What is ICON? ICON (ICX) aims to build a decentralized mesh network powered by cryptocurrencies. In this article what is ICON, what does it offer, what is ICX coin? You can access answers to questions that investors wonder, such as how to buy ICX. As Kriptokoin.com , we have prepared it for you.
What is ICON? What does it do?
ICON is a platform that aims to facilitate the interactions of independent blockchains, also called communities. In the ICON platform, the community is defined as a network of nodes following a single governance system. Accordingly, cryptocurrency networks (like Bitcoin and Ethereum) are considered communities. But banks, businesses, hospitals, schools and governments also participate in this ecosystem as communities.
ICON is backed by ICX, a cryptocurrency token. The project was founded in 2017 by the Icon Foundation, a South Korea-based organization. Accordingly, the aim of the project is to be able to interact on a single network of organizations from various sectors such as finance, security, insurance, health, education and trade. It is also to facilitate a platform where users can trade.
What is ICX coin?
ICX coin is ICON’s native token. Cryptocurrency offers the ability to perform a large number of transactions. It can be of interest to developers who want to build applications on a public blockchain. An example is the Icon Foundation, using its technology to secure medical records. And he says it’s used to speed up claims and payments in the insurance industry, among other use cases. It will become an advantage for Icon to generate attention and partnerships. However, its strategic position in the South Korean market may also be of interest.
How does ICON work?
The Icon blockchain uses a delegated Proof-of-Stake consensus algorithm to determine which nodes can add new blocks to the blockchain.
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In particular, Icon’s blockchain enables collaboration between five key components.
These are:
- Icon Republic : The decision committee for the governance structure of the network and the operations of the blockchain. Icon Republic consists of nodes from Icon communities.
- Token Communities : Being a network of nodes within a single governance system, token communities can operate with their own rules and consensus algorithms.
- Community Representative (C-Rep): Nodes selected from each trusted community to communicate with Icon Republic. C-Reps get ICX for their work.
- Community Nodes (C-Nodes: serve as the infrastructure for each community. They are also responsible for a community to manage and maintain the Blockchain.
- Citizen Nodes: No voting power. But he has the ability to transact within a community, with other communities, and with Icon Republic.
What is ICON? How to buy ICX coins?
ICON is traded on many crypto currency exchanges with large trading volume. ICX coin is currently listed by exchanges like Binance, OKX, Bybit, MEXC. Accordingly, in order to purchase the token, it is necessary to become a member of one of these exchanges and verify the identity. Investors who have created their accounts completely can buy ICX coins by depositing money in their wallets.
