|Circulating Supply||800,460,000 ICX|
|Max Supply||0 ICX|
ICON is a relatively new cryptocurrency on the market having been placed on the exchanges in October of 2017. This seems to have mattered little, however, as it is now among the top twenty currencies with a market cap of just over $1.6 billion and daily trading volume of around $100 million.
This surely means that this has to be one of the most exciting new additions to the cryptocurrency exchanges right? It certainly does and through this review, you will find out more about the reasons why this coin is so popular among traders and those that have high hopes for its potential.
What is The ICON Coin (ICX)?
ICON has a core aim of becoming one of the biggest decentralized networks on the planet. This is one of the most ambitious projects out there at the moment and one that is looking to build on the success of other platforms such as Ethereum, Bancor and EOS.
Founded by a South Korean team of highly skilled and experienced computer science engineers, ICON is a platform that allows a bunch of different blockchains to work together and complete transactions.
In much, the same way that the internet is comprised of different protocols that can all communicate with each other, ICON aims to create something similar for blockchain technologies but in a decentralized and more efficient manner.
ICX is the token and cryptocurrency of this network and ICON has already claimed that there are a number of reputable institutions that are making use of their network already.
Whats Special About ICON (ICX)
Among the many uses that have been cited for ICON include the e-commerce, bankings, health, insurance and education sectors. Giving industries such as these a decentralized way to communicate and transact could streamline their processes and cut the costs involved using traditional networks and technologies.
So what is special about ICON?
- Scalability – Because ICON is a blockchain network that is fully compatible with many other blockchains such as those provided by Bitcoin and Ethereum, the potential scalability is huge. Instead of being limited to a single blockchain, the world can potentially connect together via a number of them.
- Their Loopchain – Their blockchain is called Loopchain, a platform is known for its high-performance and the abilities it provides such as real-time transactions that are performed using enhanced Smart Contracts.
- Compatibility – As mentioned previously, ICON is able to communicate and be compatible with a number of other blockchain platforms. This alone could be groundbreaking in the cryptocurrency world.
Those are just three of the main reasons why this project has so much potential and the reason why so many people are optimistic about it.
Where to Buy ICON (ICX)
Despite trading for ICON only starting last October, this cryptocurrency took just a matter of three months to become one of the top twenty cryptocurrencies on the exchanges in terms of market cap.
While there are not as many cryptocurrency exchanges that support this currency as there are for some of the other more established currencies, there are still a few that will allow you to trade it. Five of them can be found below:
Binance might only be a new cryptocurrency exchange having launched in 2017 but it has quickly become one of the most popular. Binance itself started out as an ICO to become what it is today.
If you want a good selection of cryptocurrencies to trade, Gate.io might be your preferred digital currency exchange. No fiat currencies are allowed here, so you will need to own some cryptocurrencies before you can deposit here.
With dozens of cryptocurrencies supported, Huobi, a China-based cryptocurrency exchange might be one of your best considerations. This is a new exchange which launched just last year but is already popular among traders.
OKex is another new cryptocurrency exchange and this one allows the trading BTC and LTC futures against the fiat currencies USD and CNY. There is an extensive list of cryptocurrencies supported at this exchange
HitBTC is another exchange where you will be able to trade your ICX cryptocurrency. Here you can use USD, EUR or GBP to purchase your favoured cryptocurrencies and also perform crypto-to-crypto trades as well.
Investing in ICON (ICX)
There is a reason why the value of ICON and its ICX token has gained so much value in such a short space of time and that is due to the potential of this project. Instead of developing a single blockchain to compete against other blockchains to be number one, ICON promotes the compatibility and communication between various other blockchains.
Each blockchain will still keep their own governance but will be able to run alongside each other and communicate directly.
ICON is not a cryptocurrency but so much more, it is a platform that connects all other platforms. The cryptocurrency will be used on this network to complete transactions and is more secondary to what they wish to achieve.
This project is certainly one to keep an eye on as it seems that many others have already been sold by their vision and backed it heavily.
Do I Need an ICON Wallet?
The cryptocurrency industry is a risky one, not just in terms of the risks involved when investing but also with regards to the security available to protect those investments. The decentralized nature of the crypto world also makes it an ideal target for the many hackers out there.
A hacker is far more likely to be able to get away with hacking a cryptocurrency exchange, steal some currencies and sell them off without being detected or identified than he would be when trying to do the same with fiat currencies.
This is because part of the aim of cryptocurrencies is to allow the anonymous transaction of funds. This aids hackers and is the reason that there have been so many hacking attempts in recent years.
The best practice is to undertake the best storage options for your cryptocurrencies to limit the chances of you ever losing some to these hackers. Using a wallet away from the cryptocurrency exchanges is the best bet. You can opt for hard wallets or wallets that are online or available for download.
Anybody that is serious about the protection of their cryptocurrencies will want to make use of a hard wallet. This is the only method that will allow you to physically hold your portfolio and keep them well away from the internet or even your computer or device.
Check out two of them that support the storage of ICON:
- Ledger Nano S
The Ledger Nano S is widely considered to be the most popular wallet for storing cryptocurrencies. Being a hard wallet, you can keep your currencies offline and out of the reach of those opportunistic hackers that will want to get their hands on them.
Like the Nano S, Trezor is a hard wallet that will keep your portfolio of cryptocurrencies safer than the many third-party software or online wallets that can store them. This wallet is more robust and has a few more features than the Nano but it is quite a bit more expensive.
Hard wallets come at an initial expense and can only support the storage of a limited range of cryptocurrencies, so these might not always be the most convenient way of storing your currencies. In that case, you should instead look for a wallet that can be downloaded as a client on your computer or mobile device or one that can be used online.
These are not as safe as hard wallets but definitely safer than keeping your currencies in the wallet at your exchange:
- MyEther Wallet
MyEther Wallet is a good option for storing all Ether-based coins and tokens such as the ICON cryptocurrency. This wallet can even hold the USD and EUR fiat currencies as well, though these are probably best kept in your bank account whenever possible.
- Ethereum Mist DApp
This wallet is completely open-source and like the MyEther Wallet is designed to hold all Eth-based cryptocurrencies effectively. The good thing about this wallet is that your private keys are stored offline.
Pros & Cons
There is tons of potential for this ICON project so it is easy to understand why it has been backed so well. Could it eventually live out its promise and become one of the major cryptocurrencies? This is yet to be known but we feel it has more chance than many of the other ‘second tier’ projects.
- Multi-blockchain communication and compatibility
- Strong development team
- Many potential uses for industries
- Fairly high cap value
- Stiff competition from the likes of NEO and Ethereum