Many experts believe that ICON cryptocurrency is the most advanced cryptocurrency of recent years and they predict a bright future for it. Others are confident that the coin will never be able to break into the world TOP 10. Meanwhile, they are arguing, investors are interested in the more important question – is it worth investing in ICON right now and can we expect good profit in the future? We will describe in this article!
What is ICON cryptocurrency?
The South Korean company Theloop gathered programmers and researchers from the best universities in the country to create a new generation of cryptocurrency in 2015. Their main idea was to build a global network in which different blockchains can interact.
Korean experts finally presented their offspring to the world – the ICON cryptocurrency network with the internal token ICX in 2017. The distinctive components of the new project are
Another feature of ICON is its modular design. The common network consists of separate modules (“communities”), which can launch their own applications, exchange data and carry out both internal and external transactions online.
Each module can work on its own blockchain and by its own rules, but they can all interact with each other through ICON. The network itself does not interfere with this process.
The developers explain the meaning of this technology with the following example. For example, there are 4 hospitals and the main insurance company in the city. In order to receive medical care in one of the hospitals, the patient must present their documents and insurance and the hospital staff must verify their authenticity.
If the hospitals and the company create communities in ICON and the patient registers in the system, the necessary data can be checked and transmitted instantly.
You can organize any interaction in the ICON network in the same way. For example, different companies can exchange data, make payments and enter into cooperation agreements, and ordinary users can order and pay for goods and services.
Where to buy and how to store ICON cryptocurrency?
The main part of ICX trading is conducted on Binance (60% of all transactions) and Upbit (20%). Another 20% falls on less popular sites, mostly – Asian exchanges inaccessible to users from the CIS. ICX is traded only in pairs with BTC, ETH, USDT and South Korean Won.
As for the storage of coins, there are much more options. The ICX token uses the ERC20 standard, so you can keep coins on any crypto wallet that supports this format. The best options are MyEtherWallet, MetaMask, Mist, Parity, Trezor.
However, it is much more convenient to use the official ICONex cryptograph. You can download it at www.icon.foundation in the “Wallet” section. At the moment there are 3 versions of the wallet for Windows, iOS and Android.
ICONex is not just cryptographic storage for ICX. It can hold the tokens of all blockchains that have joined the ICON and any coins of the ERC20 standard (ETH, VEN, EOS, BNB and others). And directly through the wallet you can exchange one cryptocurrency for another.
ICON Crypto Currency: Benefits
For two years, ICON has been working on a well-coordinated team of specialists from the best universities in South Korea. The project is managed by the company Theloop, which has already grown to four full blockchain consortia. One of them – Blockchain Consolidium Financial Investment – is one of the largest in the world.
ICON is the first cryptocurrency officially supported by the South Korean government. The third country in the world (after the United States and Japan) for the prevalence of cryptocurrency, which recently banned ICO and introduced a number of restrictions on the use of digital currency. The fact that the government still supports ICON, testifies to the great prospects and practical value of cryptocurrency.
ICON is supported by well-known investment funds CM Crypto Capital and Kenetic Capital, the largest Asian bank Nonghyup Bank, Korea Healthcare insurance company and developers from the Ripple Foundation. All this has a positive effect on the market capitalization of cryptocurrency.
25 brokerage companies, 6 hospitals, 3 universities and several banks from South Korea have already concluded business contracts with the ICON team. For all these organizations, their own communities will be created, united in the ICON network.
In addition, ICON technology is already embodied in decentralized applications of the most varied sense: Stove (production and distribution of entertainment content), Silkroad (trade and procurement tracking), Nucleos Vision (Internet of Things) and others.
The plans for 2018-2020 include the launch of the internal decentralized exchange ICON, synchronization with the main payment systems and even the introduction of artificial intelligence technologies.
However, the main advantage of the project is to combine different blockchains. According to experts, ICON can become a bridge to a new model of economic relations. However, so far it is unclear whether this model will be able to go global.
Cryptographic ICON: flaws
Yes, the Korean government supported the project, but now the country is strengthening state control over the cryptocurrency market. Some experts suggest that the Korean government simply will not release the project outside the country. The global ICON network can be forgotten in this scenario.
It is already noticeable that the project is developing in a very limited region. The coin is best represented on Asian markets and all major project partners and investors are associated with South Korea. It also focuses on companies and institutions that plan to create communities in the ICON network.
However, it is not the fact that ICX will become a full-fledged tool for trading. Many experts are alarmed by the inflationary nature of cryptocurrency. The planned annual inflation rate is 20%, which casts doubt on the possibility of long-term earnings on the ICX.
In addition, many traders are still not sure whether to invest in ICX at all. The current price of a coin is very far from the expectations placed on it at the very beginning of the ICO.
How and why did ICON cryptocurrency cost change?
The developers spent ICO, which brought them $ 42 million in September 2017. In just one day, investors bought 200 million ICX at a price of 11 cents per token.
Immediately after the ICO was completed, the coin appeared on the Asian cryptocurrency exchanges and was already trading 40 cents. The cost of the ICX rose to $ 1.9 at the end of November and the market capitalization reached $ 500 million.
Binance accepted the coin in December and market indicators began to grow even more actively. Cryptocurrency capitalization increased especially sharply. On December 26 it already amounted to 1.9 billion dollars. It gained another 100 million in just 2 days and in the first decade of January it exceeded 4 billion.
The historical maximum price also fell in January. The ICX’s market value has risen to 12.5 dollars on the 10th. However, then the ICON position shaken noticeably.
Throughout February, the price of the coin ranged from around $ 3 to $ 5, while the market capitalization was now down to $ 3 billion, then it fell below $ 2 billion.
Analysts attribute this trend to the general decline in the cryptocurrency market, which was promoted at once by several factors. First of all, a large part of the Chinese traders and miners came out of the game, which the government simply forbade to participate in operations with cryptocurrency.
The situation was aggravated by the prohibition of advertising cryptocurrency by the social network Facebook. In addition, many investors began to exit the cryptocurrency market due to the scandals with Tether. As a result, capitalization of the entire market and individual coins went down. ICON was one of the most affected altcoins.
Its position aggravated the relationship with South Korea, which banned not only ICO, but also any anonymous operations with cryptocurrency, and also threatened to close internal cryptocurrency exchanges.
Although the government of the country further supported ICON, many investors doubted the future of cryptocurrencies and began to actively sell their savings in the ICX.
The cryptocurrency was still in decline in March. The price of the token did not rise above $ 2 and the market capitalization dropped to $ 600 million.
However, at the end of the month, the developers managed to return some of the lost positions. First of all, the team began to cooperate with large investment funds, which immediately increased the capitalization of cryptocurrency. They also brought their token to Bithumb and Upbit, due to which they increased the volume of ICX trade.
ICON’s market performance finally went up in early April. At the time of writing, ICX is trading at $ 4.3, and capitalization is $ 1.6 billion. Today, cryptocurrency is ranked 20th in the CoinMarketCap ranking.
Should I invest in ICON cryptocurrency?
According to experts, the ICX rate is still being corrected and in the coming months will continue to demonstrate a series of ups and downs. Therefore, investors who are only planning to purchase ICX can still take advantage of the right moment to enter the market.
Moreover, most experts positively assess the prospects of ICON. However, they note that to get tangible profits, ICX is best bought for long term.
As long as the exchange rate fluctuates within 1-2 dollars, a lot of money will not work. However, experts expect prices to rise to $ 30 for 1ICX until the end of 2018.
If ICON technology becomes widespread (it will be used in commercial organizations, government agencies, and so on), the price can rise very high. However, this will happen no sooner than in 2020, which is scheduled for full-scale deployment of the platform.
If this does not happen, the technology will not be so popular or the South Korean government will impede ICON’s global advancement, ICX risks remaining a local altcoin with very modest market indicators.
Nevertheless, experts advise to withdraw at least 15% of the cryptocurrency portfolio for 2018 under ICX and wait for the development of the situation. Moreover, there are already positive developments.
Just recently, ICONest was launched – an online service for launching decentralized ICON-based applications, to which many companies have already shown interest. If the service becomes popular in the business segment of the market, the ICX price will finally break through the downtrend and enter a phase of active growth.