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ICON

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Description

What does ICON do?

There are so many different cryptocurrency projects that operate independently. Each separate blockchain has information, data, and users that might be valuable to the others - but they cannot currently share. ICON aims to solve this problem by becoming the “blockchain of blockchains.” It is a decentralized network that connects different blockchains by allowing them to interact with smart contracts.

The goal of the project is to let institutions from all sectors (including financial, healthcare, educational) interact via the ICON platform, named ICON Republic. Blockchains that connect to one another on ICON Republic allow their users to transfer value from one blockchain to another. ICON will also allow its users to develop dApps.

What are ICX coins used for?

Blockchains connected by ICON can exchange value in the form of ICX coins. The project’s decentralized exchange establishes rates of exchange between different cryptocurrencies, thereby allowing the native coin of any connected blockchain to be transferred to any other blockchain, using ICX as an intermediary currency.

Another important function of ICX coins is governance. Members of communities will vote on important decisions by using their ICX coins. Also, fees for transactions and running dApps on ICON will be paid in ICX.

How can ICX coin value appreciate?

ICX are essential for governance within communities. As major cryptocurrencies elect to use ICON to connect with each other, it is likely that each cryptocurrency will strongly desire influence in their community’s decision making process. Therefore, the need for ICX will increase significantly as more projects join ICON and want a say in how their communities are run. Increased demand for ICX will, of course, increase its price.

What is the difference between ICON and its competitors?

ICON hopes to foster an ecosystem to support the interconnection of different blockchains. Other projects with similar goals are Ark and NEO. However, ICON’s approach to building an entire infrastructure that supports all businesses and institutions is more inclusive than the approaches of the other projects.

ICON’s governance, especially, sets it apart from its competition. By facilitating the formation of communities that set their own rules and then allowing communities to interact with each other on a larger scale, ICON is offering an entirely new concept.

  • Mainnet Launch: January 24th, 2018
  • Open Source: Yes
  • Consensus Type: N/A
  • Technology: Blockchain
  • Total Coin Supply: 400,228,740
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Description

What does ICON do?

There are so many different cryptocurrency projects that operate independently. Each separate blockchain has information, data, and users that might be valuable to the others - but they cannot currently share. ICON aims to solve this problem by becoming the “blockchain of blockchains.” It is a decentralized network that connects different blockchains by allowing them to interact with smart contracts.

The goal of the project is to let institutions from all sectors (including financial, healthcare, educational) interact via the ICON platform, named ICON Republic. Blockchains that connect to one another on ICON Republic allow their users to transfer value from one blockchain to another. ICON will also allow its users to develop dApps.

What are ICX coins used for?

Blockchains connected by ICON can exchange value in the form of ICX coins. The project’s decentralized exchange establishes rates of exchange between different cryptocurrencies, thereby allowing the native coin of any connected blockchain to be transferred to any other blockchain, using ICX as an intermediary currency.

Another important function of ICX coins is governance. Members of communities will vote on important decisions by using their ICX coins. Also, fees for transactions and running dApps on ICON will be paid in ICX.

How can ICX coin value appreciate?

ICX are essential for governance within communities. As major cryptocurrencies elect to use ICON to connect with each other, it is likely that each cryptocurrency will strongly desire influence in their community’s decision making process. Therefore, the need for ICX will increase significantly as more projects join ICON and want a say in how their communities are run. Increased demand for ICX will, of course, increase its price.

What is the difference between ICON and its competitors?

ICON hopes to foster an ecosystem to support the interconnection of different blockchains. Other projects with similar goals are Ark and NEO. However, ICON’s approach to building an entire infrastructure that supports all businesses and institutions is more inclusive than the approaches of the other projects.

ICON’s governance, especially, sets it apart from its competition. By facilitating the formation of communities that set their own rules and then allowing communities to interact with each other on a larger scale, ICON is offering an entirely new concept.

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