Blockchain technology faces ongoing challenges with privacy, scalability, and interoperability. Various mechanisms have been developed to tackle these issues, and one such solution is Side Chains. ICON is among the first interoperable options available, and BTP is currently in active development.
???? What is ICON?
ICON is a platform that enables independent blockchains, known as communities, to interact with each other. Each community consists of nodes that adhere to a single governance system. These nodes are computers connected to the cryptocurrency network.
The ICON platform involves diverse communities, including well-known ones like Bitcoin and Ethereum, banks, businesses, hospitals, schools, and governments. The platform operates using a cryptocurrency token named ICX. The Icon Foundation, based in South Korea, established the project in 2017.
The main aim of this project is to create a platform where different industries like finance, security, insurance, healthcare, education, and commerce can interact and conduct transactions on a single network.
⚙️ How Does this Crypto Work?
ICON’s platform operates as a blockchain of blockchains. Each blockchain has an independent governance and can function according to its own rules. These independent blockchains connect through the Nexus and have equal voting rights. They can trade using the common token, ICX, on the Decentralized Exchange provided by ICON.
Every node has equal rights and can participate in adjusting ICX transaction fees. Community Representatives (“C-Reps”) are rewarded with ICX tokens for maintaining their community’s blockchain. The Nexus and loop chain act like a space where different ledgers can communicate; tokens are the microphones they use to talk to each other.
This system allows ICON to become the biggest and most scalable blockchain globally. It lets blockchains do their own thing while benefiting from the abilities of other blockchains on one platform. It’s a solution to a higher-level problem.
???? ICON (ICX) Price Overview
ICON conducted its ICO in September 2017, raising approximately $43 million by selling half its ICX token supply. The coin’s price started at $0.4977 and reached an all-time high of $12.64 on January 9, 2018. However, by May 2018, it experienced a significant crash, dropping to $2.66, representing a massive 79% decline.
ICX Price (as of July 24, 2023, 20:02 UTC), the price of ICON (ICX) is trading at $0.217715, with a 24-hour trading volume of $4,732,156.04. Over the last 24 hours and the past 7 days, the price has experienced a decline of -0.86%. ICON has a market cap of $219,703,686, with a circulating supply of 960 Million ICX tokens.