What is ICX Coin (Icon Cryptocurrency)?
ICON Coin Price
What is ICX Coin? | A Quick Overview
ICON Coin is building a platform to hyperconnect the world and creating one of the largest decentralized networks.
In other words, ICX is aiming to provide a platform for industry and institutional players that anyone can use to coexist and transact on one network.
Just like walking up to a bank and opening an account without showing identification, but just through ICON network.
The History of ICON Coin
The ICO token sale took place on September 20th, 2017.
After they finished their September, they began getting the ICON coin on many different exchanges which leads until today.
They have begun releasing their mainnet and will continue to update their medium in the future.
The ICX Team
While there isn’t much “history”, this is where the ICON team shows promise.
They have 39 different members across four different sections segmented on their website:
- The Foundation Council
- Blockchain Department
- AI Department
Their advisory board has a few notable names.
Of them, Don Tapscott.
Write off the book Blockchain Revolution and pioneer in innovation, media, ad the economic, and social impact of technology.
Here is his full Linkedin.
The Purpose of ICON Cryptocurrency
ICX coin is meant to help circulate and connect various institutions without giving away much identity.
What that means is that instead of creating another centralized area for buying, sourcing, and utilizing the blockchain, ICX aims to create a decentralized connected network.
Inside of ICON’s network communities uses IDs to interact with the network.
The Features of ICON Coin
The Loopchain Platform
In ICON there are many different organizations.
These organizations all connect on something called the Loopchain which allows the transactions to process quickly.
Communities are then linked with community representatives (c-reps) connecting to the Icon nexus.
This loopchain is supposed to help increase transaction capability.
It uses something called loop-fault tolerance (LFT) consensus algorithm.
What is Loop-Fault Tolerance (LFT)
In LFT community representatives act as delegates for their respective communities in ICON’s larger government.
These C-rep nodes act as the votes on ICON Republic's currency issuing, reward policy, and maintaining network integrity.
DAVinCI A.I. Technology
This financial solution A.I. is meant to help create and manage the Incentive Scoring System (ISS).
Depending on a nodes performance and the amount of its contribution, the DAVinCI system will reward nodes with ICX based on a few parameters:
- The Node’s Frozen ICX
- The C-Rep Status
- The ICX Exchange Volume
- The ICX Exchange of the community on the whole.
- The ICX Volume Traded Through The Communities DEX (decentralized exchange)
The ICON DEX will set currency reserves for each blockchain community so that ICON communities can exchange volume in real-time.
It becomes a supplementary portal to allow ICON communities to interact with the republic.
The ICX token will be an intermediary for the trade, while anyone can transfer value or services via the DEX.
The ICX Republic
The republic is the hub for ICON.
It is where all ICON communities coexist within the platform, and it is where C-Rep communities connect using the loopchain.
This republic houses the C-Rep nodes of each community which can vote within the ICON network.
As well, it functions solely as a C-rep communication channel and governance of the total network.
While each C-Rep resides over its community.
The Character of ICON
The ICON team is building real-world applications for communities around the world.
As well, the DAVinCI solution will help facilitate this as it is currently used by many top financial institutions globally.
By being fully compatible with traditional blockchains, ICON aims to blend the crypto world with the real world.
This decentralized network has different decentralized communities and forms of governance.
Anyone can join the ICON network by creating a Dapp with independent governance.
What Does GCA Think of ICX Coin
ICON is trying to branch the gap between many different communities.
One of the major problems is that these blockchains don’t communicate, and by creating a bridge to that gap ICON is trying to achieve something great.
Especially with Don Tapscott being on their advisory board and 39 active team members.
We currently do not hold ICX but will be watching it and reviewing our portfolios in the future.
MORE FROM THE CRYPTOCURRENCY INDEX
What is Ethereum (ETH)? ETH Coin Price We’re excited to see this article help you as an Ethereum Beginner’s Guide to learning the ins and outs, and why it matters. Let’s talk value. Ethereum, or ETH for short is still considered to be in its early stages of development. Although, since ETH was created in…
What is Dogecoin (DOGE)? DOGE Coin Price What is Dogecoin? | A Quick Overview Doge is a meme created in 2013 about the Shiba Inu Japanese breed of dog, which was then taken and converted into a peer-to-peer cryptocurrency. Since then this decentralized peer-to-peer cryptocurrency has taken hold of a market cap over $1 billion…
What is PIVX Coin Private, Instant, Verified Transaction PIVX Coin Price What is PIVX? | A Quick Overview PIVX means: private, instant, verified transactions. That is the basis of what PIVX is. A community-centered blockchain currency for quick transactions. This cryptocurrency aims for private, fast, and secure transactions for anyone using their product. The History…