What Is ICON (ICX)?

What Is ICON (ICX)?

The first Korean cryptocurrency project is ICON – ICX. If you are not aware of the ICON project. It is officially supported by the Korean government which is an important factor in the cryptocurrency industry.

ICON is in the top 30 cryptocurrencies by capitalization and it has attracted even more as the project aims to connect all activities in the country through its Blockchain system. This creates an open-source ecosystem that allows organizations such as government agencies, universities, hospitals, and financial institutions to interact without third-party networks that charge transaction fees or delay the process.

The ICON goal

The goal of ICON – ICX is to allow users to use ICX to pay for products and services directly to organizations that partner with the ICON network. ICX will essentially be a currency that can be used in the real world for a variety of products and services.

Understanding the ICON (ICX) In September 2017, the Initial Coin Offering (ICO) of Icon’s cryptocurrency ICX raised approximately $43 million. This sale includes 50% of the ICON token supply. The project officially launched its blockchain in January 2018, and ICO participants received their ICX cryptocurrency in June 2018.

In 2019, ICON released its own token standard IRC16, allowing users to use ICON software as an infrastructure to create their own tokenized assets and securities. These tokenized assets and securities are units of ownership of digital tokens (or “coins”) that represent equity. Through tokenized equity, companies can raise funds by issuing shares in the form of digital assets.

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