What is ICX?
The idea of combining various blockchain networks into a single system has long been on the minds of developers. And the pioneers in this field were the South Korean company The loop, whose product is the cryptocurrency icon, which subsequently received state support.
In 2017, a team of 50 developers, led by well-known South Korean businessman Min Kim, began developing a platform designed to unite various blockchain-based networks.
Initially, ICON cryptocurrency developed as several independent projects with different goals. ICX predictions were promising.
The core of the crypto was the loop chain project, combining various blockchain systems. Several South Korean insurance companies started testing the technology right away, and the government’s support played a significant role in the implementation and adoption of the loop chain project.
The key idea of the design was to simplify the interaction between different government agencies:
- Financial institutions;
- Insurance companies.
Each instance works in its blockchain system, and the cryptocurrency icon design to unite them and enable the fastest possible processing of contracts using intelligent technology. Now, any citizen applying for help, for example, to a medical institution, should provide their identification data.
ICON will forward them to the insurance company. It will confirm the availability of insurance funds, approve the contract, and transfer the necessary funds after the service delivery. Intelligent contracts are processed instantly, and the clinic client is not required to do anything other than provide an identification code. The idea quickly attracted the attention not only of ordinary investors but also the state. It acted as a guarantor, thereby supporting the project.
On September 22, 2017, an ICO was held, lasting only one day. As a result of trading, the company managed to sell 200 million tokens and attract investments of $42 million. The new crypto calls the ICX.
The purpose of ICON is to simplify the order of interaction between different instances. The benefits from the introduction of the system receive not only banks or insurance companies but also ordinary citizens who are not token holders:
Fast interaction between the various instances. The processing of an intelligent contract is almost instantaneous and does not require the intervention of the citizen;
It is enough to pass a one-time identification and not burden oneself with a bale of necessary documents to receive all-state services;
The cost of services enjoys due to the exclusion of several intermediaries from the chain of transactions. A smart contract allows making transactions directly between two parties of the agreement;
Security. Blockchain technology makes it possible to keep users as safe as possible from third-party interference. It applies to both token transactions and personal data security.
ICON Fundamental Overview
Thanks to ICON, companies, and individuals can develop their applications with unique cryptocurrencies or tokens inside them. Everybody can exchange one asset for another without using an ICX coin, which speeds up transactions.
Speaking of ICX! At the dawn of blockchain, the total supply of ICX was 400.228 million units. Then it was increased twice – up to 800.460 million. The distribution of coins looks as follows:
- 50% sold as a result of the ICO;
- 17% is on hold;
- 13% preserved by the ICON fund;
- 10% is in the hands of the development team;
- 10% features for marketing and subsequent expansion of the platform.
The program and its main cryptocurrency have several features that make users include ICON in their investment portfolios. The ability to create cryptocurrencies and tokens based on the ICON blockchain.
It would seem that in this respect, the project under consideration is not something unique. Similar functionality has Ethereum or, for example, TRON. But unlike these services, members of the ICON ecosystem can exchange independent tokens and cryptocurrencies directly (without using intermediary platforms).
An auxiliary subchain called LoopChain makes this possible. It connects all of the assets in the global ecosystem. That is, the coins are kind of independent and interconnected at the same time.
The cryptocurrency ICX provides the liquidity of the internal tokens.
Decentralized applications created based on ICON can function without the use of ICX.
The creation of internal blockchain projects enjoys the Python programming language. It is popular among developers, as it allows them to create, test, and run auxiliary projects of different complexity very quickly.
The global ICON network uses the Loop Fault Tolerance (LFT) consensus algorithm. This algorithm eliminates intermediaries from the consensus so that users can interact directly. The introduction of the LFT principle has reduced the number of steps to reach an agreement in the network. Its predecessor, Byzantine Fault Tolerance, has three stages. LFT has 2.5 parts. Seemingly insignificant reduction, but it severely affects the performance of the system.
You can get passive income in the ICON network by stacking ICX coins.
The ICON blockchain bases on the Delegated Proof-of-Contribution protocol, which is very similar to Delegated Proof-of-Stake. What is its essence? Globally, the blockchain of the design in question includes two types of users:
Citizen Node – a separate component connected to the ICON network. The Citizen Node category can include both individuals and entire companies;
Public Representative is a representative unit of the community. This node confirms transfers and participates in the management of the ICON blockchain.
A regular Citizen Node can delegate its ICX coins to one of the Public Representatives and receive a 2-12% annual fee for doing so. The exact interest rate depends on the number of coins delegated: the better. A participant can give his coins to several public representatives at once. In this case, the rate can range from 6% to 36% per annum. The ICON blockchain is almost a record-breaker among networks with a similar protocol In terms of interest charges.
In addition, the blockchain in question has clear signs of cryptocurrency democracy. All ICX Coin holders can vote for one or another Public Representative. The best Public Representatives negotiate technical issues and make decisions to improve the quality of the global ecosystem. The number of candidates is limited. Each member’s vote is virtually worth its weight in gold.
The principle of geographic distribution ensures the decentralization of the ICON blockchain. A particular Public Representative can represent the interests of a large or small geographic region: from a state of a country to a continent. The territorial coverage depends on the number of users and their density: the larger and more dense, the smaller one representative area, and therefore the more Public Representatives, which automatically increases the degree of decentralization.
ICX History price analysis
To understand the ICX price prediction, let’s take a look at its history.
The coin’s history began in October 2017 with a price of $0.51. By the end of the year, it had risen to $5.27, and on December 26, the rate reached $7.01.
On January 9, 2018, the price was $11.22 and then dropped to $7.92 at the end of the month. The cryptocurrency bottomed at $1.89 in April; to climb to $4.52; to fall again by the end of May to $2.26. After that, the coin’s gradual decline continued. At the end of the year, its price was $0.25.
In 2019, the cryptocurrency continued to fall. It dropped to $0.19 in February, and by November, it drops to $0.12.
The 2020 coin started the year at $0.11. Throughout the year, the rate fluctuated as high as $0.6. At the end of the year, it was $0.45.
In 2021, the price of the coin began to rise:
- January $0.76;
- February $2.22;
- March $2.91;
- In April, the coin began to fall. By the end of June, the rate fell smoothly to $0.83.
ICX price prediction 2021
The mathematical analysis provides us with ICX future price prediction. The ICX exchange rate forecast assumes a smooth rise to $0.97 by the end of the year without sharp fluctuations.
Minimum and Maximum price of ICX
ICX price fluctuations. It was $11.22 on January 9, 2018, and $0.11 on January 04, 2020. That amounts to 10,000%.
Will it cost 10$ by the end of 2021?
We can assume, with great certainty, the coin’s rate will not be $10 in 2021. More interesting is the ICON ICX price forecast in the future.
ICX price prediction 2025
The coin will cost $2.55 in January 2025 and $3.46 at the end of the year.
What impacts do ICX price?
The market determines the ICX coin price prediction. There are several reasons why a design can go wrong:
Is ICX a good investment?
It is hard to say how good an investment ICON is. ICON’s stock prediction depends on too many reasons.
It is possible that ICON not even make it to the end of 2021. Or vice versa, its value will exceed even the most improbable predictions.
However, it is still worth reminding you that you should treat all forecasts caution and analyze the situation yourself.
Making an accurate prediction of the ICX exchange rate is difficult enough. In the world of cryptocurrency, there will always be winners and losers.
Many things could play in favor of a platform like ICON. It has a chance of becoming mainstream for a digital and decentralized future. It could become a necessity, and ICX tokens will be worth hundreds or thousands of dollars.