Heard about ICON? The first question that comes to mind is what is ICON all about and how does it work? This new term ICON totally different from maximum cryptocurrencies. The primary aim of ICON is to create a unifying system for the administration and integration of unlimited numbers of blockchains of any size.
There are possibilities that ICON might integrate the total bitcoin blockchain. In different ways, the blockchain will be integrated. Starting from a country’s national healthcare blockchain elsewhere to a single company’s or single person’s blockchain. ICON is a highly ambitious system which consists of elements of decentralized governance.
Several things are explained by the guide like where and how to purchase ICX, and breaks down how ICON works so an individual has an idea what the person exactly should get into.
The working of ICON and what’s it all about?
The main goal of ICON is unifying separate blockchains of all various types within a decentralized governance structure, that will be powered uniquely by ICON’s own blockchain system named as loop chain. The main function of the Loopchain is to encompass an infinite number of different rulesets, consensus systems it features depending on the requirement. This is done by operating in various circles, each of this circle has its own nodes and is connected to the loop chain.
The individual nodes
This is what they are called. This is how an individual is connected to the loop chain for making transactions and connecting to as many community nodes as they require.
Community nodes
These are the nodes which are used for representing groups of any sort.
The ICON Republic
These are nodes that can connect in several ways. There can be can inter-community nodes, connections between individuals and communities and connections between community nodes and the Republic. The final result is almost unlimited applications.
For example:
- A personal node can be used by an individual to make blockchain transactions.
- An individual can connect to their bank’s community node which helps them in taking out a smart contract home loan, this gradually and transparently adapts to the rates of the market.
- Hospital nodes shall connect all over the world to instantly security and in order to communicate confidentially with the patient information in case a person is injured while traveling.
- A secure vote can be conducted by industry by polling individual business nodes within that industry.
- ICON gives a way that allows almost anyone to unlock whichever blockchain features they need or want, they can do this in almost any way.
The ICX currency
- The total supply of ICX is 800,460,000, half of it being released to the public in the ICO and the remaining is for future development.
- ICX at the present doesn’t have any sort of token creation. ICO has a balance of deflation and inflation ongoing.
- Deflation – Presently the transaction fees are set as 0.01 ICX in order discourage DDoS attacks. These fees are put back into the secure pool.
- Inflation –Till 20% of the entire volume can be issued per annum.
- ICON has been a great attraction. A company named the loop operates ICON.
How to Buy ICX Tokens?
In the present economic scenario, ICX has been listed on few exchanges, most notable among them is the Binance exchange. With the project development, it is possible that more exchanges will start offering ICX. Below is the list of few popular exchanges where you can buy ICX in exchange of BTC or ETH pair.
Trials have already started throughout Korea and have the potential to see very quick uptake as it starts being used for real-world applications. Korea, as known is the tech capital of the world, and it’s been extraordinarily fast to adopt cryptocurrency. It can be reasonably considered or may be assumed that ICON will also be moving quicker than one might have ever expected. There will be high exposure in upcoming future.
