What is ICON Cryptocurrency (ICX)?
The ICON Cryptocurrency (ICX) is a cryptocurrency network that was launched in 2017 by a company based in South Korea. ICX is the associated cryptocurrency token or coin. ICON is actually a complete blockchain network, with the primary purpose of facilitating the connection and interaction of various blockchain software programs through the ICON network.
ICON aims to serve as a sort of a blockchain hub or a point of connection. The company is addressing an important need in the growing field of blockchain technology. One of the challenges for the widespread adoption of blockchain technology is that each separate blockchain community uses its own network. Therefore, the ability to connect the various separate networks is a major step forward in blockchain technology, which is increasingly being used as a more secure mechanism for the transfer and/or storage of all types of data.
One of ICON’s major projects is developing blockchain-based driver licenses through its Decentralized Identity (DID) technology. Under the current system, the drivers’ license information is all stored on a central server, leaving it vulnerable to security leaks through cyberattacks and hacking. ICON’s goal is to create a decentralized system where individuals can simply keep their authenticated personal information on their mobile phone or a similar device.
- The ICON Cryptocurrency (ICX) is a cryptocurrency network that was launched in 2017 by a company based in South Korea.
- ICON’s blockchain network facilitates the connection and interaction of various other blockchain software programs through the ICON network.
- ICON works with several significant blockchain “partners” that use its network, primarily in the areas of finance, government, and healthcare.
ICON’s blockchain technology is part of the rapidly growing field referred to as “DeFi” – short for “decentralized finance.” ICON’s own decentralized exchange establishes and maintains currency reserves for each of the blockchain networks connected to ICON, giving all members of the ICON “community” the ability to easily exchange value in real-time.
ICON works with several significant blockchain “partners” that use its network, primarily in the areas of finance, government, and healthcare. The company recently reported that the South Korean tourist resort, Jeju Island, will begin using ICON’s decentralized identity program to provide secure contact tracing of visitors to the resort who test positive for the COVID-19 virus.
ICON’s blockchain network includes several distinct services, such as “BROOF,” a document issuance service used by Pohang University for issuing diplomas. The digitizing of diplomas provides fraud protection and makes it easier for employers to verify the educational status of potential employees. The company also provides anti-spam technology for South Korean government agencies and more than a dozen banks.
ICX as a Cryptocurrency Investment
Compared to its counterparts, ICX, the ICON network’s cryptocurrency token, is not very popular among cryptocurrency investors. The ICX token debuted in 2017 with a price of around $0.50. It briefly rocketed to a value just above $13.00 in early 2018.
However, the surge was followed by a gradual decline throughout the remainder of that year that eventually took the token back down to near its original issue value. From late 2019 to early 2020, the ICX’s market price remained pretty stable, trading largely in a range between $0.30 and $0.50, with a 2020 high of $0.78 and a low of $0.11.
ICX’s market price movement is strongly correlated with that of the cryptocurrencies Algorand (ALGO) and Cardano (ADA), two much more widely traded crypto coins, with daily trading volumes running into the billions.
As of January 2021, ICON’s market capitalization is estimated at $315.4 million, and the total supply of ICX tokens in circulation is 580.4 million. The total value of the average daily trading volume in ICX is approximately $90 million.
CFI is the official provider of the global Commercial Banking & Credit Analyst (CBCA)™ program, designed to teach you all the knowledge and skills required to become a skilled credit analyst – including accounting, business analysis, financial analysis, loan security, and credit evaluation and review procedures.
The following CFI resources will be helpful in furthering your financial education and advancing your career: