intermediate
ICON Overview: How Does It Work?
ICON is a decentralized blockchain network created for communication between individual communities and blockchains. The main goal of the ICON team is to provide a decentralized framework for web applications of companies from a variety of industries. ICX tokens belong to the ERC-20 standard.
Several independent blockchains are operating on the site. The platform should facilitate efficient transactions between different blockchains, even if they use distinct consensus mechanisms.
The system operates on the principle of the Internet, which has collected a huge number of protocols. This is how the ICON project is supposed to work. Its goal is to create an environment that is in demand by various types of blockchains. The creators of the cryptocurrency used the experience of such systems as Bancor and Ethereum in their work.
The ICON blockchain works on the basis of the Delegated Proof-of-Contribution protocol, which is very similar to Delegated Proof-of-Stake. Globally, the blockchain of the ICON project includes two types of users:
Citizen Node is a separate component connected to the ICON network. The Citizen Node category can include both individuals and entire companies.
Public Representative is a representative unit of the community. This node confirms transfers and participates in the management of the ICON blockchain.
Potentially, this cryptocurrency has a broad scope of application: e-commerce, securities trading, financial organizations, higher education institutions, and so on.
Decentralized applications (dApps) are being developed on the platform. Currency conversion software, payments for goods and services, as well as blockchain identifiers are among the most popular ones. Applications created, for example, to test authenticity in one network can be used by other programs. The mechanics of the ICX token identification can be applied by various financial organizations.
The main features of the ICON cryptocurrency are listed below.
ICX has high compatibility: the platform can interact with blockchains of popular cryptocurrencies, such as Bitcoin and Ethereum. This characteristic is necessary for the introduction of digital money into the real world.
The platform is decentralized. This approach is typical for most blockchain projects. Each blockchain that is connected to the Nexus platform has basic functions. As stated by creators of the cryptocurrency, their approach represents the principle of real self-government. The Nexus platform provides ample opportunities for the joint solution of tasks related to making various adjustments within the common network’s framework.
The ICON cryptocurrency is based on the Loopchain model. It guarantees online payments built on an improved version of smart contracts. The key purpose of Loopchain is corporate use. A crucial detail here is that smart contracts can communicate with other ICON-based platforms.
ICX is equipped with reliable protection. The ICX blockchain uses a consensus mechanism based on the Loop Fault Tolerance algorithm. It is based on a modified Byzantine BFT model; its peculiarity lies in the high speed. The vital purpose of this protocol is to ensure a systematic update of the platform without a hard fork.
ICX has a modified Loopchain function. It is called the Smart Contract on Reliable Environment (SCORE). Its purpose is to ensure the execution of transactions in the existing ecosystem of the block, excluding the use of additional mechanisms. The function adapts to different applications.
Below you can find a video review of the ICON cryptocurrency and its native token ICX.
ICON Technical Analysis
What do traders and crypto enthusiasts think about the trading opportunities of ICON? We’ve got an aggregated opinion from those who have already done the analytical part on the TradingView website. You can check it out here.
ICON market projection analysis by TradingView; the screenshot was taken in November 2021.
ICON Price Today | How Much Is ICX Worth?
One of the strongest arguments that this currency is promising and its indicators could increase is that it is supported by large investment funds (Crypto Capital and Keenetic Capital). It is one of the reasons why the cost and capitalization of the project are constantly and steadily growing.
At the moment of writing, the ICON cryptocurrency is trading for $2.16. The highest registered ICX exchange rate is $10.33. The lowest recorded ICON price equals $0.109.
It is essential to mention that our team at Changelly and Changelly PRO strives to keep our platform up-to-date and provide users with the latest offers in the crypto market. That is why you’ll receive the most recent updates on ICON’s value while being able to seamlessly exchange the ICX token for over 200 cryptocurrencies available on the instant crypto exchange Changelly.
Markets: ICON Price Prediction
The ICX digital currency, according to many analysts, is quite promising. Its apparent advantages include official support from the South Korean government, a talented team of developers, cooperation with serious investors, and the uniqueness of the approach implemented by creators of this platform.
If we look at social networks, we will see a lot of short and long-term forecasts for ICON. In general, the price forecasts for ICON from 2021 to 2030 are auspicious. As the market is still growing, there are plenty of opportunities for cryptocurrency’s price to rise indefinitely.
According to most of the ICON price predictions by crypto experts and analysts, the short-term forecast is, in general, bullish.
According to the Digital Coin Price source, ICON is a profitable investment. In 2023, the ICX price may be at the level of $4.73. In 2025, the rate should not change so much. However, one ICX coin might cost $7.87.
Following Trading Beast’s predictions, in 2022, ICON’s price might not change significantly. It might reach only $3.56. The ICX price prediction says that the coin could experience gradual growth. So in 2023, the future price of one ICX crypto token could be equal to $4.52. In 2024, the digital asset might be worth $5.41.
ICON Price Prediction by the End of 2021
The ICON exchange rate forecast for the end of November 2021 is $2.229. The ICX average exchange rate for November may be $2.20. The maximum value is expected at $2.248 per coin; the minimum could be at $2.157. For November 2021, ICON is projected to grow by $0.016550 or +0.76%.
ICON Forecast for December 2021
According to the forecast price and technical analysis of ICON, in December 2021, it is expected that the ICX price will cross the average price level of $2.23. The expected minimum value of the ICON price by the end of this year should be $2.02. Moreover, ICX can reach a maximum price level of $2.30.
ICON Long-term Price Prediction
If we consider the price of ICON in the long term, there are all chances that it may increase significantly. A good strategy for predicting the price of ICON is to analyze the price dynamics chart during the year. Below you can find our long-term price forecasts for ICON (ICX) based on the data provided by trusted crypto analytical sources.
ICON Price Prediction 2022
Next year it is expected the ICON price rise steadily. According to the current ICON price forecast, in 2022 the price may change from $2.31 to $3.59.
ICON Price Prediction 2023
Due to the increasing popularity of cryptocurrencies all over the world, the ICON price also may catch a lot of attention. And as we know, it is the demand for cryptocurrency that determines its market capitalization and, consequently, its exchange rate. In 2023, the predicted average price of ICX coins might be around $3.66.
ICON Price Prediction 2024
As per the ICON forecast and price analysis, in 2024, the average trading price might be around $5.21. The exchange price of the ICX coin might reach a maximum level as it might be trading around $7.41.
ICON Price Prediction 2025
According to the technical analysis, the ICON forecast says that in 2025 the ICX exchange rate may go upwards, crossing its previous maximum. In this case, the highest token rate might be $10.07.
ICON Price Prediction 2030
According to the forecast price and technical analysis of ICON, by the end of 2030, it is expected the ICX price may reach the average price level of $53.16. The expected minimum value of the ICON price might be $31.73 at the beginning of the year. Moreover, ICX can reach the maximum price level of $57.79.
Should You Buy ICON?
Generally, ICON is an excellent long-term investment that might bring you considerable profits in 2-4 years. Since the South Korean government supports it and promotes massive ICON introduction to various projects and companies, the cryptocurrency has boatloads of potential. Therefore, the ICX price might multiply within the following years.
Is ICX a Good Investment in 2022?
ICON’s value is expected to continue to rise as scarcity tends to drive up prices. ICX can be a profitable investment with a bright future. Please note that any investment involves a certain risk; always do your own research before investing.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Source: https://changelly.com/blog/icon-icx-price-prediction/
