Blockchains are designed to create a network of markets. There are already a ton of different markets sprouting in all kinds of industries, but it is necessary to connect them in some way. Atomic swaps are a manifestation of this idea, but recently a company has emerged with the potential to do a great job in creating an interconnected market.
ICON is a blockchain network designed to help various blockchain protocols interact with each other. Headquartered in South Korea, the company depends on creating separate "communities" for each network and connecting them using the ICON Republic. This can be applied to blockchain networks or to other information networks such as stock exchanges or identification databases. Everything that makes sense logistically put on a blockchain, but it may not be there yet.
The ICON Network
The exchange of information via ICON is performed using a decentralized exchange. Each community can maintain its ability to manage its policies, so it does not require much adaptation to bring new networks on board. Furthermore, the use of its DEX allows ICON to produce verified registers to be shared among the relevant community. As always, the goal is to reduce the need for third parties and transaction costs.
Any network of nodes that are governed by the same system of governance is considered a community. This applies to any existing company, protocol or non-profit organization and, ideally, ICON is able to transfer this decision-making mechanism to their blockchain representation of the community.
Decision-makers within a community are referred to as community representatives, who then have control over how their respective communities will interact within the ICON Republic.
Token ICON is designed to compensate for the time and resources of community representatives who are helping to verify transactions. The token is currently available on Binance, Upbit and Bitthumb, where it is preparing for the transition process from the ERC-20 token to its blockchain.
This is becoming a more common move, and is generally a sign that a company is trying to avoid scalability issues. The process of transferring the $ 42,750,000 ERC to 20 tokens to their blockchain is a slow process, but appears to be complete on September 25th.
Recent performances have excited investors
With a current price of $ 0.84 per token, there was a 35.77% increase in the value of ICX in the last week. This after several positive signs emerged on the market to help give momentum.
First, ICON announced the intention to repurchase $ 5 million tokens, which naturally increases investor confidence in the protocol. Repurchase projects of this type generally generate the feeling that management knows something that others do not, and operators naturally jump on this
Another macro factor here is the fact that the volume of Bitcoin exchanges has decreased in significant way exactly how the daily trading volume of ICON started to increase. This could represent a shift in market sentiment from support for large, more token altcoin-esque protocols. All of these factors combined with the current transition to their blockchain indicate positive things for the future of the ICX token, which makes this an excellent time to buy. There is a bit of momentum, but the token is still cheap.
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