ICON’s slogan, “hyperconnect the world,” is incredibly logical, as the project aims to create one of the biggest decentralized networks found anywhere, allowing for hyperconnectivity between countries and people. The ICON network already exists, and the project has it growing even more to improve numerous functions. At the moment, just some of the communities on the ICON network include e-commerce, banks, universities, securities, insurance companies, and hospitals. The decentralized applications provide benefits for both these communities and those that will use the network in the future.
Who Is Behind ICON?
Several organizations are involved with ICON, including the ICON Foundation, a nonprofit in Switzerland. The foundation will support the community in multiple ways and led the ICON Token Sale. Theloop is a company focused on developing blockchain engines with headquarters in Korea. It is in charge of the Smart Contracts and ICON Nexus development. Finally, DAYLI Intelligence provides DAVinCI, which is the artificial intelligence solution that optimizes distribution and the network. The team behind ICON is extensive, including eight advisors; six members of the foundation council; 13 people in the blockchain department; five in the AI department; and an additional five team members for marketing, design, and security.
What Use Cases Does ICON Have?
Blockchain ID is one of the decentralized apps, or DApps, that make up the ICON network, and it provides new levels of security and identification. Members of the financial security community can use it to verify IDs in other communities. Blockchain ID works via Smart Contracts and will save time when verifying your identity to do things like get a student discount or open a bank account.
Another DApp is Payment & Exchange, which can work between communities, letting a company in one community or industry send money to a business in another community. The ICON Wallet is able to exchange, transfer, and settle various currencies in real-time using a decentralized exchange. This provides uses for nearly all industries, most notably banks, insurance, securities, and universities.
What Are Some Advantages of ICON?
ICON is scalable, working to provide solutions for companies of any size. It works without an issue with Bitcoin, Ethereum, and other traditional blockchains. At the same time, it also works seamlessly with other third-party blockchain networks linked to the real world. This allows ICON to combine the real world with the crypto-world, opening up possibilities for businesses and connectivity.
The ICON network aims to be highly usable, making it possible to utilize blockchain technology in daily lives. Throughout project development, the team has worked to create real-world applications to be used by real communities and businesses. ICON will also have DAVinCI, the artificial intelligence solution from ICON that major financial institutions already trust.
ICON is also decentralized, following a growing trend ideal for free communities. Thanks to the decentralized nature of the network, communities can interact and connect with others, even if they have different structures of governance. Anyone can join the network with their own DApp that has independent governance.
How Do You Become a Node?
Becoming a node on ICON Republic is as simple as creating your own DApp. Those who become nodes receive rewards based on the ICON activation performance. An artificial intelligence system ensures a fair distribution of rewards, optimizing distribution while ensuring total decentralization.
What to Know About the Token Sale
The token sale for ICON’s ICX tokens closed in September 2017. The target was 150,000 ETH, which was the only cryptocurrency accepted during the sale. The total token supply was 400,230,000 ICX, with an exchange rate of 2,500 ICX for each ETH. Fifty percent of available tokens were allocated for the sale, with a further 16 percent going to the reserve. Fourteen percent went to the foundation; 10 percent to community group and strategy partners; and 10 percent to the team, advisors, and early contributors.
The proceeds from the recent token sale are fairly divided, with 20 percent going each to the tech company and one reserve. Another reserve receives 15 percent, with the same amount going toward business development. Twelve percent is allocated for operation expenses, with 8 percent for marketing expenses and 10 percent for strategy partners. Those who missed the token sale can trade for ICX. With the completion of the MAIN NET Launch, you do not even need exchanges to do so. Check for updates on ICON’s social network channels to see when ICX is available on exchanges and where to find it.
How to Buy ICON ICX
You are not able to purchase ICX with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then swap that for ICX at an exchange such as Binance.
Register at Coinbase
For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.
You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.
To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.
Purchase Ethereum
For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.
You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.
Purchase ICX at Binance
You can now send your Ether over to Binance to make your purchase of ICX, take a look at our review of Binance here to see how to signup and purchase on their exchange.
What Has ICON Already Achieved?
In Q3 of 2017, ICON had the first meetup of developers and created the open source for the loop chain. It also partnered with a major bank. In Q4, it completed the ICO and listed ICX, the token. The U-coin pilot service opened at three universities, the blockchain-based auto-claim pilot service for insurance companies opened, and the blockchain ID service opened for financial investment consortium. In Q4, the MAIN NET Launch occurred, as did the Decentralized Exchange Launch. In addition, the wallet released for the web, Android, and iOS.
What Does the Roadmap Look Like?
The next developer meetup will take place in Q1 of 2018. This is also when ICON will expand its partnership with various blockchain networks. It will also expand the DEX reserve pool to include assets in the majority of the most common cryptocurrencies. In Q3, there will be another developer meeting. This is also when the second service launch for the financial investment consortium will occur and the U-coin will expand to 10 universities. In terms of technical developments, Q1 of 2018 will see the V2 version of the network, as well as the launch of the AI advisor and the opening of both the public channel and the representation channel.
Conclusion
Although there are already several decentralized networks, the expansion of ICON should allow for a unique addition to the crypto-world due to its size. Its scalability and accessibility make it a convenient choice for many who favor decentralization. We expect ICON to prove useful to more than just the communities it already serves, growing in terms of applications as it expands.
