- Category: Edgeware Ecosystem
- Coin Launched: September, 2017
- Resources: White Paper
- Official Website: Icon
- Reddit: Icon
Icon History / Information / Buying / Staking
ICON Cryptocurrency (ICX) is a cryptocurrency network that was launched in 2017 by a company based in South Korea. ICX is the associated cryptocurrency token or coin. ICON is actually a complete blockchain network, with the primary purpose of facilitating the connection and interaction of various blockchain software programs through the ICON network.
HOW ICON WORKS
ICON aims to serve as a sort of a blockchain hub or a point of connection. The company is addressing an important need in the growing field of blockchain technology. One of the challenges for the widespread adoption of blockchain technology is that each separate blockchain community uses its own network. Therefore, the ability to connect the various separate networks is a major step forward in blockchain technology, which is increasingly being used as a more secure mechanism for the transfer and/or storage of all types of data.
BENEFITS OF USING ICON
Some of the benefits of using Icon are:
ICON project also possesses a blockchain feature which enables users to build decentralized applications (DApps).
REAL LIFE APPLICATION
ICON’s decentralized economic model can be used in many real-life situations, including the storage of medical records and other high-profile personal data. Transactions are also processed quickly on the network.
LOW TRANSACTION FEES
Transaction fees on ICON are significantly lower than those of competitors like Ethereum. This is achieved through presence of different blockchains on the network, which aids interconnectivity and eases the transfer of funds, cryptocurrency and data on the network, hence lowering transaction fees.
The protocol used on the ICON network is not easily susceptible to hacking, system breakdowns and cyber bugs. This ensures the security of the transactions performed, and keeps user details safe. It also runs a decentralized system that ensures that the running of the network doesn’t fall into the hands of a select few.
CAN YOU STAKE ICON
The only way to stake Icon is through the Icon decentralised application (dApp).The token is primarily staked for contingency purposes, rather than being used to validate and process blockchain transactions, the Icon platform is the one generating rewards.
OTHER METHODS TO MAKE MONEY WITH ICON
Icon supports lending and borrowing of over 25 tokens, such as ETH, DAI, LINK, and UNI. Users can lend a specific token and earn interest by contributing their tokens to an Icon liquidity pool, from which other users can then borrow. When users contribute their tokens to the liquidity pool, they receive in return what is called “aTokens,” which represents the underlying token (at a 1:1 ratio) plus accumulated interest.
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