ICON is considered as the Korean Ethereum, but, unlike ETH, its network was launched only in January 2018.
The founders had to establish their project in a country that have decided to regulate the Cryptocurrencies (unlike others, like China, which, on the contrary, seems wanting to prohibit or hinders them).
We can define ICON as a gigantic network of networks aimed to allow all users to connect instantaneously and automatically, thanks to the blockchain and a shared token (ICX).
From an operational standpoint, the blockchain ICON Republic uses a fault tolerance design (CFT) consent algorithm. This is an advanced version of the Byzantine Fault tolerance algorithm (BFT) that allows faster transaction execution by eliminating the possibility of a bifurcation in the blockchain. It works by allowing network nodes to form enabled groups to determine how many votes each participant receives, significantly accelerating the process.
From a practical point of view, ICON can be used in fields such as health, public administration, education, etc. For example, a health insurance company could make a payment to a hospital on the ICON network. The transaction would be controlled by the Blockchain ICON Republic and could be paid directly at ICX, quickly and transparently; Or it could even be paid automatically in some other currency using ICON's Exchange ( "DEX ") to change ICX into other currencies.
ICON can automate and facilitate many types of transactions; For example, a student could automatically get a student-only discount on a transaction using ICX because their college community added the student's "status" to their Blockchain ID. Student’s identification can be verified immediately by any provider on the ICON network that the student is dealing with. This freedom to define separate regulations for each community also allows global participation in the ICON network without the need to create a system that meets the variety of cryptographic regulations implemented worldwide. The communities in the ICON network will follow the relevant local regulations, with ICON acting simply as a central hub and facilitator of intercommunity transactions.
The ICON wallet
The ICON wallet also has access to the Exchange IDEX, which makes it easier to transfer tokens and buy/sell without having to move to other exchange such as Coinbase or Kraken. In addition, in IDEX most of the important Cryptocurrencies are already processed, including Bitcoin and Ethereum. This advantage can increase the general interest to ICON by allowing users to exchange ICX almost any other Cryptocurrency whenever they want.
Even ICX, like many other Cryptocurrencies, has suffered a strong fall (more than 50%) in the quotes, within the period of January-April 2018, but this could be the right time to buy ICX to a "good " price with a first operating horizon to Medium/long Term (9-18 months). The potential of the project is very good and therefore also the value of the token should grow at an excellent rate.
Currently ICX is listed in USD 4.05, ranking 21st in the Cryptocurrencies market capitalization with a limit of more than 1000 $500 million dollars (a value that has grown significantly in recent months).
It certainly represents a much more interesting digital currency from a commercial and speculative point of view.
Currently it is possible to buy ICX in a dozen exchanges, even among the best known; we suggest: Binance, HitBTC, OKEx, Huobi.
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The views and opinions expressed are the views of Crypto Currency 10 and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material(s) have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.
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