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What is ICON (ICX)?

ICON basic info

Name:ICON
Ticker:
Introduction:

What Is ICON?

ICON is a layer 1 blockchain network, fostering the interaction and interoperability of independent blockchains, which are referred to as communities within the platform. Founded in 2017 by the South Korea-based ICON Foundation, this platform serves as a nexus where various blockchain communities from diverse sectors such as finance, healthcare, and security converge. The ICON network, often dubbed as the "ICON Republic," is designed to mirror real-world economies, providing a platform where different economic actors can issue and control their own forms of value, under rule systems they select, thereby aiming to "hyperconnect the world."

ICON is a sophisticated network framework that facilitates the interaction of independent blockchains, allowing them to transact on a single network. This innovative approach is designed to overcome the limitation of the widespread adoption of blockchain technology, which is often hindered by blockchains operating on their isolated networks. Through ICON, entities from various industries can interact and transact seamlessly, fostering a digital nation where different economic actors can operate under their selected rule systems while remaining interconnected.

Resources

Official Documents: https://icon.community/learn/

Official Website: https://icon.community/

How Does ICON Work?

The ICON network operates using a unique consensus mechanism known as the Delegated Proof of Contribution (DPoC), which is powered by a loop chain algorithm called loop fault tolerance (LFT). This mechanism significantly enhances transaction speed within the network by reducing the steps involved in generating and validating new blocks. The network is structured with several components including Public Representatives (P-Reps), ICONists, and various proposal systems, all working in harmony to maintain the integrity, transparency, and longevity of the ICON network.

P-Reps are at the helm of governance and block production in the ICON network, elected based on the number of votes they receive from coin holders, with one ICX equating to one vote. These representatives play a pivotal role in creating and verifying blocks and participating in policy decisions that shape the ICON project's long-term vision. On the other hand, ICONists are the voters responsible for electing P-Reps, incentivized to vote for representatives who contribute more to the network and support policies they endorse.

Furthermore, the ICON network employs a decentralized grant program known as the Contribution Proposal System (CPS), managed by P-Reps who vote on and sponsor proposals. This system, along with the Network Proposal System (NPS), facilitates the creation or amendment of network policies, fostering a dynamic and responsive governance structure.

What Is ICX Token?

The ICX token is the native cryptocurrency of the ICON platform. It serves as the medium for all transactions within the ICON network. Initially introduced through an Initial Coin Offering (ICO) in September 2017, which raised approximately $43 million, the ICX token has become a central element in the ICON ecosystem. The token supply details, as of 19th September 2023, are as follows: a total supply of 967,068,330 ICX, with a circulating supply of 967,068,267 ICX, amounting to a market capitalization of $165 million.

ICON's Impact on Finance

ICON stands as a beacon of innovation in the financial sector, offering a decentralized financial (DeFi) system that securely stores users' details on digital devices. Its unique interoperability feature, facilitated by the Blockchain Transmission Protocol (BTP), positions it as a hub of economic activity, connecting both public and private networks without requiring trust or consensus among network operators. This feature, coupled with smart contracts, ensures secure data storage and transfer, paving the way for a new era of financial transactions.

Moreover, ICON's economic structure, governed by the ICON Incentives Scoring System (IISS), rewards both voters and P-Reps, fostering active participation and contribution to the network. This reward system, coupled with the network's potential to lower transaction fees and increase transaction speed, stands to revolutionize the financial sector, offering a platform that combines security, efficiency, and economic viability.

What Determines ICON's Price?

In the constantly evolving realm of cryptocurrencies, the current status and fluctuations of the ICON (ICX) price are swayed by a myriad of factors, similar to other digital assets. One of the primary determinants of the ICX token price is the market dynamics of demand and supply, often guided by the prevailing sentiment in the broader cryptocurrency market.

To make educated investment decisions, investors and traders frequently consult the ICON (ICX) price chart and delve into the ICX price history. Additionally, the ICON (ICX) market cap, indicative of the token's existing market value in circulation, plays a crucial role in defining the ICON crypto price. This often has a direct impact on the ICX price, viewed in various popular currencies including USD and EURO.

As we focus on the ICX price today, it's evident that recent developments and updates within the ICON network heavily influence it. The ICON (ICX) latest news, which highlights technological advancements, strategic partnerships, and the shifting regulatory landscape, can have a notable impact on the live ICX token price. For instance, the roll-out of ICON 2.0, a substantial network upgrade, is expected to influence the ICON (ICX) future price significantly. Investors and crypto enthusiasts frequently engage in ICON (ICX) price analysis, keen to assess the prospective implications of such developments on the ICX current price.

Moreover, the potential of the ICX token is glaringly evident in its distinctive interoperability feature. This allows for a smooth interaction between various blockchains, fostering positive sentiment and potentially driving an upward trend in its price.

Looking forward, many are eager to explore ICX price predictions, aiming to pinpoint the possible trajectory of the token in the coming years. Speculative insights, including the ICON (ICX) price prediction for 2023 and beyond, are often based on a combination of historical data, existing market trends, and anticipated future developments within the ICON network.

Investors find it vital to stay updated with the real-time ICX price, making sure to conduct detailed analysis prior to making any investment choices, especially given the volatile nature of the cryptocurrency market. As the ICON network persists in its growth and expands its influence in the blockchain sector, it shows promising signs of fostering a more interconnected and efficient blockchain ecosystem. This, in turn, might pave the way for a bullish trend in the ICON cryptocurrency price, hinting at a bright future ahead for the platform.

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Current price:
All-time high:$12.64
All-time low:$0.1066

ICX supply and tokenomics

Circulating supply:1,037,295,040 ICX
Total supply:1,050,301,188.97 ICX
Max supply:0 ICX
Market cap:$205.20M
Fully diluted market cap:$207.77M

Links

Buy ICON for $1Buy ICX now

What is the development prospect and future value of ICX?

The market value of ICX currently stands at $205.20M, and its market ranking is #320. The value of ICX is not widely recognized by the market. When the bull market comes, the market value of ICX may have great growth potential.

As a new type of currency with innovative technology and unique use cases, ICX has broad market potential and significant room for development. The distinctiveness and appeal of ICX may attract the interest of specific groups, thereby driving up its market value.

What will the price of ICX be in 2025?
Based on ICX's historical price performance prediction model, the price of ICX is projected to reach $0.2284 in 2025.
What will the price of ICX be in 2030?
In 2030, the ICX price is expected to change by -7.00%. By the end of 2030, the ICX price is projected to reach $0.6628, with a cumulative ROI of +238.04%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of ICX and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is ICX worth investing or holding? How to buy ICX from a crypto exchange?

If you want to buy ICX, the following information may be helpful for your investment decisions:
In the last 7 days, the price of ICX has fallen by -8.57%, leading to negative returns for most ICX investors. The market is currently pessimistic about the price trend of ICX.
It is important to note that the current price of ICX has retreated by -98.43% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether ICX is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in ICX or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of ICX, if you want to buy or sell ICX, you can consider Bitget for your trading needs. The best place to buy ICX is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in ICON has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy ICON. Here's a step-by-step guide on how to buy ICON on Bitget.

How to get ICON through other methods?

Using cash to buy ICON is not the only way to obtain ICON. If you have the time to spare, you can get ICON for free.
Learn how to earn ICON for free through the Learn2Earn promotion.
Earn free ICON by inviting friends to join Bitget's Assist2Earn promotion.
Receive free ICON airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to ICON through Bitget Convert, Bitget Swap, or spot trading.

What is ICON used for and how to use ICON?

The use case of ICON may expand as the crypto market and the project itself develop. Currently, you can use ICX to achieve the following goals:
Arbitrage by trading ICX: Since ICX is a frequently traded cryptocurrency, the price of ICX is always fluctuating. Earn more ICX by buying low and selling high on the exchange. Bitget spot market provides a variety of ICX trading pairs to fully meet your needs.
Earn by staking ICX: You can also generate income through financial management methods such as staking ICX or lending ICX. Bitget Earn offers a variety of financial products designed to help you earn more income from your ICX.
Send or pay ICX: If you want to give ICX to your friends, a charity, or a fundraiser, or you want to pay someone with ICX, you can quickly and easily send ICX to the recipient through their payment address.
You can also go to the official website of the ICON project to learn more about the use cases of ICX. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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