How To Buy ICON (ICX)?

A common question you often see on social media from crypto beginners is “Where can I buy ICON?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports ICON (ICX)

First, you will need to open an account on a cryptocurrency exchange that supports ICON (ICX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase ICON (ICX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy ICON (ICX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for ICON (ICX) or ICON (ICX) trading pairs. Look for the section that will allow you to buy ICON (ICX), and enter the amount of the cryptocurrency that you want to spend for ICON (ICX) or the amount of fiat currency that you want to spend towards buying ICON (ICX). The exchange will then calculate the equivalent amount of ICON (ICX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of ICON (ICX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is ICON (ICX)?

ICON Network is a layer-1 blockchain from South Korea. Its declared vision is to build an interoperable blockchain network bridging autonomous online communities and real-world enterprises. ICON Network focuses on delivering real-world utility by advancing hyperconnectivity through the promotion of frictionless value exchanges.

By verifying transactions on its decentralized ledger, ICON can minimize the number of intermediaries and eradicate boundaries to cross-border interactions. In particular, the company focuses on the use cases of decentralized identity, digital certificate issuance, blockchain payments, decentralized finance, non-fungible tokens and additional use cases: e-government, elections, decentralized oracles and e-health.

Thanks to its focus on enterprise adoption, ICON was able to secure several partnerships with South Korean companies and the country’s private sector. For instance, ICONLOOP, a leading blockchain technology company in South Korea and the primary contributor to the ICON Project, leads Korea’s largest decentralized identity consortium. Also, in August 2020, the country’s Jeju island selected the company for private and secure COVID-19 contact tracing. Other partners of the Icon Network include Shinhan Bank, South Korea’s second-largest commercial bank, and Danal Fintech, the company behind Paycoin, a global payments and remittance app.

Who Are the Founders of ICON Network?

ICON Network was founded by Min Kim, the former chief strategy officer of DAYLI Financial Group, Korea’s largest fintech holding company, and the chief operating officer at Tapas Media, a U.S. digital content distribution platform. He is also an alumnus of Haas School of Business at the University of California in Berkeley. Min Kim incubated ICONLOOP, a South Korean software company behind the development of ICON Network’s loopchain. The company develops and maintains the blockchain with oversight from the ICON foundation and is as such permissionless, but not completely open-source.

What Makes ICON Network Unique?

ICON Network focuses on several different use cases to advance its declared goal of hyperconnectivity in South Korea. One is decentralized identity through Zzeung, an identity authentication and management solution. The company obtained an exclusive license from the Financial Services Commission in South Korea to provide decentralized identity services to enterprise customers in South Korea. Companies can securely store their users’ authentication information and provide facial recognition services for opening financial accounts. Data is secured through the ICON Network. Another example of decentralized identity services is Zzeung’s use for COVID-19 contact tracing.

ICON also provides digital certificate issuance, storage and verification services to South Korean universities issuing diplomas and qualification certificates. Moreover, Korea’s largest online job search platform certifies applicants’ academic and professional credentials through a digital certificate management solution secured by ICON.

Another use case is a visitor check-in and management service utilizing the ICON Network to issue unique visitor passes for cafes, restaurants, hospitals, and other venues that required tracking their visitors during the COVID pandemic.

ICON also has a thriving DeFi and NFT ecosystem connected to the Ethereum network through Orbit Bridge, allowing Ethereum based tokens to be transferred to ICON. In contrast to most DeFi products, those on ICON are heavily focused on the user experience. Examples include Balanced Network, a DeFi collaboration created to introduce stablecoins to the ICON Network, and Open Money Market, a lending and borrowing platform. 

Icon development updates in 2023

ICON (ICX) has made significant strides in its development, focusing on enhancing its infrastructure and capabilities in 2023. Here’s an overview of the key developments and updates that have occurred in the ICON ecosystem this year:

• ICON 2.0 Launch and Features: The major highlight for ICON in recent times is the launch of ICON 2.0, initially introduced in September 2020 and fully launched in late 2021. This version marks a significant upgrade over the previous one, particularly in its programming language shift from Python to Go (referred to as GoLoop). This transition not only enhances the network’s efficiency but also broadens its compatibility with other languages like Java. ICON 2.0 has been made open-source right from the beginning, addressing the concerns raised with the previous version regarding transparency and community participation​​​​.

• Blockchain Transmission Protocol (BTP): A core component of ICON’s offering, the Blockchain Transmission Protocol (BTP), is designed to power interoperability between different blockchain networks. This protocol, which has been improved in ICON 2.0, is fundamental to ICON’s vision of connecting various blockchains. Unlike other interoperability solutions, ICON’s BTP aims to connect all blockchains supporting smart contracts, potentially having a far-reaching impact on the entire blockchain industry​​.

• Development of ICON ICE & SNOW Blockchains: ICON has expanded its ecosystem with the introduction of two new blockchains: ICON ICE and SNOW. ICE is developed for application layer operations and is compatible with Ethereum Virtual Machine (EVM) and eWASM, facilitating easier development processes. SNOW, akin to Polkadot’s Kusama network, serves as a “canary network” for ICE, allowing for testing and project launches before moving to ICE. These additions aim to integrate ICON further into the Polkadot ecosystem and enhance the network’s scalability and functionality​​.

• Integrations and Partnerships: ICON has been actively integrating with other blockchain ecosystems, including Ethereum, Moonriver, NEAR, Harmony, Algorand, and Binance Smart Chain. These integrations are crucial for ICON’s growth and user adoption across different blockchain networks. Additionally, ICON has launched an interim bridge called ICON Bridge to support these integrations while continuing to develop the BTP​​.

• Incentive Fund for Cross-Chain Interoperability: ICON has announced a cross-chain interoperability incentive fund consisting of 200 million ICX tokens. This fund is designed to encourage development within the ICON community and other blockchain communities, focusing on cross-chain interoperable solutions. The fund is split, with 40% allocated to incentivize existing communities and applications working with the BTP system and 60% towards the development and expansion of the BTP system​​.

• Vote Stagnancy Solutions and Scalability: ICON 2.0 aims to address vote stagnancy issues in its decentralized Proof of Stake (DPoS) network by using vote spreading features to enhance governance. The network also employs a multi-channel approach to achieve higher scalability, where each dApp on ICON would act as its own blockchain, ensuring application-specific channels for improved performance​​.

These developments reflect ICON’s commitment to creating a more interconnected and efficient blockchain ecosystem. Through upgrades like ICON 2.0 and strategic integrations, ICON continues to enhance its capabilities and expand its influence in the blockchain space.

Official website: https://iconrepublic.org/

Best cryptocurrency wallet for ICON (ICX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for ICON (ICX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).