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What is ICON coin (ICX) and how does it work?

by Financial Economy
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ICX is a decentralized blockchain network focused on interoperability. With ICON’s “blockchain transfer protocol”, independent blockchains such as Bitcoin and Ethereum can connect and transact with each other. Detailed information about what is ICON coin ICX and how does it work, how much is the price, how to buy, etc. is in the continuation of the content. You can browse here for information about QTUM coin.

What is ICON coin (ICX) and how does it work?

With its rise in 2020, research on ICX, which attracted the attention of investors, increased. According to these researches, we have compiled the questions about ICON and prepared this article. Here are the details…

ICON; We can define it as a cross-chain blockchain platform that connects various blockchains such as Bitcoin, Ethereum and QTUM. The ICX token has two main uses. The primary use of this token is to be used as an intermediary cryptocurrency. ICX determines the exchange rate through DEX Reserve, allowing transactions between different cryptocurrencies.

Apart from this, ICX also has a second purpose. The popular cryptocurrency can be used for U-Coin, a DApp token developed by the ICON blockchain team for the Korea University Consortium, which will serve multiple uses. ICX can also be used as a token like ERC-20 for an ICO platform.

ICON’s main goal is not to connect the world, but to destroy the system’s difficulties due to heavy data load. With the digitization of our world, it is hardly surprising that many leading industries or small industries are having a hard time dealing with such a large data load. If these difficulties can be minimized, institutions of all kinds, such as banks, charities, insurance providers, hospitals and educational institutions, can operate smoothly.

So how much and how to buy ICX? The value of 1 ICX is around $0.802 as of 30.06.2021. ICON coin can be purchased on cryptocurrency exchanges. Make sure that the exchange you are trading on is a “trusted” exchange.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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