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ICX
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ICON
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The price ICON today is 1.47 USD, and the trading volume in 24 hours - 86,343,805 USD. The crypto asset has grown by -11.39% over the day. Currently, the coin’s market capitalization is 974,864,599 USD, and has 662,389,594 coins in circulation with the max supply of 10,000,000 coins ICX.

What is Icon (ICX)?

Icon is a project aiming to build a decentralized network of networks powered by cryptocurrencies.

Thus, Icon describes its goal as creating a "digital nation" in which different economic entities can create and control their own forms of value according to their chosen systems of rules.

The idea was inspired by the structure of the real-world economy, in which enterprises, non-profit organizations and government agencies use common means of value (the national currency), but remain separate, but interacting economic entities.

In other words, the idea is that computer applications can use the Icon software as an infrastructure to create their own currency and economy. The computers running the software (nodes) can choose to support the economy in the Icon ecosystem according to their interests.

Icon Republic acts as the hub of the Icon blockchain, managing the process of creating a new ICX cryptocurrency in each block.

Despite being ambitious in scope, the Icon team implemented several iterations of the idea, and following the 2017 official document, an additional document was released in 2019 detailing its technology.

Since 2020, the Icon team continues to regularly release updated roadmaps on Medium.

Who made Icon?

Founded in 2017, Icon was launched by the Icon Foundation, a South Korean organization that promotes the project.

In September 2017, as part of the Initial coin Offering (ICO) for the Icon - ICX cryptocurrency, 150,000 ETH (approximately $ 43 million) was raised as a result of a sale that included 50 percent of the Icon token offer.

The official launch of the Icon blockchain took place in January 2018, and ICO participants received their ICX cryptocurrency in June of the same year.

In 2019, Icon released its own token standard, IRC16, which allows users to issue tokenized assets and securities.

What makes Icon unique?

The Icon blockchain uses a delegated consensus proof - of-ownership algorithm to determine which nodes can add new blocks to its block chain.

The idea used by other major cryptocurrencies such as Tron and EOS is that by not defining blocks through competition (such as mining), the network can reach consensus faster.

The Icon blockchain, in particular, provides interaction between the five main components.

These include:

  • Icon Republic - Network management structure and decision-making committee for blockchain operations. Icon Republic consists of Icon community nodes.
  • Icon communities - a network of nodes within a single management system, Icon communities can work with their own set of rules and consistent algorithms.
  • Community Representative ( C-Rep) - selected nodes from each community that are trusted to communicate with Icon Republic. C-Reps are getting the ICX for their work.
  • Community Nodes (C-nodes) - act as the infrastructure for each community and are responsible for managing and maintaining the community blockchain.
  • Citizen nodes-do not have voting rights, but have the ability to make transactions within the community, with other communities, and with Icon Republic.

How many ICX coins are in circulation?

As of January 2021, there were more than 580 million ICX coins in free circulation, with no maximum supply.

How is the Icon network protected?

The Icon network is protected by the Loopchain system. Similar to other delegated proof-of-stake (DPoS) algorithms, Loopchain assigns nodes to group transactions into blocks, add these blocks to the block chain, and distribute these blocks to other nodes in the network. The validation nodes, in turn, confirm the creation of the block, verify the correctness of the block hash, and confirm the block data.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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