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What is ICON?

As both cryptocurrency and blockchain technology become more and more mainstream, several projects are pioneering the push to incorporate this revolutionary tech into economies, markets, and industries worldwide. As international conglomerates, financial institutions, and national governments begin to incorporate blockchains, it is likely that this fusion will only grow.

One such cryptocurrency that has already seen adoption in a number of major industries is ICON (ICX), a South Korea-based project seeking to "hyperconnect the world". As of today, ICON's infrastructure is currently being used by a number of banks, hospitals, universities, insurance providers, and investment firms throughout South Korea.

ICX is a new project whose mainnet launched last week, on January 24. Until very recently, it remained largely unclear what exactly ICX did. However, on January 30, the ICON whitepaper was published, and it has left readers amazed and extremely bullish on the future of this cryptocurrency.

What the Whitepaper Says
Essentially, the framework of ICON is a blockchain of blockchains. In the ICX ecosystem, communities such as universities, hospitals, or banks can create their own blockchains. Each blockchain operating under ICX, while autonomous from one another, connects to the ICX global blockchain system, coined the "ICON Nexus", through the help of specific nodes that act as liaisons between individual blockchains and the Nexus.

Each community blockchain is independent of one another, but all communicate with the same global Nexus blockchain.
This is all made possible thanks to the loopchain technology incorporated by ICON. With loopchain, community-created custom blockchains can be created through a multi-channel approach, individualized through the use of smart contracts to match the exact speed and utility requirements of the individual community. This is a high-powered blockchain implementation with near instantaneous transactions that can scale to 9,000 transactions per second (TPS), according to the whitepaper.

An example of the community blockchain currently in use by South Korean hospitals, where each participant acts as a node and exchanges pertinent information outlined by the specialized smart contract.
ICON is differentiated from its competitors by the actualities and capabilities of its network. While many other projects plan to develop their technology to scale for massive and widespread use, and others also plan to penetrate a number of major industries, only ICON provides a blockchain protocol that is already scalable for worldwide adoption and is currently being used by a number of institutions, businesses, and industries.

As current ICON adopters expand their networks and usage of the cryptocurrency, it is highly likely that other industries and businesses will follow suit. While ICON may appear to have a huge valuation with a market cap of US$2.7 billion, the potential of this coin suggests that its future market capitalization could easily rival that of top competitors such as NEO or even Ethereum (ETH). At current prices, ICX's market cap would require a growth of over 3,000% to match that of Ethereum.
References
  1. https://cryptomaximal.com/index.php/blog/what-is-icon-cryptocurrency-whitepaper-explained
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I think ICON price is undervalued. Anyone purchasing now is getting an incredible deal. Most of the top 30 cryptos are still nothing but pipe dreams and ICX is a real project. So, even comparing crypto value to crypto value ICX is an incredible.
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Guide to use Ledger Wallet on ICONex
Connect Ledger Wallet to your computer and click the “Connect” button below
References
  1. http://chrome-extension://flpiciilemghbmfalicajoolhkkenfel/resource/Guide_to_use_Ledger_Wallet_on_ICONex_Ledger_en.pdf
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WHAT IS ICON
“ Hyperconnect the World ”
ICON is a decentralized network of blockchain communities.
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Beginner’s Guide to ICON

Blockchain was designed to be a decentralized technology, where no one central authority can pull the strings, where consensus drives decisions. However, of late, centralisation concerns have begun to plague many cryptocurrencies and their underlying blockchain networks as a few mining pools have begun to amass a majority of mining power, thereby inching closer to centralised control. Now, blockchain and decentralization, must go hand in hand and that is the very vision some players in this market are trying to make sure of. One of them is ICON. In this beginner’s guide, we take a quick look at what ICON is and why we must sit up and take notice of this entrant to the crypto block.

What is ICON?
This South Korean company works with blockchain technology, and seeks to ensure that the different blockchain networks can reach out to one another and exchange elements through a decentralized medium.

Decentralization is its key goal and it seeks to build a group of blockchain networks that can interact amongst each other without compromising on their own autonomy needs. For example, if we were to compare it using a real-world example, we could possibly compare it to trying to create a body like SAARC, where the constituent countries retain their autonomy and sovereignty and yet have a common platform with no authority figure per se, to make interaction possible. Naturally, by building a blockchain network along those lines, ICON wishes to tap into real-world applications that cryptocurrencies usually do not have. Their token is listed with the ticker symbol ICX.Their motto is:

“HYPERCONNECT THE WORLD” and according to their official website:

“The ICON project is building one of the largest decentralized networks of the world.”

Use Cases and Services of ICON
ICON use cases include the building of decentralized applications or dApps. One of them is Blockchain ID, meant for verifying identification info using smart contracts. The Payment and Exchange dApp is meant to make it easier for blockchain networks to exchange payments with one another, using one of ICON’s services, the ICON wallet. On that note, let us have a look at the services offered by ICON.

1. ICONex:
This is the wallet service offered by ICON allowing for storage and rapid exchange of a wide range of cryptocurrencies, obviously including ICX. With an intuitive user interface and a great user experience design, ICONex is a great offering from the house of ICON.

2. ICONick:
This interestingly named aspect of ICON’s services takes care of a long-standing problem that few give voice to: the needlessly long and convoluted wallet IDs. With this service, you can choose your own ID to have convenient and smooth transactions.

3. Blockchain Interoperability Alliance:
Alongside Wanchain and AION, ICON has become a part of this alliance, to make sure interchain interactions and exchanges become smooth and convenient with a smarter structure. A key element to decentralization, interoperability is a goal of this alliance and drives the vision of ICON as well.

What Makes ICON So Great?
The fact that it is a network dedicated to achieving decentralization makes it a great project in theory and beyond. Moreover, the project’s scalability: that it can be used for interchain interactions, for enterprise needs and many more at a scale large or small, makes it extremely attractive. Lastly, its usability, and the fact that it has such an incredibly convenient user interface which can work with other blockchain technology features such as dApps or blockchain smart contracts to enhance its functionality, also makes it a unique project.
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What is the Best ICON ICX Wallet?

Looking for the best ICX wallet to store your ICON coins? Look no further than our definitive and regularly-updated list of the best wallets for the popular altcoin.

Editor’s Note: The content of this article is provided for informational purposes only. BeInCrypto is independent and has no relationship with any of the provided products or services. Interested users should do their own research before purchasing or using any of the products mentioned here.

Ledger Nano S
The Ledger team opened up support for the mainnet ICX coins in Aug 2018.

The Ledger Nano S is truly a class above when it comes to hardware wallets. It is an extremely popular wallet that supports a whole slew of cryptocurrencies and is shaped like a USB drive. It boasts a robust security chip — the same that is found in credit cards and passports — and has more positive reviews from buyers and media outlets than you can count.

The price point is also very attractive at only $100 — a small price to pay to sleep easy at night, especially if you have heavy ICX bags.

It should be noted that the Ledger Nano S only supports mainnet ICX coins, which came about after the ICX token swap — which is what everyone should have by now, anyway. The previous ERC20 ICX tokens stored in 0x wallets are not supported.

ICX Ledger Support
Image courtesy of Medium / ICON Foundation.
ICONex
ICONex is the official wallet of ICON.

ICONex supports various cryptocurrencies and claims to boast faster transaction times while maintaining secure payments and liquid exchange with an attractive UX and UI. It can be used by way of a Google Chrome extension or a smartphone app supported by both iOS and Android. Users can also create an ICONex ETH wallet.

Note that the ICX token swap feature is no longer available.

ICONex

Our Pick
We at BeInCrypto are not big fans of using Chrome extensions, though other users may not take any issue with this method.

Given the choice, we recommend the Ledger Nano S — thanks to its proven and robust security and user-friendly nature with private keys and your wallet address.

That said, it’s hard to go wrong with official wallets, so ICONex is also an acceptable choice — especially for small amounts. Large amounts may be better stored on the Ledger Nano S.

We do not recommend using any other wallet to store ICX mainnet coins at this time.

What wallet do you use to store ICON (ICX)? Did we miss any you think should be added to this list? Let us know your thoughts in the comments below!
References
  1. https://beincrypto.com/what-is-the-best-icon-icx-wallet/
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