ICON Overview: How Does It Work?
ICON is a decentralized blockchain network created for communication between individual communities and blockchains. The main goal of the ICON team is to provide a decentralized framework for web applications of companies from a variety of industries. ICX tokens belong to the ERC-20 standard.
Several independent blockchains are operating on the site. The platform should facilitate efficient transactions between different blockchains, even if they use distinct consensus mechanisms.
The system operates on the principle of the Internet, which has collected a huge number of protocols. This is how the ICON project is supposed to work. Its goal is to create an environment that is in demand by various types of blockchains. The creators of the cryptocurrency used the experience of such systems as Bancor and Ethereum in their work.
The ICON blockchain works on the basis of the Delegated Proof-of-Contribution protocol, which is very similar to Delegated Proof-of-Stake. Globally, the blockchain of the ICON project includes two types of users:
- Citizen Node is a separate component connected to the ICON network. The Citizen Node category can include both individuals and entire companies.
- Public Representative is a representative unit of the community. This node confirms transfers and participates in the management of the ICON blockchain.
Potentially, this cryptocurrency has a broad scope of application: e-commerce, securities trading, financial organizations, higher education institutions, and so on.
Decentralized applications (dApps) are being developed on the platform. Currency conversion software, payments for goods and services, as well as blockchain identifiers are among the most popular ones. Applications created, for example, to test authenticity in one network can be used by other programs. The mechanics of the ICX token identification can be applied by various financial organizations.
The main features of the ICON cryptocurrency are listed below.
- ICX has high compatibility: the platform can interact with blockchains of popular cryptocurrencies, such as Bitcoin and Ethereum. This characteristic is necessary for the introduction of digital money into the real world.
- The platform is decentralized. This approach is typical for most blockchain projects. Each blockchain that is connected to the Nexus platform has basic functions. As stated by creators of the cryptocurrency, their approach represents the principle of real self-government. The Nexus platform provides ample opportunities for the joint solution of tasks related to making various adjustments within the common network’s framework.
- The ICON cryptocurrency is based on the Loopchain model. It guarantees online payments built on an improved version of smart contracts. The key purpose of Loopchain is corporate use. A crucial detail here is that smart contracts can communicate with other ICON-based platforms.
- ICX is equipped with reliable protection. The ICX blockchain uses a consensus mechanism based on the Loop Fault Tolerance algorithm. It is based on a modified Byzantine BFT model; its peculiarity lies in the high speed. The vital purpose of this protocol is to ensure a systematic update of the platform without a hard fork.
- ICX has a modified Loopchain function. It is called the Smart Contract on Reliable Environment (SCORE). Its purpose is to ensure the execution of transactions in the existing ecosystem of the block, excluding the use of additional mechanisms. The function adapts to different applications.
Below you can find a video review of the ICON cryptocurrency and its native token ICX.
ICON Price Chart
|Price Change 24h||1.22%|
|Price Change 7d||5.94%|
|Circulating Supply||919,483,096 ICX|
|All time high||$12.64|
|All time low||$0.11|
ICON Technical Analysis
ICON Price Analysis
According to the latest data gathered, the current price of ICON is $$0.36 and ICX is currently ranked 113 in the entire crypto ecosystem. The circulation supply of ICON is 919,483,096 ICX with a marketcap of $328,221,764.86.
In the past 24 hours, the crypto has been increased by $0.0044 in its current value.
From last 7 days the ICX was in good upward trend and increased by 5.94%. ICON has shown very strong potential lately and this could a be good opportunity to dig right in and invest.
During the last month, the price of ICX has increased by 37.31%, adding to the value a colossal average amount $0.13 to its current value. This sudden growth means that the coin can now become a good asset if it continues to grow.
ICON Price Prediction 2022
According to the technical analysis of ICON prices expected in 2022, the minimum cost of ICON will be $0.37. The maximum level that the ICX price can reach is $0.42. The average trading price is expected around $0.38.
ICX Price Forecast for September 2022
Based on the price fluctuations of ICON at the beginning of 2022, crypto experts expect the average ICX rate of $0.36 in September 2022. Its minimum and maximum prices can be expected at $0.32 and at $0.37, respectively.
October 2022: ICON Price Forecast
Cryptocurrency experts are ready to announce their forecast for the ICX price in October 2022. The minimum trading cost might be $0.35, while the maximum might reach $0.38 during this month. On average, it is expected that the value of ICON might be around $0.37.
ICX Price Forecast for November 2022
Crypto analysts have checked the price fluctuations of ICON in 2022 and in previous years, so the average ICX rate they predict might be around $0.37 in November 2022. It can drop to $0.36 as a minimum. The maximum value might be $0.40.
December 2022: ICON Price Forecast
In the middle of the year 2022, the ICX price will be traded at $0.38 on average. December 2022 might also witness an increase in the ICON value to $0.42. It is assumed that the price will not drop lower than $0.37 in December 2022.
ICON Price Prediction 2023
After the analysis of the prices of ICON in previous years, it is assumed that in 2023, the minimum price of ICON will be around $0.56. The maximum expected ICX price may be around $0.67. On average, the trading price might be $0.58 in 2023.
ICON Price Prediction 2024
Based on the technical analysis by cryptocurrency experts regarding the prices of ICON, in 2024, ICX is expected to have the following minimum and maximum prices: about $0.82 and $0.97, respectively. The average expected trading cost is $0.84.
ICON Price Prediction 2025
The experts in the field of cryptocurrency have analyzed the prices of ICON and their fluctuations during the previous years. It is assumed that in 2025, the minimum ICX price might drop to $1.19, while its maximum can reach $1.40. On average, the trading cost will be around $1.23.
ICON Price Prediction 2026
Based on the analysis of the costs of ICON by crypto experts, the following maximum and minimum ICX prices are expected in 2026: $2.03 and $1.75. On average, it will be traded at $1.80.
ICON Price Prediction 2027
Crypto experts are constantly analyzing the fluctuations of ICON. Based on their predictions, the estimated average ICX price will be around $2.54. It might drop to a minimum of $2.47, but it still might reach $3.03 throughout 2027.
ICON Price Prediction 2028
Every year, cryptocurrency experts prepare forecasts for the price of ICON. It is estimated that ICX will be traded between $3.71 and $4.35 in 2028. Its average cost is expected at around $3.84 during the year.
ICON Price Prediction 2029
Cryptocurrency analysts are ready to announce their estimations of the ICON’s price. The year 2029 will be determined by the maximum ICX price of $6.58. However, its rate might drop to around $5.33. So, the expected average trading price is $5.52.
ICON Price Prediction 2030
After years of analysis of the ICON price, crypto experts are ready to provide their ICX cost estimation for 2030. It will be traded for at least $7.49, with the possible maximum peaks at $9.09. Therefore, on average, you can expect the ICX price to be around $7.71 in 2030.
ICON Price Prediction 2031
Cryptocurrency analysts are ready to announce their estimations of the ICON’s price. The year 2031 will be determined by the maximum ICX price of $13.32. However, its rate might drop to around $11.26. So, the expected average trading price is $11.65.