What Is ICON (ICX)?

ICON is a blockchain technology. It is a type of technology that was originally created to facilitate the interaction of independent blockchains. It is a technology and network framework that was created or designed to allow independent blockchains to communicate with each other. These networks are connected to each other mainly through decentralized exchanges. Although it was created as a decentralized medium of exchange, it poses a challenge to traditional centralized cryptocurrency exchanges.

source

The Icon Project was established in 2017 by the South Korea-based organization Icon Foundation. And the main aim of this project is to help educational institutions such as schools, colleges or universities with various financial institutions such as banks and insurance to communicate and transact on a single network. A community is described as a network of nodes that includes all the communities included in the ICON platform. It follows a single system of governance. Here each node acts like a computer and connects to a cryptocurrency network.

Cryptocurrency networks are often managed by communities, as we see with Bitcoin and Ethereum, and are generally considered communities. Such communities are seen in the case of crypto, but various financial institutions or various other institutions such as banks, businesses, hospitals, schools and governments can also participate as communities within this ecosystem. ICX is a native token of ICON. ICON is a huge project that belongs to the ICON Foundation launched by South Korea. And the main goal of this project is to help various financial institutions including educational institutions to communicate and transact on a single network.

Although ICON's main aim or objective was to connect different communities. That is, it was originally intended to provide this benefit in a different way, i.e. in a decentralized manner. But frankly, many investors are used to traditional centralized cryptocurrency exchanges. Although we all know that decentralized sites are more convenient and offer better things than centralized exchange sites but it is also true that people are completely used to centralized exchange sites. We see many investors who only purchase cryptocurrencies that they can buy through their preferred exchange. And this can cause problems for ICX. Because these become major issues for ICON as other exchanges that exist may not offer ICX to their customers.