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The Republic of ICON (ICX)
ICON is not just another coin in the sea of altcoins – it is a currency with a bold idea to make all blockchains connected into an amazingly organized blockchain ecosystem.
It seems that the more we are trying to follow up with the latest innovations and technological improvements, especially nowadays with crypto values, the more progressive these technologies become. ICON is one of the coins that is actually pushing this progress forward.
In a couple of months from now, this project could easily become a thing of reality so let’s see what exactly ICX is planning on doing.
What ICON has been up to so far?
ICON is a South Korean currency that became available for trading in October 2017. Since it started to trade across Binance and a couple of other exchange markets, ICX managed to quickly reach its all-time high. ICX started to trade at over 7$ per one unit within a really short time span which made many investors believe that ICON could actually become a huge thing in the world of cryptocurrency.
The time this currency took to get to the point of having ICX sold for as high as 7$ per one unit was pretty short, but then it soon started to fall.
After all the falls in its price, concluding with the recent change that took ICX’s price down for -6.93%, ICON is currently being traded at 3.75$ per one unit. Ranked at the 23rd spot, this currency is not giving up a perfectly bold idea for a series of drops in price.
If we are to analyze the reason behind the latest drop, this case wouldn’t surprise us as much if we would check out the rest of the currencies – almost every currency is going through a bad fall, losing on its price and even dropping for -20% during the last week.
So, the last week was pretty rough and everyone is eager to see how things will be going further at this point as we are slowly entering March. For now, you can purchase ICX on any of the major exchanges that offer this currency for around 3.75$ per one unit. If anything, the time for investing is right as this currency is trading far below its all-time high.
How does ICON work?
ICON is putting their idea into practice as the team behind it has already done a breakthrough by connecting with other blockchain systems. The connection is made possible through loop chains. Loop chain is a type of blockchain technology that allows interconnection between many different blockchain systems. While working on connecting these systems, the connected blockchains are separately existing from the connected chains while still offering a possibility of interference with other blockchains that are connected.
Through these loop chains, ICX is planning on connecting even more independent blockchain systems, going towards creating the greatest network of decentralized blockchain systems that would be able to coexist successfully. All parties would be able to operate with smart contracts with each other thanks to these loop chains, as well as make transactions between different blockchain systems.
The more different blockchain systems ICX would add, the bigger the chances would be for its price to go up. The ultimate goal would be to create a large community of different blockchains connected through these loop chains, that way creating the ICON Republic. The closest ICON comes to this idea is growing.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com