On which platforms can ICON (ICX) be bought and sold?
ICX/BTC, ICX/ETH, ICX/BNB
ICON, what is it? It is a kind of network that allows to connect the different blockchains between them. No need for intermediaries or third parties, ICON takes care of the communication of the blockchains. More like an ambitious project, isn’t it? It must be said that ICON’s slogan is: “Hyperconnecting the world”.
One important point to note: ICON was created by a company from South Korea called Dayli Financial Group. This is not Dayli’s first attempt in the blockchain world, since the company is at the origin of Coinone, one of the largest Cryptomonnaie trading platforms in South Korea.
How it works: for which uses can ICON (ICX) be purchased?
ICON is quite unique since it has its own Blockchain protocol: LFT (Loop Fault Tolerance). LFT allows you to inter-connect different blockchains. For the moment, LFT has already succeeded in interconnecting the most traditional (and therefore most adopted) blockchains, such as Bitcoin or Ethereum. Of course, the project’s roadmap plans to create “bridges” to other Blockchains such as NEO or Qtum.
The ICON network is based on Blockchain ID, a decentralized App that provides high levels of security. What can this be used for? For example, identities (which are registered in different blockchains) can be verified following major financial transactions.
Blockchain ID uses smart contracts and therefore saves time during identity verification processes, such as when you take out a student loan. Also, the different communities, acting on different blockschains, can send and receive money. These are quite important use cases for banks, insurance companies, investment funds and even universities and hospitals.
Our review on ICON (ICX): should we buy?
It is true that there are more and more decentralized networks. However, ICON has a rather unique project. It should be mentioned that the network is quite huge and yet very scalable (i.e. it can grow without having to consume a lot of resources). This scalability factor allows it to be adopted by companies of all sizes, unlike Bitcoin or Ethereum and the more traditional blockchains. It is also very accessible and therefore allows relatively new actors, such as universities, to use it.
ICON intends to “hyperconnect” the world and it is indeed a project that the world needs. We are waiting to see if countries and international organizations will use it. If this were the case, we could see the ICON ICX course increase tenfold.
The project therefore has a real utility and that is why we hope to see a strong adoption for this project (provided it does not meet a competitor who would make its technology completely obsolete). It is always welcome to invest in a product that has strong uses (some crypto currencies do not really have any concrete use) because it gives people reasons to buy it, it generates demand and therefore mechanically the ICON ICX price increases.
However, and this is somewhat the case for all crypto currencies at the moment, it is not possible to know if the ICON project will be feasible, and especially within what time frame. The technology to interconnect blockchains does not yet exist and it may well take years. Will the crypto currencies be obsolete by then? No one really knows that. It is therefore this point that pushes us to be cautious in our investment advice to buy ICON ICX.
Yes, the project is commendable and there is a real market for it. However, we do not know how far it has been achieved, so we will have to wait a little longer before we can build certainty about the future of ICON ICX.