ICON ICX – Hyperconnecting the World
Dayli Financial Group laid the foundations of ICON ICX, a blockchain-based platform which connects various platforms via smart contracts. These platforms include Bitcoin, NEO, Ethereum, QTUM, and Ark.
The native token ICX enables transactions between cryptocurrencies by determining exchange rates through the DEX Reserve. The project envisions to “Hyperconnect the World” by “building one of the largest decentralized networks in the world.”
Consensus Mechanism used in ICON ICX
ICON ICX uses DPoS( Delegated Proof of Stake) to scale up millions of transactions per second. Anyone holding tokens on ICON platform can select the producers through a continuous approval voting system. Anyone taking part in the block producer election is provided an opportunity to produce blocks according to the votes they receive.
First, the network produces blocks in 21 rounds. Second, the network chooses 21 block producers. Third, it shuffles the network using a random number from the block time. This ensures balance connectivity for all producers. In order to sustain regular block production block time is kept to 3 seconds and producers are punished for not participating. If in case they do not participate, they are removed from consideration.
How to become a producer on the Network?
For a producer to continue to be in consideration, he needs to produce a minimum of one block every 24 hours. The DPoS system hasn’t experienced a fork and it can be attributed to the fact that instead of competing for blocks the producers need to cooperate. If a fork happens, the consensus will shift to the longest chain.
A DPoS usually has 100% block producer participation. It confirms transactions within 1.5 seconds from the time of broadcast (with 99.9% certainty).
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If in case a fork takes place, each block must obtain a 2/3rd majority to be considered a part of the chain. Due to the short block creation time, the nodes can be warned if they are in the major or minor chain within 9 seconds. If a node misses 2 consecutive blocks there is 95% chance that they in a minority fork. If a node misses 3 blocks, then there is a 99% chance of them being on a minority chain.
Since the network makes use of DPOS it cannot be mined.
Components of the ICON ICX Network
| Component | Functions |
| Community | 1. Independent blockchains that can operate with their own consensus algorithms and governance practices.
Examples include:
2. Each community has its own blockchain, with no limitations placed on how different each community can be from another. |
Community Node (C-Node) |
|
Community Representative (C-Rep) |
|
ICON Republic |
|
Citizen Node |
|
Working of the ICON ICX Network
Independent blockchains can operate on the ICON ICX platform to work with each other. With the implementation of Nexus, the blockchains would have to abide by certain rules. However, they will still have discretion over their individual blockchains.
These blockchains connect with each other via Nexus and have equal voting rights. The DEX offered by ICON ICX allows for trading through the common token. Each node has equal rights and has a say in the adjustment of ICX transaction fees.
How to connect on the ICON ICX network?
Methods to connect on the network include-
| Connections between nodes ( In a single community) | Communities are free to operate using their own self-determined consensus algorithms. |
| Connection between community and Republic | ICON’s DEX facilitates for the transfer of value between communities and ICON ICX Republic. |
| Connection between different communities | C-Nodes in one community, are connected to C-Nodes in another community through the representation of their respective C-Reps. |
Where to Buy ICON ICX?
ICON ICX tokens can be purchased from the following cryptocurrency exchanges.
- Binance
Image Source: Binance - Bithumb
Image Source: Bithumb - Upbit
Image Source: Upbit ,
- Huobi
Image Source: Huboi - OKEX
Image Source: OKEX
It is currently trading around $ 4 mark. Many of the analysts actually believe that it will soon be hitting the $ 5 mark. Currently, the resistance is around $ 4.5 mark.
Also Read: Decision on Asset Manager’s Bitcoin delayed till September by SEC
The platform has recently partnered with Samsung. The tech giant will adopt technology behind ICX in its project Samsung Pass. With the help of this technology, ICX will be able to provide an initial joint authentication service to its customers. Since, the idea is based on the blockchain technology, each and everything will be done in real time.
Wallets to store ICON ICX
The users can store ICON ICX in ERC-20 compliant wallets. Some of these wallets include- MyEtherWallet (MEW),MetaMask, Coinomi etc.
- MetaMask
Image Source: metamask - Coinomi
Image Source: Crypto Space Guides ,
- Ledger Nano S
Image Source: Lelong.my - Trezor
Image Source: DudeIWantThat.com
Conclusion
With such a dynamic platform and rapid developments, the future of ICON ICX looks bright. In the future partnerships will further increase its user base and subsequently the value of the token
