With so much going on in the crypto world, it is inevitable before the altcoins overthrow Bitcoin from its standing in the coin market. One such altcoin Icon (ICX) seems to be in the race to do so and would be our topic for today!
ICON; an exciting South Korean journey which aims to unify different blockchains at the same time allowing them to interact with one another by providing them a platform to do so.
The ICON system is fantastic in that as it allows communities to be almost completely independent. Unlike the Globalist tones of the whitepaper, the system is the opposite of Globalism.
It implements autonomy in true sense; allowing the Community to have its own rules and a currency and even its own consensus algo. Likewise, ICON allows the flexibility to create Communities in various different countries with various different laws and regulations for crypto companies.
According to Icon Foundation, By building one of the largest decentralized networks in the world, the project ICON aims to Hyperconnect the World. To do this, the ICON team is building a massive platform that will allow various blockchains to interact with each other via smart contracts.
ICON’s loopchain technology will bring about the results by allowing the Communities to connect and interact within the ICON Republic. What ICON intends to set up for its member is a comprehensive platform where members from financial, security, insurance, healthcare, educational, and commerce industries and beyond can coexist and transact on a single network.
Standing in the Coin Market
The ICO for ICON ended in October with the exchanges beginning in the same month by the end. It’s only been around for few months, but at time of writing, it’s currently sitting at the 21st overall ranking on Coin Market Cap.
The coin took up some value entering into December and successfully listed itself on Binance, its first major exchange. THis caused the best surge in the coin value making it go as high as $7.30, more than 10x its ICO price. For now it is trading at $7.35.
Some cool additional touches
A.I. and IISS
ICON makes use of AI; to calculate network’s Incentives Scoring System (IISS) and at the same time to manage exchange rates.
According to the ICON white paper, IISS calculates rewards based on the following factors: “the node’s 1) frozen ICX, 2) C-Rep status, 3) ICX exchange volume, 4) ICX exchange volume of the whole community if it has one, 5) ICX volume traded through DEX if it has one and so on.” DEX, allows communities to trade currencies that ICON’s reserve accomodates without going through the hassle of using public exchanges.
Just as the likes of Ethereum, using the Nexus Public Channel anyone and everyone can build DAPPs. These decentralized applications are then listed in ICON’s DAPP store where anyone with a Citizen Node can download them and then use these applications.
Where to buy and store Icon (ICX)
Binance again tends to dominate the coin’s trade market, having the most exchange volume. 73.44% of this trading is done in BTC, another 15.89% in ETH. OKEx, another of the exchange for ICON, has its own ETH and BTC trading pairs.
ICX, ICON’s coin, works with any Ethereum-compatible wallet. Examples like Meta Mask, Ledger Nano S, My Ether Wallet will support the coin.
How to buy ICX?
Follow this brief guide to buy Icon coins for yourself.
- Use the most suitable wallet for the purpose; MyEtherWallet. Go to myetherwallet and enter a password for yourself and then press ‘Create New Wallet’.
- Click ‘Download Keystore File’. Go through the warnings. It’s very important that you back this file up somewhere safe. Upon the completion of these task select the option I understand and continue.
- Now you will be given a powerful unencrypted private key to your wallet. Next, click ‘Save your address’.
- Now you open up your new wallet. For this simply select the ‘Keystore File’ option, then upload the keystore file you saved before there. After this enter your password which automatically open your wallet.
- An address appear; a string of letters marked as ‘Your Address’. This is your personal wallet address, and it’s where we’re going to be sending your Icon coins. Copy and save the address for future use in the wallet.
- Now we’ll use the site Binanceto exchange your Ethereum for Icon (Make sure you have some crypto currency up your sleeve before proceeding). Click here to go to Binance, and click ‘Register’ on the top right menu.
- Enter your email and a strong password. Click ‘Register’. An email would be sent to you, click the link in the email to proceed.
- Upon confirmation you will be taken back to Binance. Press ‘Login’. On the login page, enter the email and password you just used to sign up, then press ‘Login’.
- On the screen, look for FUNDS option and from there select the Deposit Withdrawals option. Type ‘Ethereum’ in the search box. in the given list find and look up for Ethereum. Once selected click on ‘Deposit’ button.
- Return to Coinbase. Look for the ‘Accounts’ option in the menu, and then find your Ethereum wallet listed on the left. Click ‘Send’.
- In the ‘Recipient’ box, put in the paste the Ethereum wallet address which you copied and saved from Binance. In the Amount tab you fill in the Ethereum amount and when satisfied click on the Continue button.
- Once you see Ethereu in the wallet you are ready to exchange it for Icon coins . Click here to jump straight to the ICX/ETH exchange market on Binance.
- There are two ways of buying coins:
- A ‘Limit’ order and a ‘Market’ buy. Being the simpler choice we use market buy for this guide.
- Look for the big green ‘Buy ICX’ button. Above it, click the ‘Market’ option.
- In the input box marked ‘Amount’ you now need to fill in how many ICX you’d like to buy.
- When you’re happy with the amount, press the buy button. Your order will be filled immediately.
- Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. In the search box, type ICX. You will now see your new ICX in your ICX wallet.
- Click the ‘Withdrawal’ button.
- Some boxes pop up, fill in the information as follows in them; for the Label: Write ‘My wallet’ Address: Put the wallet address that you got from MyEtherWallet. In Amount: Press the ‘Max’ button to send all your ICX. Once you’re satisfied with the information inputted, press ‘Submit’.
- Go back to MyEtherWallet where you ICX are available and visible’. Kudos you are now a proud owner of Icons!
As an ending note we would like to warn you of the volatility of the cryptocurrency so invest wisely while you are at it.