Trade With ICON ICX on Beaxy

ICON is both the name of the blockchain technology and the company that developed the system. Aside from the technology, the crypto coin ICX stands as one of the firm’s flagship commodity as its value continues to reach an unprecedented level. To explain, ICON is blockchain technology and a network structure capable of linking one independent blockchain to another. Meanwhile, ICX is its cryptographic unit. Simply put, ICON is the system where ICX functions.

ICON profile

ICON ICX Features

Listing

The ICX coin is listed on over 28 cryptocurrency exchanges internationally. It is paired with the more mainstream and well-known digital currencies like BTC, ETH, and USDT. As such, ICX users would be able to get the tokens through their existing BTC, ETH, and USDT Balances.

ETH Wallet Compatibility

Originally released as an ERC20 token, ICX is compatible with the Ethereum wallet to store the coin. Ledger Nano S and My Ether Wallet are among the popular ETH wallets that a client can use.

ICONick

ICONex features a wallet ID called “ICONick”. Through this, users are permitted to create their own nicknames instead of settling with usually long wallet addresses.

ICONex

Later in 2018, the ICON team had launched its own wallet which was called, ICONex. Through this wallet, transactions can be made faster, renders greater security for payments, and provides for liquid exchange for more digital currencies.

DEX Platform

ICON has its own decentralized exchange (DEX) Through this platform, users can make transactions such as settle and exchange currencies in real-time regardless of what part of the globe they come from.

Frequently Asked Questions

ICON ICX Technology

While blockchain and cryptocurrencies are interrelated, the technology is flexible enough that enthusiasts point out its other functions. As it purely depends on its unique archiving ability, transactions including securities, currencies, corporate contracts, loans, intellectual property, and personal information can be kept in a cryptographic ledger.
It is true that blockchains are flexible. However, they too are highly secured. This means that the connection between blockchains is not possible. To resolve that issue, ICON was developed. ICON works as the neutralizer of friction points since centralized transactions like Visa are bound to guidelines and policies.
ICON connects networks using a decentralized exchange. It allows independent blockchains to validate, maintain, and record information from another blockchain. This decreases the need for intermediaries which often entails transaction charges.
Generally speaking, a community is a network of nodes that comply with a policy or regulation. Similar to how Bitcoin, Ethereum, and other cryptocurrency work, ICON is also considered as a community. To make it simpler, the system works the same way as banks, firms, government, health-related and educational institutions. It has its own administrative framework, node count, and traits. The only difference is it is self-reliant and that it has the ability to connect independent communities.
Note that communities have their own approach when it comes to information verification. It follows the pulse of community nodes similar to the consensus-driven approach of Bitcoin. This came to be more favorable than the centralized approach wherein financial institutions follow a hierarchical type.
ICON technology has community representatives that act as decision-makers. These units validate, ratify, and finalize all information before sending it across the ICON republic. Just like how a government works, ICON republic determines key units according to the results of community representative poll. Though this appears to be a typical political administration, actions of the ICON republic aren’t reflective of the independent communities associated with it.
More than its revolutionary blockchain function, it also utilizes loopchain technology, allowing communities to send and receive signals across ICON republic. Oftentimes addressed as a consortium, these communities agree on a singular policy that allows various blockchain networks to work in unison.
The nexus, the core of ICON republic, has wirings connected to different community blockchains. The implemented policy will dictate how the information will be delivered from blockchains to community representatives and finally, to the nexus. To explain further, a blockchain consortium of banks formulates a policy that will govern smart contracts’ authentication without the presence of a middle party. As both parties adjust, transactions are then reflected to their respective cryptographic ledger.

How to Mine ICX?

ICON (ICX), among other altcoins cannot be mined. The reason behind this is that ICON is not based on Proof of Work (POW) unlike BTC, Monero and the like. The coin applies what is called a Delegate Proof of Stake (DPOS).
Depending on the setup that the user has, mining at this point in time, might prove pointless. What is recommended for ICON, so that it may become profitable for the user, is to buy and hold the digital coin until such a time that the price surges, making it sound for a sell.

ICX as a popular Cryptocurrency

The popular virtual coin has been in steady progress, retaining its momentum at the beginning of 2020. Its overall value has amounted to more than $67 billion, with earnings reaching to bitcoin and the larger altcoin markets. The sudden surge in ICX demand could be attributed to a large increase in trading volumes according to CoinMarketCap, it has a 24-hour turnover of an estimated $400 million from a total of $60 million at the beginning of 2020.
February 2020 had seen ICX reaching consistent highs as it rallied to more than 70%. Reports show that the cryptocurrency’s value surged up to $0.6031 as it tallied a 52-week high record. This milestone made traders more elated about the return of the virtual coin season.
Investors have grown skeptical about the sudden surge in value. The company, maintaining transparency, has commented on the parabolic price increase to which they said there are more happening than just a price increase. This has led to wider social media engagements as according to recent reports, ICX snatched sixth place when it comes to popularity.

The Future of ICON ICX

Back in 2017, just when the hype on cryptocurrencies was starting, ICON was called the Korean Ethereum. This is mainly from its ability to facilitate transactions between blockchain-powered networks and communities. It was only after the market had run bearish that it started losing 99% of its value. Since then, it began fluctuating in the broader market.
Now that it has emerged again from a slump, the bigger question is what would be the future of ICON and its cryptocurrency unit, ICX. Many have forecasted that this will completely replace the traditional method of funds transfer and information sharing. But despite the promise it holds, there are still detractors saying that its popularity is fleeting and will eventually be obsolete. We still have to see and for now, let’s just enjoy the opportunity it offers.

Risks of Trading ICON ICX

ICON (ICX) Token Supply ICON ICX has a total supply of 547,442,990 tokens currently in circulation. Right now, word has yet to be given if the crypto broker would release more in time. High-Beta ICX has been proven to show the qualities of being a high-beta token. What this strongly suggests is that the digital currency market forecasts higher risks for ICX compared with the other altcoins, What this means is that users can expect higher price volatility. In a bear market, high beta assets tend to fall faster, but also has the tendency of rising faster in the context of a bull market. Competition in the Market South Korea is seen as the primary market for all cryptocurrencies. It had become the top blockchain hubs in the world. What this implies is that ICON would have more competition, in the Korean market.

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ICON on Beaxy

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