ICON (ICX) Crypto Review. What Crypto Desperately Needs
The ICON coin seeks to serve as a bridge or node of connections between all the cryptocurrencies. The way it does this is by connecting blockchains to allow the transfer of data between them
What is ICON (ICX)
ICON coin is being labeled as a coin to interconnect cryptocurrency. ICON is created on a blockchain and functions similarly to Ether with intelligent contracts. ICON (ICX) is an Asian cryptocurrency that has become the latest big coin to catch the eye of the market.
Here is an example of how Icon works.
Let’s say that you want to pay for a product. The seller only accepts Bitcoin, but you own NEO. The usual way to do it is by going to an exchange and changing NEO to BTC. However, with ICON, the payment can be made without problems. NEO coins leave their blockchain, become BTC, and deposited on your wallet as BTC. The ICON system performs all the transactions needed without you having to worry about it. That’s how ICON works.
This type of functionality is necessary for the cryptocurrency market, with over 8,000 cryptos and counting.
Another objective of ICON is to have a seamless connection between cryptocurrencies and fiat money. And so far several large organizations support ICON.
There are multiple insurance companies, banks, hospitals, educational institutes, and chambers of commerce who have recently started to use ICON.
ICON, like any other cryptocurrency, has a ticker. The ICON ticker is ICX. And while the coin works with a blockchain, ICX does not support mining operations of any kind.
Is ICON Secure?
That’s an important question to answer. Transactions are performed with smart contracts. And that offers a substantial level of security. Smart contracts consist of a digital agreement between the wallet users at the start of a transaction. Once the coins pass from one wallet to the other, the contract ends. This simple process is a secure and transparent way that guarantees the transaction are completed without risk.
Another security feature is the use of a fail-safe loop system.
This method is based on the NEO security system and its BFT23 algorithm. The system secures the transactions with a unique encrypted code. And it’s that which helps to guarantee the completion of the deal.
About ICON
Icon was born in Korea. The coin had a resounding success on the local market and showed a stable price. Moreover, keeping a constant rate through the Bitcoin fall indicated remarkable stability, which confirmed by banks backing the coin.
ICON has big plans which could change the way we transact crypto. The entire roadmap is located on their Whitepaper.
How To Buy ICON (ICX)
The 800.4600.000 ICX coins have already been distributed among the different users within the blockchain. You can obtain some in your chosen exchange or the official site for ICON purchases, Exchange DEX.
Our Battle-tested recommendation would be Changelly exchange for fiat to crypto purchases. Other than passing our test, it is trusted by thousands and has timely support.
How To Store your ICON (ICX)
Regarding wallets, there are many options and websites available. However, it is advisable to use cold wallets to store your coins. Online wallets (hot wallets) are prone attacks at any time. So, if you are still interested in using an online wallet, the Icon wallet is relatively secure and compatible with other cryptocurrencies.
The ICON Team.
The team in charge of managing this critical crypto coin is Dayli Financial Group, formerly called Yello Financial Group. The fintech company has a market cap of more than 4 million dollars as of this writing.
The team is made up of 159 people. Among the hired specialists, they have 98 employees with experience in crypto development, 49 in promotion and marketing, and 12 in management.
Additionally, the organization also owns the Korean exchange company, Coinone. This exchange is one of the biggest ones in Korea and has almost half a million dollars in crypto actives at any given time. However, ICX is not available on that platform exchange. The reason behind that is to avoid a collapse of the Korean market in case something goes array.
The Pros of ICON.
Let’s evaluate the positive aspects of the Icon currency and why it is a good investment option.
High acceptance by financial organizations.
Financial institutions, such as banks or insurance companies, are the biggest Icon supporters. The support provides the Icon foundation with exceptional leverage to start talking about the possibility of exchanging ICX for fiat currency.
It is a bridge between all the cryptocurrencies.
As previously stated, Icon works as a way for people to exchange different cryptocurrencies without much hassle. That means that merchants benefit from it, and users do so too.
Secure and transparent operations.
The intelligent contract system and fail-safe loop protocol ensure transactions within the blockchain without the need for miners. The contract protects the data without any risk. That’s thanks to the link between both wallets.
Moreover, the transaction system is transparent. By using blockchain technology, the user knows about when the transaction began and when it was completed.
Generally, sales are instant, so the time does not differ by much. Nevertheless, the transaction is registered in the blockchain.
Lastly, the fail-safe loop system repeats the transaction until it finishes. The order can still be safely done in case of loss of connection thanks to this system.
The Cons of ICON.
There is a considerable negative aspect to consider when dealing with Icon, and that’s its price. ICX is too stable and undervalue.
Market price
Icon has a fixed price, and it is somewhat low compared to other currencies. The cost of an ICX is around 12$ as of this writing. If we compare that with the likes of BTC, Ether, BCH, its selling price is massively undervalued.
That means that as an asset, it does not have a very high value. So trading it is unattractive. Additionally, the people who invested in these currencies do not currently have dividends.
Impossibility of mining.
Unlike Ether and BTC, this currency cannot acquire through mining. The impossibility to mine Icon makes it challenging to buy through an exchange. Another factor to consider is the few exchange platforms available for this coin. Both elements aid to keep ICX at a low price. Most seasoned traders prefer to hold Ether or BTC in their portfolio.
Final Thoughts on ICON
So while the goods are excellent, the bads are concerning. That said, ICON is a coin with the promise of closing the gap between crypto and fiat.
One of the most impressive things is the fact that they don’t host their coin on their exchange to protect the integrity and value of ICON. This speaks volumes to what they want to accomplish and how they are in this for the long run and not just a quick buck.
As you decide how you want to proceed in the crypto market it is highly recommended that you only use the most trested and secure tools. We have battle-tested and recommend only a handful of tools that will not only protect your crypto but protect your identity as well. See our list of Recommended Tools For Crypto and remain safe.
