICX coin?
  • Should I ICON coin investment are not?
  • Buy and sell ICX coin Where is the reputation?
  • ICX Wallet Which should be used?

If you are looking to find out ICON . platform and potential invest ICON (ICX) coin, this article is what you need to find

What are you waiting for, let’s start the article!

Maybe you are interested: What is Bitcoin? Bitcoin investment guide for beginners?

What is ICON?

ICON (ICX) is a public blockchain platform where developers can build decentralized applications (dApps) above it.

Maybe you are interested: What is Blockchain Technology? A step-by-step guide for beginners

Was founded by Dayli Financial Group, based in Korea at the end of 2016 and conducted an ICO sale within 1 month from September 20, 2017, ICON has the ambition to become a decentralized network where every field can deploy on it.

Because of its ambition, nature and application, it has many similarities with Ethereum, so it is nicknamed “Korea Ethereum”.

Maybe you want to know: What is Ethereum? Ethereum Basics for Beginners

What are the characteristics of ICON?

icon-icx-smart-contract

Dubbed the Korean Ethereum, will ICON (ICX) completely copy Ethereum? Let’s find out the unique features of this ICON platform.

Private consensus protocol: Loop Fault Tolerance

Not PoW, PoS as we often see, Loop Fault Tolerance is the blockchain consensus protocol ICON.

Loop Fault Tolerance built and developed on BFT help accelerate consensus and create high trust Nodes.

Loopchain and Icon Score

Loopchain This is the feature that makes ICON compatible with smart contracts as well as connecting different blockchain platforms without barriers.

Still Icon Score is an enhanced feature of Loopchain to ensure maximum performance of nodes without the need for virtual machines like Ethereum.

ICON Republic

ICON Republic is responsible for connecting different communities. It consists of 2 components, C-Rep and Citizen Nodes.

With the combination C-Rep and Citizen Nodes, ICON Republic will ensure decentralization and do not interfere in the network administration process. It only acts as a communication channel and community connection.

What is ICX coin?

ICX coin is the base currency of the blockchain ICON so it plays a key role in maintaining the security and stability of the network as well as creating economic incentives for network participants.

ICX coin was issued through ICO on September 20, 2017. At the time of launch, ICX coin runs on the Ethereum blockchain according to the ERC-20 token standard. However, since January 24, 2018, ICON completed the mainnet, ICX coin has moved to operate on ICON’s own blockchain.

Basic parameters of ICX coin

Token symbol ICX
Blockchain ICON
Consensus protocol Loop Fault Tolerance (LFT)
Transaction speed 9000 TPS
Maximum total token supply Unlimited
Total supply 800,460,000 ICX
Total tokens in circulation 544,154,062 ICX

ICX coin distribution plan

The total initial supply is 800 million ICX coins and is distributed according to the following ratio:

  • Token Sale accounts for 50%.
  • ICON Foundation holds 14%.
  • Community Group & Strategy Partners accounted for 10%.
  • Team, Advisors & Early Contributors hold 10%.
  • Finally 16% is allocated to the reserve fund.

ty-le-phan-foi-icx-coin

What is ICX coin used for?

Because the ICON is a blockchain platform for developers to build dApps and ecosystems should ICX coin used as transaction fees in the network.

Or when a smart contract, any dApps created in the ICON blockchain need to use ICX coin.

In addition, when other blockchains want to connect to ICON, they also need to use ICX coin to convert it into a token of the associated blockchain.

Should I invest ICX coin or not?

Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to invest or not. Here is some useful information that can impact the return on your ICX coin investment.

ICON . Development Team

icon-team

As mentioned above, the blockchain ICON is due to Dayli Financial Group establishment and development. Dayli Financial Group, is a financial group in South Korea valued at up to 4 billion dollars.

Support Dayli Financial Group in development is a team of more than 50 programmers with rich experience in blockchain as well as finance, banking and venture capital. Some notable names can be mentioned Min Kim, Pascal Schmid, Don Tapscott,…as a board member and advisory board.

ICON . Development Roadmap

ICON team Some achievements have been achieved in recent years, such as making proposals IISS 3.0 together with the next generation consensus algorithm led by ICON develop, LFT2. In addition, the team also made new improvements in the blockchain protocol, BTP.

In addition to the achievements, the team also announced the plan and direction in the near future in the development of the ICON blockchain platform. In the immediate future, the team will focus on releasing hotfixes and officially launching the consensus algorithm LFT2 along with protocol specific documentation BTP.

To see the development roadmap, you can visit the homepage of ICON: https://icon.foundation/

ICX coin price

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Currently, at the time of writing price ICX coin is trading at 0.3 USD. Level highest ICX price so far is set at $12.64 (January 2018). That is, compared to the peak price, then ICX price currently divided up to nearly 42 times, a not small difference.

Meanwhile, ICX’s lowest price ever of 0.1 USD was set on January 3, 2020.

Where to buy and sell ICX coins?

At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy ICX, sell ICX has also become much simpler.

In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.

How to buy and sell ICX coins in VND

Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy ICX For prestige, I think the best currently is the Bitmoon exchange.

See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020

The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.

Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.

International reputable ICX coin trading platform

The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.

For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.

Below is the floor name and transaction fee comparison table for your reference.

If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.

Exchanges Transaction fee
Houbi 0.070-0.20%
Okex 0.060 – 0.150%
Binance 0.015-0.100%

Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy and sell ICX coin Your transaction uses USDT or BTC for transactions.

Wallet ICON coin should use

Depends on usage ICX coin your wallet that you will choose for yourself the appropriate wallet.

Suitable for those who want to store ICX coin long term and few transactions.

The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.

Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020

The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details

This wallet is suitable for those who often transact.

Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…

In addition, you can choose a wallet by yourself ICON develop, ICONex. You can visit the homepage: https://icon.foundation/ to download and install.

Conclude

This article has summarized the most basic information you need to know about ICON and ICX coin. With this article, I hope that readers can grasp some of its investment potential.

Although it will take some time to read the entire article, I hope that your time will not be wasted.

If you find the article interesting and useful, do not hesitate to share it with your friends.

Good luck!

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