ICON Cryptocurrency (ICX)

What is ICON Cryptocurrency (ICX)?

One of the popular companies in South Korea launched ICON cryptocurrency definition, which works as a single decentralized network that connects multiple crypto networks. The main purpose of launching ICON was to hyper connect the world. In other words, this decentralized network facilitates seamless interaction between different types of Blockchain networks. Developed by a famous South Korean company, ICON came with its token “ICX”.

The model allows cryptocurrency users from different corners of the world to execute the transaction in a decentralized system. The manufacturers have created the Citizen Nodes as well as the ICON Republic that are known for providing Blockchain communities a medium to converge. What’s important to note here is that Blockchains cannot be merged as each of them is operated and controlled by one network. That’s exactly what the South Korean company is trying to contradict.

An Overview of the ICON Cryptocurrency

They have come up with the ICON cryptocurrency that claims to combine multiple Blockchain networks across the world, providing the users with a single platform to execute their transactions in a transparent and secure manner. The good news is that the ICON platform doesn’t implement any restrictions on users.

For instance, MasterCard and other famous credit/Debit Card companies have the specific norms that they are supposed to comply with no matter what. ICON makes it possible for these communities to follow their own regulations and policies while adapting to the decentralized Blockchain technology.

People and companies get connected to this cryptocurrency platform via a decentralized exchange. According to the ICON network, Ethereum, Bitcoin, Litecoin, and other such cryptocurrencies are recognized as different communities. Take the school, retail Market, hospitals, and other industries, for example. Usually, the countries have various communities that are regulated and managed by a single governance system. Each community has a unique approach and different traits. Now, the main goal of ICON is to connect all these communities while allowing them to have the common traits and systems they have been following for years.

Connecting Different Communities

The ICON Republic is a system that allows representatives to vote for the governance system. People interested in getting the ICX tokens issued can choose to be a part of the ICON republic; however, they don’t necessarily get the right to vote. Here, the ICON network acts as the mediator between different Blockchains.

Its main goal is to connect all these Blockchain networks and form a decentralized network that allows communities to enjoy seamless and secure transactions. There is no denying that the ICON network became South Korea’s biggest and most popular Blockchain networks to gain immense popularity in a short amount of time.

ICON is a decentralized network that makes it easier for independent communities to follow their basic norms. However, these communities are controlled and managed by ICON. In other words, the latter is responsible for ensuring that each individual company participating in the ICON Republic functions well. The developers have launched the citizen nodes that allow citizens to take part in the network; however, they get no voting or governance rights.