ICON (ICX)

Qué es ICON (ICX)? | Cryptocurrency10

Official website: https://iconrepublic.org/

What is ICON (ICX)?

ICON (ICX) was established in 2017 by the ICON Foundation, the ICON protocol is a next generation blockchain boasting sweeping interoperability and smart contract functionality. ICX is the native currency to the ICON Republic and its network. The ICON network is powered by a high throughput blockchain engine known as ‘loopchain’ which is developed, updated, and maintained by blockchain firm ICONLOOP a blockchain industry leader despite having strong roots in South Korea amongst fierce competition.

ICON’s consensus mechanism utilizes a Byzantine Fault Tolerance Delegated Proof-of-Contribution (BFT-DPoC) system, this governance protocol calls upon 22 fluid public representatives to produce and validate blocks.

ICON is a self-described aggregator chain with the core of its design having a major emphasis on fostering interoperability. ICON’s plan is to achieve interoperability by laying a web of interconnected networks aggregating all blockchain data into one layer. By bridging all blockchain networks, both public and private, ICON are set to implement communication channels through smart contacts on ICON’s web of networks.

ICON is the first and only blockchain company to receive acclaim from the Ministry of science, ICT and Future Planning, the protocol has also received institutional attention from KAIST University for its consensus algorithm breakthrough, LFT2, which doubles speed without any safety repercussions.

Due to ICON successful networking and extensive monetary supporters building on ICON can provide a framework that promises global acceleration. Icon have undertaken a commitment to advocating for Blockchain as a Service (BaaS), many projects under an umbrella of use cases have used ICON as a successful launchpad. The services already on offer include traditional De-Fi services similar to Automated Market Makers (AMMs) also referred to as Decentralised Exchanges (DEXs) and stablecoins that are used for easy appraisal for crypto transactions. BaaS based applications include decentralised ID apps, hospitality management apps (physical and online) and certificate issuance apps used by major universities and institutions.

Balanced is a DAO (Decentralised Autonomous Organisation) developed on the Icon network. The platform performs a wide range of DeFi (Decentralised Finance) products. Their native asset is Balanced Dollars (bnUSD), which are minted through staking ICON (ICX) tokens. BnUSD is then employed as collateral to create synthetic assets, swap ICON-based assets and supply liquidity. Services such as borrowing and supplying assets provides users with Balance Tokens (BALN), which enable native governance privileges and a share of network fees on the dApp.

The ICON platform also supports NFT (Non-Fungible Token) utility. Craft.network is the current NFT marketplace in the ICON ecosystem, the marketplace hosts a variety of digital art collections available for purchase using ICON (IXC). The collections are often generated from artists, platforms, and other crypto enthusiastic parties within the ICON Ecosystem. The Craft.network uses its own native utility token $CTF for internal governance and staking. The platform employs synthetic assets from corresponding ICON-based platform Balanced for its internal staking pair CFT/sICX staking participants are then granted voting rights on future proposals and a share of the marketplace fees.

VisitMe is a dApp built on the Icon network that employs BaaS, the platform performs blockchain-based visitor authentication services including the processing of invitations, check-in and other confirmations. Smart contracts are utilised to immediately authorise administrative duties and recognises guests’ unique privileges based on their roles. Visitors on the invite list can scan the mobile visit card from VisitMe application to check in or access the venue.

Staking and governance on the Icon platform are strongly interlinked both of which support a unique system that quantifies an individual’s contribution to the network. The network mechanism ICON Incentives Scoring System (IISS) is assigned to each network participant which is referred to as a INONist. The IISS provides a rewarding and incentivising structure for network activity. Network contributions would include engaging in staking options, with rewards scaling based on stake volume and IISS.

Where to Store ICON (ICX)

Exodus is a commonly used, user-friendly software wallet that can safely store ICON (ICX); your wallet addresses are prominently displayed within Exodus for ease of access. Check out our Wallet Guides page for further information on setting up and using various wallets.

If you are holdings a significant amount, you may want to consider a hardware wallet. Ledger is a leading cold storage custodial option and supports storage options for ICON (ICX).

Where to buy and Sell ICON (ICX)

You can Buy & Sell ICON (ICX) by heading over to the Buy Coins page of our website. ICON (ICX) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying ICON (ICX) has never been easier, simply place your order and provide your wallet address. Once your payment arrives ICON (ICX) will be sent directly to your wallet.

If you choose to Sell ICON (ICX) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the Sell Coins page.

Resources

Website: https://iconrepublic.org/
Block Explorer: https://tracker.icon.foundation/
Github: https://github.com/icon-project
Twitter: https://twitter.com/helloiconworld

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.