ICON and the ICX Coin are part of the South Korean cryptocurrency scene. These tokens can be used to make real-time payments and conduct other information-based transactions while you are on the go.
The ICON token, ICX Coin, and platform offer protocols to help connect the ICX Coin to other blockchain networks that have real-world applications. ICON has expanded its reach into industries such as the banking and healthcare sectors.
What Are the Details Behind the ICX Coin?
The ICX Coin was announced in September 2017. The digital currency had its initial coin offering by late in October 2017. This was the largest initial coin offering in Korea.
The ICX Coin has been trending down since the beginning of 2018 and is trading around $0.25 and $0.3. The ICX Coin reached a peak price of $12.11 on January 9, 2018.
The ICON market cap is about $131 million, which has been adjusted down by around $100 million from mid-year in 2018. The ICX Coin has a trading volume of approximately $5.7 million in the past day. There is a total supply of over 800 million ICX Coins in circulation on the market.
How is This Digital Currency Different from Others?
ICON, which started ICX Coin to help connect different industries, was founded by the Dayli Financial Group. This group, which is based in South Korea, is a leading financial technology company in Asia. The ICON blockchain technology aims to create a more expansive network of blockchain communities to focus on addressing universal problems with real-world applications like bank and hospital record-keeping.
ICON is part of the Blockchain Interoperability Alliance, which has a goal of connecting the other blockchain networks to contribute to developing a global standard for blockchain technology. Other stakeholders in this alliance are Aion, an open source blockchain protocol, and Wanchain, a financial infrastructure to connect blockchain networks to exchange value.
A common problem with decentralized networks is how to get isolated blockchains to communicate with one another. The inability of blockchains to communicate with each other is an issue of scalability. The lack of communication between networks also leads to issues with blockchain technology going mainstream, which includes adoption at the government level, since the blockchain environment is fragmented.
ICON and the other members of the Blockchain Interoperability Alliance are collaborating on research to build a centralized platform for digital transactions and communication. An interchain platform could establish industry standards and protocol architecture across the rest of the blockchain networks.
How Is ICON Connecting Other Blockchain Networks?
Instead of going through third-party intermediaries to connect other blockchain networks, ICON allows these independent networks to communicate with one another on its platform. This saves stakeholders on ICON’s network the transaction fees and processing delays that come with using third-party intermediaries.
The ICON project is on its way to building one of the largest decentralized networks in the world by connecting siloed Korean blockchain communities. Each blockchain community has its own governance proposals established through smart contracts. The ICON team is aiming for various digital currencies and their wallets to freely interact with one another on the ICON platform.
A challenge that the ICON team is trying to solve is how to allow this interactivity to exist on its platform without the other blockchain networks giving up any of their autonomy. All the protocols on each of the blockchains should be kept intact.
At present, ICX Coins are used as the currency to trade between these various siloed blockchain networks that are being connected together on the ICON platform. The ICON team is leveraging A.I. technology, dApps, and an incentive scoring system to fill in any gaps in the compatibility of other blockchain networks. This should allow a number of blockchains to connect with the ICON network effectively.
Are There Any Other Benefits to this Platform?
The ICON platform and its ICX Coin have an emphasis on real world application and trade. These areas are less emphasized in other digital currencies if at all. The applications are not limited to trading digital currencies alone, but extend to transferring stocks, games, security information, and even hospital databases.
This transfer of information is valuable in connecting various economic sectors. For example, the multiplatform transfer could revolutionize blockchain technology and its role in major economies when it comes to controlling inflation and balancing currencies.
Min Kim, chief strategy officer at Dayli, looks at Korea as the perfect environment for ICON and its offerings, as reported by Forbes. Korea has heavily invested in internet infrastructure and has an increasing acceptance of cryptocurrency. Those two factors, along with a strong South Korean economy, give ICON and its offerings a lot of long term potential to connect people and industry on its centralized network.
Some of the real-world applications that work with ICON and ICX Coin, include updating the health and insurance sectors.
One example of this update is the ability to transfer patient details from a hospital to an insurance company to manage the cost of a treatment. On ICON’s platform, the hospital can send a patient’s details to an insurance provider using the ICON tokens, ICX Coins.
What Networks Are Connected to the ICON Network?
The ICON network is made up of many different blockchain networks to expand the real-world applications on the platform. ICON has linked up with many networks, which include financial institutions, insurance companies, hospitals, and universities.
What Other Exchanges Does the ICX Coin Trade On?
What Other Features Are Offered?
Here are some of the key features offered on the ICON network through the ICX Coin.
ICONex is ICON’s wallet supporting ICX Coin and other cryptocurrencies too. The wallet is capable of fast transactions, safe payments, and fluid exchanges. The wallet also boasts a better user interface and user experience than other platforms.
The Wallet ID
ICONick is the wallet ID used on the ICON network. ICON users are able to create a unique nickname to identify themselves on the platform instead of a random alpha-numeric generated wallet ID. This provides the user a convenient address ID to transfer and exchange ICX Coin on the platform.
Users can register for an ID for each wallet on the ICON network. The ID trial service lasts up to a year on the platform
What Are the Risks in Holding ICX Coin?
The short-term potential of holding on to the digital currency may seem low to investors, but the long-term benefits of holding ICX Coin may pay off.
The technology behind the platform can interconnect other blockchain networks, but is still in the early stages of development. The interconnecting technology remains uncharted territory in Korea. While the country is quickly adopting cryptocurrencies like Ethereum and Bitcoin, these cryptocurrencies are mostly bought for their potential as an investment to make money.
An understanding of blockchain technology and its capability is still developing, especially in Korea, which lags behind other major blockchain markets like the U.S.
However, the potential to get other developers on board with programming cross-chain applications is strong, especially as more digital currencies start trading across various platforms. The larger challenge is to overcome the language barrier online that keeps blockchain enthusiasts from utilizing the world’s collective knowledge.
A Society Built on Blockchain Technology with ICX Coin
ICON has created opportunities to present the success of its system in connecting other blockchain networks to its own network.
The technology is already available in sectors like finance, healthcare, and insurance. And ICON has taken on projects with a university, a hospital, and insurance providers to develop the central network further and connect these industries together.
ICON and ICX Coin are set to connect South Korea in the long-run to seamlessly share information. ICX Coins will be one way to transfer information and currency between various industrial sectors in Korea.