ICON is an interchain blockchain that connects various blockchains such as Bitcoin, Ethereum, and Qtum. First, ICX is used as an intermediary cryptocurrency. ICX enables transactions among different cryptocurrencies by determining the exchange rate through the DEX Reserve. Second, ICX can be used as for DApp tokens U-coin, which is a DAPP developed by the ICON blockchain team for the Korean University Consortium. Another example, the ICX can be a token for ICO platforms like the ERC-20 standard.
Many are now asking why is the ICX trading at its present $8.2. The answer to that question was already given in the previous paragraph. The ability to connect various blockchain together is the next breakthrough after the development of Ethereum and NEO. The prospects that the ICX token opens are immense as it would enable inter-project API development or the facilitation of blockchain apps literally talking to one another, thus facilitating information transfer and cutting off even more needless intermediaries.
ICON already boasts communities comprised of reputable institutions – banks, securities, insurance, hospitals, universities, and more. ICON’s decentralized applications (DAPPs), including Blockchain ID and Payment & Exchange, can benefit current and future communities. For instance, Blockchain ID can be issued by financial securities community and be used for ID verification in all other communities. Likewise, ICX issued by hospitals can be used for payment & exchange in all other communities.
The ICON ICO ended and was a huge success with 100% of its hard cap reached. It is not surprising as the utility ICX token is even more useful than ETH at times. Though the technology is still under development, the prospects are immense and the team at ICON responsible for the development of the project has created algorithms that would of great value not only to market investors as long-term assets in portfolios, but even to other blockchain projects willing to merge their offerings with other platforms.
In short, here are the key features one needs to know about the ICX Token.
Token type: ERC20
ICO Token Price: 1 ICX = 0.11 USD (0.00040 ETH)
Total Tokens: 400,230,000
Current Trading Price: $8.2