icon 1 800x500 - What is ICX (ICON) - A Short Description

What is ICX (ICON) – A Short Description

ICON is a blockchain platform that connects various platforms as well such as Bitcoin, Ethereum, NEO, Ark, and Qtum. ICX is, on the other hand, a token used on the ICON platform. The ICX token also enables transactions between different cryptocurrencies by determining their exchange rates through the DEX Reserve. It was developed in Python for faster testing but to transition into C/C++ programming language to increase transaction speed.

When Ether from MyEtherWallet is sent, there’s an automatic conversion, and you, therefore, get an ERC20 through smart contracts in your MyEtherWallet. The ERC20 tokens are to be replaced with ICX when the ICON main net is finally launched. Click here to see ICON ROADMAP.

ICX Wallet

All tokens and coins are stored in wallets, and that includes the ICX token. Though a Web wallet alongside ICX wallets for Android and IOS operating systems would be released alongside the main net launch at the end of 2017, you can presently store your ICX tokens on the MyEtherWallet, and the following steps show you how to add the ICX custom token to MyEtherWallet.

Step 1: Click here to visit the MyEtherWallet official webpage.

Step 2: Access your wallet. If you don’t have a MyEtherWallet yet, click here to create one. You’ll only be required to choose a secure password, store your keystore file, save your private key, and then your keystore file would be needed to unlock your MyEtherWallet address.

Step 3: Click the Add Custom Token button on the right side of the page.

Step 4: You’ll be required to fill in some vital information such as the Token Address, Symbol, and the Decimal for the token. Below is the information you should enter:

  • Address: 0xb5A5F22694352C15B00323844aD545ABb2B11028
  • Symbol: ICX
  • Decimal: 18

Step 5: Click on the save button.

How is ICON different from Ethereum and NEO?

ICON developers do not think that all nodes which exist in this would be linked on a single blockchain platform. Therefore, ICON’s plan isn’t to compete with any other blockchain platform out there or future developments but instead to collaborate with others to create synergies. ICON is a platform developed from P2P network, consensus algorithm, and implements a smart contract platform of its own. ICON implements the Loop Fault Tolerance (LFT) with Byzantine Fault Tolerance (BFT) which supports real-time transactions. The blockchain platform also provides smart contract platform that runs on containers without the VM, unlike Ethereum which runs on the EVM.

Also, in NEOs case, it’s also an excellent blockchain platform and seems to support multiple languages through Microsoft Intermediate Language (MIL). With ICON on a highly productive blockchain, consensus can be reached approximately 15-20 seconds faster on the ICON network compared to NEO based on the point at which blocks are generated. ICON generates block every second. Since NEO also aims to connect other blockchains through its cross chain technology, ICON hopes to collaborate with NEO as well.

How To Buy ICX Tokens

The ICON token is currently listed on OKEx, Yobit, and Binance. Click here for a step-by-step guide on purchasing ICX tokens on the Binance exchange.

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