There are many cryptocurrencies in the market but I developed a sort of love for ICON (ICX) at first sight. I feel it is a cryptocurrency worth your investment.
What is ICON? Is it worth Buying? How does it Work?
This is the best platform for you to get answers to any questions you have about ICON. In this article, I will help you understand ICON better before investing into it. Take your time to read this article and know how to succeed in ICON investment.
Is ICX a Good Investment? – Roope’s Video Review
Name: ICON (ICX)
Short Review: Imagine having a cryptocurrency capable of bridging public blockchains such as Bitcoin, Ethereum, NEO and Qtum? This is possible with ICON. It is a cryptocurrency that comes with a new Consensus Algorithm named LFT (Loop Fault Tolerant). To know how this works, take a closer look below!
Disclaimer: Investing in cryptocurrencies always involves risk. If you are looking for more “secure” ways to make money online, we recommend having a look at this step-by-step online business training.
What Is ICON?
ICON has been designed to be a big scale ecosystem, allowing different blockchain protocols connect to each other via their protocol. It is an online ledger on which institutions such as banks, security firms, universities and private blockchains are able to share their information without relying on an intermediary.
This feature is not offered by other blockchains, hence institutions MUST invest in ICON and enjoy this feature. In ICON, consensus can be reached faster as a result of use of LFT protocol without having forks. This is a feature that financial institutions such as banks have desired to have, making ICON a very promising cryptocurrency in terms of adoption.
In LFT, a fast consensus is reached by creating a group amongst the trusted parties. ICON owner, TheLoops partnered with some leading financial institutions providing them with services like settlement systems with no intermediary agencies, common authentication systems and real time trade systems.
How Does ICON Work? / Benefits of ICON
ICON is a blockchain of blockchains, allowing communities such as hospitals, universities and banks to create their own blockchains. Each blockchain that operates under ICON is autonomous from the other blockchains, and it is connected to the ICON global blockchain system. There are some nodes on the network that act as liasons between the individual blockchains.
This has been achieved by use of loopchain technology. Most blockchain technologies are geared towards being scalable for widespread and widespread use. Currently, only ICON is providing a blockchain protocol that is scalable for a worldwide adoption and a number of industries, institutions and businesses are using it.
The current users of ICON are expected to expand their networks and the usage of the cryptocurrency, and other businesses and industries will follow suit. Currently, ICON has a market capitalization of US$2.7, but this is expected to grow to overtake that of its competitors like Ethereum or NEO.
ICON can be used in companies of any size. The goal of ICON team is to have the largest decentralized network connecting countries and people across the world.
It can work well with blockchains such as Bitcoin, Ethereum and others. ICON works well with third-party blockchains connected to the world. This way, ICON helps connect the real world to the crypto-world, creating new opportunities for businesses.
ICON has increased the usability of Blockchain. The goal of ICON is to be highly usable and make the blockchain technology usable in daily lives. The team has created real world applications that can be used by businesses and communities. It features DAVinCI, an artificial intelligence solution many financial institutions need to use.
Risks of ICON
Every type of investment is associated with some risks and ICON is not different.
Icon interacts with the public via smart contracts. The designers rely on Bancor protocol whose pricing equation is flawed. This protocol has a low liquidity on small currencies.
The ICO suffers a threat from the changes in the price of Ether. If the price of Ether increases steeply, the ICON holders may destroy their coins via the contract. The reason is simple, the contract will have a high worth compared to the coin, meaning that everyone will have to sell the coins to the contract.
Also, Ether has not become stable as we speak. There is a risk when you tie your currency to any unstable one. Consider the Insurance and Hospital as an example. Suppose the value of Ether decreases by 15% in one day, the Hospital community that had received ICX from the Insurance company will feel to have been cheated.
For the case of the average investors, there is risk for you if you hold this token since it is of no use to you if you have no one to sell it to. Also, even if this token is supplied in huge amounts, it will be of no help. Many companies will be expected to use blockchain services so that a real demand may be generated.
There are several organizations involved in ICON, including ICON Foundation, which is a nonprofit organization in Switzerland. ICON has a large team including many advisors, each with some connections that will help popularize this technology across the world. YG Lim leads the Asian product development team.
YG Lim is also working on a number of other blockchain projects. There are large ambitions
associated with this project, and this is expected to draw in more team members.
TheLoop, which is a company headquartered in Korea is also part of ICON team. The company is responsible for developing smart contracts and ICON Nexus. Finally, DAYLI Intelligence is responsible for providing DAVinCI, the artificial intelligence solution for optimizing the distribution and the network.
The ICON team includes eight advisors, 13 people in blockchain department, six members of the foundation council, five in AI department and other five team members responsible for design, marketing and security.
ICON has its headquarters in South Korea, but its popularity has spread out across the world. European and Asian countries are the leading investors in ICON. It is true Bitcoin and Ethereum are the leading cryptocurrencies in the world.
However, ICON is very promising and if its development team delivers on its promises, there are high chances it will become the leading cryptocurrency in the world, overtaking Bitcoin and Ethereum.
The goal of ICON is to connect the world on a global level and enable all blockchains to interact with each other. Many institutions across the world are beginning to adopt ICON. Examples include banks, hospitals and academic institutions.
Is ICON Worth Buying?
In my personal opinion, the sky is the limit to this promising cryptocurrency. For a cryptocurrency to succeed, it must hit the market. It can’t hit the market without bringing something new to the market. However, ICON MUST hit the market because of its unique features.
Banks and other financial institutions are looking to adopt a cryptocurrency that will support a fast consensus mechanism. This is not any other cryptocurrency other than ICON. Organizations are also looking for a way of staying connected with other organizations across the entire world. ICON is the only option as it is geared towards connected organizations running different blockchains across the world.
ICON has all the features that organizations have wanted to have. This will lead to an increased adoption of the cryptocurrency. An increased adoption of this cryptocurrency will lead to an increase in its value, and you may benefit a lot from this. If ICON implements all the features that have been proposed, it will overtake Bitcoin and Ethereum. You don’t have to wait, buy ICON today and you will reap from its expected increased adoption by organizations.
ICON is also backed by the Korean government. This means that the ICON team will not mess with it much. This gives you some level of trust. The ICON team has also invested so much in diverse expertise, and this is expected to drive the success of this cryptocurrency. ICON price for today is $4.7754. It has a current circulating supply of 386 Million coins and a total volume exchanged of $33,151,444. This is expected to increase steadily.
Personally, I have bought ICON. I don’t regret my action. I believe this is the next BIG thing to his institutions, especially those in the financial sector and this will leave me with a BIG smile!
ICON Price Prediction
Are you looking for a virtual currency with a good return? The price of ICON equal to 4.785 USD as at the current (2018-02-19). If you buy the ICON for 100 dollars today, you will get a total of 20.900 ICX.
Some people expect that ICON will reach $100 before the end of 2018. We can’t guarantee anything like that and I would say that even though the ICON would rice, $100 it would be hard to reach $100 soon.
Conclusion – Is ICON a Good Investment?
Yes, ICON could be a good investment. However, no investment will yield returns tomorrow. Invest in ICON today and enjoy the benefits some time later, even if it means 2 years to come! Remember that this is just my personal opinion and not a financial advice. Anything can happen in the world of cryptocurrencies like we have seen in the past.
If you want to learn how to manage risks with cryptocurrencies, I recommend taking a closer look at this cryptocurrency investment course. Investing in cryptocurrencies (and in ICON) can offer you huge returns in the near future but it’s important that you learn to recognize the risks, benefits and the possible changes in the projects.
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What do you think about ICON?
Is it worth buying or not?
How Much will the value be in the future?
I Will be Happy to Hear your Opinion about ICON!
Let’s discuss in the comments below! 🙂
(Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice.)