ICON, hyperconnecting the world
Considered the blockchain of blockchains, ICON could far exceed even Bitcoin according to specialists. Indeed, it offers a more secure platform while accelerating the transfer of funds. It also brings together various sectors such as finance, education, security, health, etc. It contributes enormously to the fluidification of exchanges thanks to smart contracts.
Presentation of crypto
Very practical, cryptos offer an alternative, decentralized, secure and above all cheaper payment method. However, these devices have certain shortcomings in that the blockchain of each sector is more less isolated. This limit on connectivity restricts exchanges.
Second generation crypto
Aware of the limit of the first generation of cryptos, the Dayli Financial Group, a South Korean company from Fintech creates Icon, a broader platform and allowing all sectors to connect. It is one of the largest decentralized networks in the world. This device facilitates connectivity and exchanges between actors in various sectors, both private and public, such as education, finance, insurance, health, security, etc.
To achieve this objective, it interconnects various networks of different sizes thanks to SCORE (Smart Contract on Reliable Environment), a platform of intelligent contracts created by “theloop” and written in Python. Thanks to this device, users can develop and test solutions adapted to their company’s internal processes. The execution of a smart contract requires payment by cryptocurrency, which gives a lot of importance to the ICX, Icon’s token.
To streamline exchanges, Icon is also implementing features such as the inter-chain connectivity tool to ensure the transparency of transactions between different types of blockchains. It has a modular architecture for scaling resources to different hosts. Its specific payment channels also accelerate the speed of transactions in real time.
How does cryptocurrency work?
Thanks to its design, ICON has become more than a cryptocurrency. Presented as a blockchain of blockchains, it has all the features of the standard blockchain while providing a complete structure to accommodate other blockchains.
ICON funds transfer
First, ICON uses ICX to facilitate transactions. Network users can send money through peer2peer operation. In other words, a customer receives an equivalent value of tokens before sending it to the recipient over the same network.
To improve this functioning, the ICON network uses the Loop Fault Tolerance (LFT) algorithm, an improved model of BFT (Byzantine Fault Tolerance). This is a consensus proof of interest program used in the ICON network to speed up transaction speed while ensuring its security. For this, the LFT uses nodes grouped together to confirm the transactions.
The ICON republic
ICON is designed to become the blockchain of blockchains. Other blockchains can therefore connect to the Icon network, while companies have the possibility of executing their smart contracts on the same structure. To make this vision a reality, the Daily Financial Group considers the platform as a republic. Hence the name ICON Republic.
Each community that joins the ICON republic exists as an independent unit represented by C-Rep which makes the link with Icon. Connected communities and blockchains associated with the ICON republic can exchange their assets through the decentralized structure of ICON while using their own consensus mechanism. However, the network uses the LFT consensus algorithm to regulate exchanges without, however, controlling them.
Pros and cons of this cryptocurrency
The Icon has been considered a real innovation since the advent of Bitcoin. It has various advantages which fully contribute to the success of virtual currencies and blockchains in particular.
Benefits of Icon
Regarding the transfer of funds, the ICON network makes it possible to streamline procedures thanks to the decentralization of transactions. In addition, it significantly reduces transaction costs because the platform is not for profit. Thanks to its LFT consensus algorithm, the Icon network is faster while offering a very secure device compared to its competitors. In the event of a conflict, the process of reaching consensus can be restarted quickly until an agreement is reached.
The disadvantages of ICON
Icon also presents risks. First of all, the platform is still recent. Years are therefore necessary to fully deploy its capabilities. Furthermore, ICON is a completely anonymous virtual currency network, like all other cryptocurrencies. Any transaction is therefore fully encrypted and irreversible. The loss is permanent if you mistakenly send funds to the wrong user.
How to buy this crypto?
Before buying, you need to have an appropriate crypto wallet. It will allow you to store the ICX after the purchase. In addition, this wallet must be compatible with your smartphone or computer system while ensuring a high level of security. For information, the ICON award is about 0.2222575 € at the moment.
The Icon is less accessible compared to other virtual currencies. To buy ICOn, you can go to an exchange market or an exchange that trades cryptocurrency exchanges. However, cryptocurrency traders are often the target of hackers. The choice of exchanges without hacking history is therefore essential to ensure the security of transactions. CEX.io, OKEx, and Binance are among the most reliable exchanges trading Icon.
There are also many communities that offer virtual currencies, including Icon. They have the advantage of being more accessible compared to the stock exchanges. Likewise, they can assist you by sharing information on the progress of blockchain technologies. LocalBitcoins.com. is one of those communities. Just go to the website to contact members ready to sell their ICX. Learn about ICON course if you want to trade with euro or dollar.
You can also purchase ICX from ATMs. Currently in full growth, it is a device that approximates standard ATMs. The only concern is that some ATMs only accept Bitcoins. Under these conditions, you must buy bitcoins before converting them to ICX on the foreign exchange market.