What is Icon (ICX) Cryptocurrency? Where do I buy ICON (ICX)?
What is Icon (ICX) Cryptocurrency? Where do I buy ICON (ICX)? ICON is a blockchain platform connecting various platforms, such as Bitcoin, Ethereum, New, QTUM Ark via smart contract On the other hand, ICX is a token used on the icon platform. The ICX token also determines the exchange rate between different cryptocurrencies through DEX reserves, so as to achieve transactions between different cryptocurrencies. The icon project wants to "super connect" through "establishing one of the largest decentralized networks." ICON is a $4 billion organization of Dali Financial Group. Many of its team members have worked for the company in the past. Dali Group also owns the Korean Exchange coin ketone
ICON has not ignored the goal of communicating its "hyper connectivity". The summary in their white paper immediately informed readers that ICON tried to overcome our data intensive challenges through the power of blockchain. The company likes to use the medical and insurance industries as examples of ICON's practical applications. When a person goes to the hospital to seek medical services and wants his medical insurance coverage, the hospital on the ICON network can send the details of the patient associated with the blockchain ID to the insurance provider on the ICON network. The transaction will be conducted with icon token, "ICX"
How does ICON work?
ICON's platform is considered as the blockchain of blockchain. The independently managed blockchains can operate according to their own rules and can cooperate with each other on the icon platform. Although in a Nexus (explained later), they will have to abide by certain rules, they will still have governance over their personal blockchain. Think of them as independent countries with their own rules. When they have to cooperate with each other, they work at the international level.
These independent blockchains are connected with each other through ties and have equal voting rights. This decentralized switch is provided with the fifth letter icon in the English alphabet that will allow them to trade with each other through a common token, ICX. Each node has equal rights and has a say in the adjustment of ICX transaction costs. These community representatives ("C-Reps") are remunerated for using ICX tokens to maintain their community's blockchain.
In short, Nexus and loopchain are spaces where different ledgers can communicate, and tokens are microphones where they can communicate.
This system makes ICON the largest and most scalable blockchain in the world. This is a way to let blockchains do what they want to do, and at the same time, make use of the capabilities of other blockchains on a unified platform. It is a solution to a higher level problem.
Components of the icon network
The icon network consists of the following five main participants:
An independent blockchain can be operated according to its own consensus algorithm and governance practice. Community examples given in the ICON white paper include financial institutions, governments, and even Bitcoin and Ethereum protocols. Each community has its own blockchain, and there is no limit to the differences between each community.
Community node (C node)
Node c constitutes the above community. From individuals to institutions, anyone can run C-Node in the community they choose.
The chief representative is the node/individual selected by their community to represent them. In order to qualify for C-Rep, the contribution of a node to the icon network is first assessed by its IISS (icon incentive scoring system) score. The C-Rep position must have a minimum score.
The icon Republic is the center of all the different communities. It consists of chief representatives elected by their communities to represent them. Governance decisions are decided by the Chief Representative. ICON Republic adopts the loop fault tolerance (LFT) consensus algorithm.
Citizen nodes are also part of the icon republic, but they do not have any voting rights. The participation of citizen nodes is realized through distributed applications (DAPPS), which are created in the circular chain and will be described in detail later.
There are four connection methods on the ICON network:
1. Connection between nodes in a single community – communities can freely use consensus algorithms they decide to operate.
2. Connections between nodes in ICON Republic – As mentioned earlier, the consensus algorithm that controls connections between nodes in ICON Republic is LFP.
3. The connection between the community and ICON Republic ICON DEX promotes the value transfer between the community and ICON Republic.
4. Connection between different communities - C nodes in one community connect to C nodes in another community through their respective C representatives in ICON Republic.
Can Icons (ICX) coins be mined?
No, Iconic Cryptocurrency (ICX) cannot be mined, because the network will use DPOS, which is the entrusted share certificate, similar to the Ark Company's protection of its network.
How to purchase ICON cryptocurrency? Where do I buy ICON (ICX)?
Icons or ICX tokens have been listed. You can purchase the list of cryptocurrency exchanges from the following websites: Coin Security, Bisenbu, Upbit, Fire Coin, OKEX, HitBTC, Gate.io.
In general, the above contents explain in detail that ICON is one of the platforms that combine the advantages of blockchain technology and artificial intelligence earlier. In terms of smart contracts and blockchain platforms, ICON is also considered as the main competitor of Ethereum. ICON's white paper points out that ICON can be easily applied to various industries, such as education, health care, insurance, etc. In addition, the ICON platform enables individuals and entities to use blockchain ids on the ICON platform for authentication and enhanced security measures. ICON's Decentralized Exchange (DEX) is also icing on the cake in the overall evaluation of ICON projects. Considering the recent fraud and hacking of centralized cryptocurrency exchanges, DEX or decentralized exchanges are undoubtedly the future of cryptocurrency transactions.