What is ICON?
ICON is a decentralized blockchain network built on and powered by the propriety blockchain engine known as ‘loopchain.’ The ICON network focuses on interoperability. The propriety blockchain transmission protocol allows independent blockchains like Bitcoin and Ethereum to connect to one another and perform transactions. Without an interoperability layer like ICON offers, it would be impossible for separate blockchains to communicate and transact with each other. Cross-chain connectivity opens possibilities for blockchain technology that without it wouldn’t be possible.
ICX is part of the ICON network. The network can run smart contracts, adopt the Proof-of-Stake consensus protocol, and use a protocol called Delegated Proof-of-Contribution.
How Does ICON (ICX) Work?
The propriety blockchain engine that powers the ICON network, loopchain, is designed to handle hundreds of transactions a second. The network was started to ensure data integrity and transparency amongst users, institutions, and companies and transfer mutual assets to diverse blockchains on a single network.
One of the most advantageous features of blockchain technology is its ability to validate and authenticate itself. It’s virtually impossible to make fraudulent transactions on the blockchain. In the case of ICON, the ‘loopchain.’ The long-term goal of the ICON network is to become the ‘interchain’ responsible for connecting multiple blockchains.
The interconnected community of different blockchain protocols and platforms all exist under what developers call the ICON Republic. The ICON Republic functions as a sort of governing body for the interconnected communities of blockchains.
Community Nodes (C-Nodes) govern and maintain each ICON Republic community’s respective blockchain. Each community operates independently of the others and according to their own rules, though the community has no control over how each community member conducts their programs outside of the ICON Republic.
Loopchain was created by ICONLOOP, the group responsible for adapting the loopchain blockchain engine for use by the Seoul, South Korea Metropolitan government. The “Democracy Seoul” platform was designed to incorporate proposals from the public into city-adopted policy.
What are ICON Frequenty Asked Questions?
Where does ICON (ICX) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, ICON currently ranks in position 69 out of the thousands of cryptocurrencies. It is also important to consider ICON‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. ICON has a market cap of $ 1,118,087,793, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 894,442,186,879, Litecoin at $ 11,951,765,459, Ethereum at $ 176,119,874,028, Tether at $ 36,309,551,516, and XRP at $ 21,850,240,912.
What is the price of ICON (ICX) today (updated in realtime)?
The current price of ICON is $ 1.87 in USD. (The price in Euros is 1,55 €; and the price in Bitcoin is Ƀ 0.00003900 BTC.)
What is ICON‘s (ICX) market supply?
The total available supply of ICON is 592,080,119 ICX. The total supply of ICON is 800,460,000 ICX.
What is the 24 hour volume for ICON (ICX)?
The 24 hour volume for ICON is $ 517,972,821.
How has ICON (ICX) performed recently?
ICON‘s price has increased in the last 24 hours by 5.80%. This compares with a seven day change of 20.84%. The trading volume over the last 24 hours was $ 517,972,821. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is ICON (ICX) official website?
Links to ICON‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has ICON (ICX) performed well historically?
Here is a chart showing how ICON has performed historically.
Where Can I Buy ICON (ICX)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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- Binance Smart Chain 'copykat' project loses $31 million in possible rugpullCointelegraph.com News - 8 hours agoUsers now need to ask: how many more protocols are at risk? At roughly 9 am UTC today Meerkat, a decentralized finance (DeFi) protocol on…
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- Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerCointelegraph.com News - 10 hours agoHere’s what decentralized finance experts think about either Ethereum or Bitcoin as the future of DeFi. Decentralized finance is one of the most promising and…