What is ICON (ICX)? ICX Multi-Channel Trading Network

What is ICON?

ICON (ICX) is a Public Blockchain platform that allows Blockchains to interact with each other through Smart Contracts. This project aspires to connect the world by building the world’s largest decentralized network. Specifically, institutions like universities, hospitals, financial companies, e-commerce, or any 3rd party providers can co-exist, develop dApps and transact on a single network of ICON.
ICON was founded by Dayli Financial Group – a 4 billion USD Korean Fintech company that also owns the famous Korean Coinone.

ICON has the following advantages:
• Transactions between different blockchains (compatibility with Ethereum and Bitcoin);
• Loopchain smart contract management that enables agreements between blockchains;
• Loop Fault Tolerance algorithm is capable of processing a large number of transactions in real-time;
• Blockchain Signature Infrastructure (BSI) and Public Key Infrastructure (PKI);
• ICON has a blockchain identity authentication system and a personal data leak protection system called Chain ID.

What is ICX?

Cryptocurrency ICON (ICX) is a very potential coin of Korea and was once likened to the Ethereum of Korea. ICX was created to develop various decentralized applications (DApps) such as blockchain-based identity services and decentralized exchanges (DEX). The future purpose of ICX is to allow everyone using ICX to shop, identify, pay, and even use any service that ICON owns.
ICON conducted an ICX Token sale from September 20 and ended on October 20, 2017. A total of 400,230,000 ICX tokens were issued with an initial rate of 2500 ICX = 1 ETH. In which: 50% is sold in the ICO; 15% for storage; 10% belongs to the development team, advisors and investors; 0% belongs to community groups, and strategic partners; 14% belongs to ICON Foundation, a non-profit organization from Switzerland.

Token ICX Allocation

• Token name: ICX
• Founders: Max Kordek and Oliver Beddows
• Country: Korea
• Release date: 2017
• Market Cap: 133,390,303 USD
• Volume (24 hours): $25,350,439 USD
• Circulation: 473,406,688 ICX
• Total money supply: 800,460,000 ICX
• Rated 42

Currently, ICON ICX has been listed on many major exchanges, you can buy it at Binance, Huobi, OKEx, Crypto.com, Upbit, etc. Which, ICX is traded the most on Binance (ICX/USDT). accounted for 21.19%, ICX/ETH accounted for 21.18%, OKEx floor (ICX/USDT accounted for 15.28%)
With a total supply of 800,460,000 tokens, ICX is allocated by the ICON Foundation at the following rate:

• 50% for Token Sale.
• 14% hold ICON Foundation.
• 10% for community groups and strategic partners.
• 10% for team, Advisors, and early contributors hold.
• 16% for the reserve fund budget.

ICX’s inflation rate can be up to 20% per year

Outstanding Features of ICON (ICX)

• Smart Contracts (ICON Points): Blockchain IDs are issued through smart contracts for verification in all communities. Opening a new ID only takes a few seconds and can be discounted.
• Payments and transactions: Based on the Wallet platform for real-time trading, payment, and currency exchange through DEX (decentralized exchange), you can use ICX with a community network like bank goods, securities, insurance, universities, …
• Availability: ICON uses Blockchain technology to build real-world applications for the community.
• Scalability (Loopchain): This is a very nice feature of ICO. Loopchain makes ICON compatible with Blockchains like Bitcoin or Ethereum and all other third-party Blockchain networks that connect to the real world. Loopchain can link other Blockchains together and has smart contract compatibility. ICON connects the virtual world with the real world to inspire new business connectivity possibilities.
• Decentralized: ICON is a decentralized world with free communities. This decentralized network has different governance structures for connecting and interacting. ICON does not limit anyone, ICON network users by creating a new DAPP with independent admin rights.

Besides the above-mentioned features, ICON also developed its consensus algorithm, Loop Fault Tolerance (LFT). This is a consensus algorithm based on BFT (Byzantine Fault Tolerance), with the ability to promote consensus faster by creating a group of Nodes with very high trust.

In addition, another remarkable point is that to be able to connect other Blockchains, Nexus and ICON Republic (C-Rep) will help ICON realize this. Nexus is run on Loopchain with transaction scalability and contract integration. In addition, C-Rep will act as a gateway for other Blockchains to connect to Nexus.

Development team

Development Process of ICON (ICX)

ICX coin has a very clear development roadmap, divided into business development roadmap and technical development roadmap: