Blog Crypto ICX Coin Review: Could it Spark the Next Wave of Innovation?

ICX Coin Review: Could it Spark the Next Wave of Innovation?

date March 16, 2022 time 5 min read 723 views

While blockchain technology is seen as innovative and cutting edge, developers are often experiencing blockages. This can be due to high fees, slow transaction times, and other issues. The native token of the ICON network – ICX coin – aims to resolve these issues and spark a new wave of innovation.

ICX coin review

ICX coin is the native cryptocurrency and utility token used to secure the ICON Network. The coin is designed to operate as the primary intermediary currency for transactions between different blockchains on the network.

ICON Network played a crucial role in South Korea’s relative success against Covid-19. (Source: Reuters)

The ICON Network is a decentralized transaction platform that allows blockchains with varying governance mechanisms to interact. This is known as interoperability.

Interoperability is the primary goal of ICX coin, and it empowers developers to create and sell decentralized applications (Dapps) with limitless use cases for all kinds of end-users. ICX also enables fast transactions, lower fees than its competitors, and high security. 

ICX coin usage

In addition to its usage for enabling transactions between multiple blockchain networks, you can stake your ICX coin and earn rewards for participating in the security and growth of the ICON Network.

ICX coin can also be traded like any other cryptocurrency in the market. Crypto investors use it as a store of value, traders profit based on the difference between the buying and selling prices.

ICX price history

Initially sold as an ERC-20 token in a crowd sale, the ICON Network launched its ICO in September 2017 and raised about $43 million in eth. The token sale included 50% of the total supply of ICX.

The ICON Foundation, tasked with expanding and supporting ICON’s ecosystem, launched the official network in January 2018. The launch was followed by the ICX token swap, which facilitated the exchange of ERC-20 tokens for the native ICX coin.

After entering the market at $0.47, ICX coin reached its all-time high of $12.4 in January 2018. Within a month, it was struggling to stay at a steady high of $4, and it eventually faced a drastic fall and maintained a steady price of $0.30 up until it hit its all-time low of $0.10 in January 2020.

ICX coin has a bright start before fizzling out. It is yet to scale its early heights.
ICX coin has a bright start before fizzling out. It is yet to scale its early heights. (Source: CoinMarketCap)

ICX coin price eventually gained momentum and rose to its recent high of $3.11 in March 2021. It maintained a healthy price movement until December 2021, before the current bear market knocked it back to sub $1.

Today, the ICX coin price is $0.80. With a 24-hour trading volume of over $497.1 million on Coinmarketcap and a market cap of $579 million, ICX coin currently ranks 102 on the most prominent cryptocurrencies ranking by market cap.

With ICX coin more popular in the Asian markets and currently expanding its reach through global strategic partnerships – more on this soon, and its recent price revival, investors are somewhat optimistic of its future. Some even believe this is the best entry point for new investors. With their ICX coin price prediction, they believe once the market gets bullish, ICX coin price is going ‘to the moon.’

Where to buy ICX

There are several ways to purchase ICX coin, depending on your particular needs and cryptocurrency exchange platforms you’re already transacting on. The best thing is to carefully consider multiple exchanges and look out for one that offers a simple interface, low fees and is generally trusted by others in the crypto community.

Some of the exchanges you can purchase ICX coin on include Kraken vs Binance, Gate.io, and Huobi Global.

ICON Network was founded in 2017 by Min Kim, the former chief strategy officer of DAYLI Financial Group, Korea’s largest fintech holding company, and the chief operating officer at Tapas Media, a U.S. digital content distribution platform. 

The network’s promotion and development are supported by the ICON Foundation, operating as a non-profit entity invested in the growth of the ICON ecosystem. The South-Korean firm has been making strategic moves that seem to be paying off in recent times.

What is the ICON Network

The ICON Network is a blockchain network that aims to build an interoperable blockchain network focusing on delivering real-world utility by advancing hyperconnectivity through the promotion of frictionless value exchanges. Simply put, they are trying to create an autonomous global digital network backed by blockchain technology.

Solving the interoperability problem

One of the problems it solves is the lack of interoperability between different blockchain networks, limiting their potential. Developers spend time replicating the same features on new networks instead of building on the already existing structures. 

ICON's interoperability is a key factor in the success of ICX coin.
ICON’s interoperability is a key factor in the success of ICX coin. (Source: Unsplash)

This approach enables developers to build on each other’s creations and leverage the best aspects of each blockchain. This saves time and resources and allows developers to focus on the most beneficial elements to the ecosystem. 

With its simplification of the development of decentralized applications, developers can create wallets, exchanges, play to earn crypto games, and much more with complete confidence that their creations will function perfectly within the ecosystem.

Another problem The ICON Network tackles are the high fees and slow transaction speeds. The network leverages a Delegated-Proof-Of-Stake (DPoS) consensus mechanism. This gives it high security, responsiveness, and much lower gas fees than major competitors such as Ethereum and Ark.

Making big moves

One of the many reasons holders are still enthusiastic about the ICON Network is its progress and moves the network has made towards achieving its goals as declared on its roadmap.

The ICON Network has been making strategic partnerships that demonstrate its real-world utility.

One of such strategic partnerships is the ICON Foundation’s 2018 partnership with SK Planet to create new customer values and business opportunities by linking ICON’s blockchain technology with Korea’s leading mobile services, such as OK Cashbag and Syrup provided by SK Planet. 

Making a difference in battle against Covid

One of The ICON Network’s exceptional use cases came to the forefront during the global pandemic. The network partnered with several Korean companies to undertake private and secure COVID-19 contact tracing. The ICON Network is helping to ensure the health of Jeju Island’s 15 million annual tourists while protecting personal privacy. 

The ability to quickly and privately prove one’s identity is critical in our daily lives. Healthcare, insurance, banking, voting, passport eligibility, and other use cases rely on the security and accessibility of our identity.

The use cases of The ICON Network’s blockchain platform continue to expand by the day. Its various communities are made up of reputable institutions, including capital markets, insurance, university, and healthcare.

With The ICON Network’s partnerships, development, and growth, the global community is beginning to embrace blockchain technology to solve existing problems. The value of interconnected communities working together as a unit has become more apparent.

While we may not be able to make the exact ICX coin price prediction and the future of ICX coin price, the ICON Network’s positioning as the thriving blockchain ecosystem bridging the gap and fostering interoperability between blockchain communities is a clear indication that the future of ICX coin price is on the right path which can help the investors earn compound interest

Buy with MyConstant loans

With platforms like MyConstant, all you need to do is collateralize your crypto to receive instant crypto loans with low-interest rates and buy ICX coin. Other benefits include:

  • 24/7 customer service.
  • Rates as low as 6%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sounds interesting? Sign up for a free account today and start investing in ICX coin.

Share this article

George Schooling

George Schooling

Invite friends and you both earn 10 USDT when they first lend stablecoins or make a crypto-backed loan

Tags: ICX coin price ICX coin price prediction

0 0 vote
Article Rating
guest
0 Comments
Inline Feedbacks
View all comments