Many blockchain initiatives emphasize blockchain decentralization, yet they have a number of constraints in real-world applications. There are intriguing ideas, such as Steem, which runs a crypto world, a virtual service on top of its own blockchain. However, other projects that attempt to connect to the real world are facing limitations, and hence, realizing the need for more research and development. ICON was founded in order to solve the constraint of connecting the real world to the crypto world.
What is ICON?
ICON is a decentralized network that is distinct from existing centralized networks. Transactions on the ICON Network are confirmed by a shared ledger within the community network, rather than by a centralized authority. This removes the involvement of superfluous intermediaries, resulting in much lower fees. Furthermore, decentralization ensures the community’s autonomy and independence. It is unavoidable to accept the policies and systems defined by the centralized organization in order to connect to a centralized system. To use VISA or MasterCard for payment, for example, you must use their designated system and adhere to their standards. The ICON Network, on the other hand, enables each community to autonomously choose their systems and policies while reliably connecting to other communities when needed.
What is the project trying to achieve?
They are now closer to completing the ICON 2.0 mainnet upgrade than ever before. Additional tests are being done to be on the safe side, but the migration process has already been properly tested on local networks, and they are currently in close touch with nodes and exchanges regarding migration method details. Their goal is to launch the mainnet by the end of October through a network proposal. This will be the beginning of the ICON 2.0 era.
The exact block height for the transition will be determined by the pace of the network migration. Please keep tuned for additional details.
They are continuing to integrate BSC into the Nexus gateway this month. They have finished transferring a bespoke token from ICON to BSC. They are currently completing the BSC to ICON custom token transfer. They have also completed native token transfer contracts, which will be integrated into the interface shortly.
They are also beginning to stage the Nexus portal to a live network. The BTP smart contracts will be implemented to the BTP testnet initially. This is based on the most recent goloop engine, which will also be utilized in ICON 2.0. These contracts will be tested against MoonBase (MoonRiver testnet) and the BSC custom node. The network will then be migrated to the official ICON 2.0 mainnet, MoonRiver on Kusama, and the BSC mainnet.
They are in discussions with numerous potential BTP partners, and they anticipate that several more networks will join the BTP ecosystem. It’s also worth noting that they’re starting to receive inquiries about BTP integration from other blockchains on their own initiative. This is how they envision the network operating. ICON will design BTP and construct the initial iterations of the key modules. Future partners should be able to construct chain-specific solutions using this foundation architecture and code references.
They are all very enthused about the ICE Network’s future plans, which include ramping up community activities and ecosystem expansion in preparation for the launch. October should be a busier month in terms of communications, with much-anticipated information about the launch. They will make those details available as soon as feasible. Please keep checking back.
What is the unique selling point?
- Smart Contract (ICON Score): Blockchain ID is issued via smart contract for verification across all communities. Opening a new ID takes only a few seconds and can result in a discount.
- Payment and Transaction: Using the Wallet platform for real-time trade, payment, and currency exchange via DEX (decentralized exchange), you can utilize ICX with community networks such as banks, securities, insurance, and universities, among others.
- Accessibility: ICON builds real-world apps for communities using Blockchain technology.
- Scalability (Loopchain): This is an excellent aspect of ICO. Loopchain integrates ICON with Blockchains like as Bitcoin and Ethereum, as well as all other third-party Blockchain networks that connect to the real world. Loopchain can connect to other Blockchains and is compatible with smart contracts. ICON bridges the virtual and physical worlds in order to generate new business connectivity possibilities.
- Decentralization: ICON is a world with free communities that is decentralized. This decentralized network connects and interacts with many governing forms. By developing a new DAPP with independent management, ICON does not limit anyone, ICON network users.
Another noteworthy point is that Nexus and ICON Republic (C-Rep) will assist ICON in connecting other Blockchains. Nexus is built on Loopchain and has transaction scalability as well as contract integration. C-Rep will also serve as a gateway for other Blockchains to connect to Nexus.
Aside from that, the project created its own consensus mechanism, Loop Fault Tolerance (LFT). This is a consensus algorithm based on BFT (Byzantine Fault Tolerance), with the capacity to promote consensus more quickly by forming a highly trusted group of Nodes.
- Token Name: ICON
- Token Ticker: ICX
- Blockchain: Ethereum (*)
- Token Standard: ERC20
- Contract: Updating…
- Token Type: Ultility
- Total Supply: 800,460,000
- Circulating Supply: 672,345,675.85 ICX
(*) ICX operates on the Ethereum platform in accordance with the ERC20 standard. However, following the completion of ICON’s Mainnet on January 24, 2018, ICX currency officially transitioned to its own Blockchain platform.
Token Sale ended on 19, September 2017
- ICO Token Price: 2500 ICX = 1 ETH
- Fundraising Goal: ETH
- Total Tokens: 400,230,000
- Available for Token Sale: 50%
- Know Your Customer (KYC): Yes (Period isn’t set)
- Сan’t participate: China, Singapore, USA
- Bonus for the First: No
- Min/Max Personal Cap: 0.01 ETH / 30 ETH
- Accepts: ETH
Token Release Schedule
18, December 2017 (Monday) — Exact unlock time will be released through ICON official email only to contributors.
- For contributors who passed the KYC+AML process, the ERC20 tokens will be unlocked simultaneously.
- For those who have been refunded, the tokens will stay locked and will be retired after the Mainnet launch.
Token Use Case
The ICON network, like other smart-contract enabled blockchains, has virtually limitless potential use cases. Users can deploy decentralized programs for almost any function, from gaming to decentralized money. It may also be used to build unique blockchain-based assets like stablecoins and security tokens.
How to own the token?
- ICON (ICX) crypto tokens are available via Binance.
- These are the ICX trading pairs:
Markets and Community
ICON Price Today (12, October 2021)
- ICON Price: $2.08
- Price Change (24h): $-0.07514 (-3.49%)
- 24h Low / 24h High: $2.05 / $2.28
- Trading Volume (24h): $109,562,299.51 (-5.34%)
- Volume / Market Cap: 0.0789
- Market Dominance: 0.06%
- Market Rank: #75
They also have different forums, chat rooms, and groups to get involved in the ICON Community
ICON’s team is impressive, with over 120 team members across at least 3 departments: AI, blockchain, design, and security.
- Total: 124 people.
- Development: 76 people.
- Business / Marketing: 38 people.
- Operations: 10 people.
Other blockchain platforms that allow smart contract capabilities are ICON’s major competitors. EOS and TRON are very obvious comparisons due to the similarity of ICON’s consensus process to Delegated-Proof-of-Stake. This might change if ICON is successful in its blockchain interoperability efforts and carves out a meaningful niche for itself.
Here are some of the major blockchain systems that can be considered ICON’s competitors:
This project is actively developing both its ecology and its technology. It can be criticized for overstating dates for some features, but that is pretty much the only issue with this project (along with bad communication). This project contains a number of features and prospective use cases that have been noted by the Korean and Seoul governments, with some of them already being initiatives in development. The ever-expanding ICON ecosystem already offers this project with clients and use cases, but some of those projects are already in development, which adds to the workload. With the launch of the ICON Developers portal, this project is now able to foster and nourish developers for their project.
Find more information about ICON:
- ICON KYC Schedule (Medium blog)
- ICON PROJECT: Decentralized Blockchain (Youtube)
- ICON Bounty Program (Medium blog)
- Bounty program (Sharing, Signature BT)
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected]