Despite the continuous developments in blockchain technology, it is still plagued by privacy, scalability, and interoperability challenges. Several mechanisms have been built to address these obvious challenges, and Side Chains are one such method. Their functionality holds significant potentials toward enhancing the capabilities of the blockchain as we know it. However, interoperability remains a threat to the mainstream adoption of blockchain.
A couple of blockchain-based networks such as Harmony, Polkadot, and Cosmos, to mention a few, are already deploying interoperability solutions, and ICON is another project that is building bridges between blockchains.
This piece offers you a well-researched insight into the ICON Network, applications, features, price analysis, and forecasts.
What is the ICON Network?
ICON is a NexGen blockchain-based framework designed to facilitate the interconnectivity of blockchain networks and the aggregation of data on one layer. Launched in 2017 by the ICON Foundation, the ICON network is “an aggregator chain” that aims to bridge both public & private blockchain networks and initiate interoperability via smart contracts. It is powered by “loopchain,” a high-throughput blockchain engine developed by ICONLOOP.
The main actors of the ICON Network are Public Representatives (P-Reps) and ICONists. P-Reps are node validators on the network, while ICONists are delegators, stakers, and users.
Source: ICON Republic
The native currency of the ICON blockchain and its applications is ICX. It offers a variety of use cases, including governance, payment collateral, and Dapp’s interactions. ICX is listed on some of the largest cryptocurrency exchanges; Binance, Kraken, Crypto.com, Upbit, OKEX, Huobi Global, etc.
|Coin||Symbol||Price||Marketcap||Change||Last 24h||Supply||Volume (24h)|
|ICX||$ 1.02||$ 709.55 M||2.74%||693.80 M||$ 17.93 M|
Features of the ICON blockchain
- Decentralization: It leverages a DPoC (Delegated Proof-of-Concept) democratized and decentralized governance protocol that enables ICONists to participate in community governance and receive rewards by delegating their stake to proven network contributors.
The DPoC ensures that the ICON ecosystem can accurately distribute economic incentives to participants with valuable contributions rather than entities with misaligned interests.
- Interoperability Technology: The interoperability feature of the ICON blockchain is designed to facilitate the seamless sharing of resources between blockchains of varying consensus protocols.
- Safety & Speed: The ICON blockchain boasts an extremely fast 1300+ transactions per two (2) seconds, thanks to its breakthrough Loop Fault Tolerance 2.0 (LFT2) consensus algorithm. This algorithm claims to significantly reduce the network’s latency and improve its overall performance by reducing power requirements and the message exchanges required to validate one transaction block from “3 steps to 2 steps” with key fundamental features uncompromised. In comparison to the existing 3-step PBFT consensus, LFT2 offers improvement in terms of scalability and bandwidth.
Source: PR Newswire
- Acceleration: Partners and startups on the ICON blockchain are granted access to an extensive accelerated network powered by ICX stations in Tokyo, Seoul, and San Francisco.
ICON (ICX) latest partnerships and developments
- On the last day of 2021, ICON announced that the ICON network will be upgraded. ICON 2.1 they called it. The developers said that there were revision proposals included in the upgrade and the upgrade contained new developments like IISS 3.1.
- A new DeFi app, Optimus DeFi, was launched on ICON mainnet on 7 January, 2021. This is a development that will maximize investment returns with minimum risk.
- On 8 December 2021, the ICON ecosystem presented its own stable coin; $bnUSD. The stable coin is said to be minted on Balanced DAO and will need ICX to mint. The stable coin is also sure to establish the scarcity of ICX which will make the ICX token more valuable.
ICON has roots in South Korea and is rapidly expanding and reaching new feats. The project’s key developer, ICONLOOP, has received recognition from the Korean government for its roles in blockchain advancements in the East Asian region. With continuous growth at its core, ICON announced the launching of an all-new ICON 2.0 on November 15, 2021. The new architecture is designed for Decentralized Finance Apps and to further enhance cross-chain interoperability.
Here are the major changes that ICON 2.0 bring:
- Programming Language Expansion: The ICON 2.0 upgrade introduces a new blockchain-based engine known as Goloop, which grants developers the ability to build apps using the engine’s programming language – Golang, instead of the python language from the previous version. The Golang language is more scalable and faster than Python, although the latter has been significantly improved and is still available on ICON 2.0. In addition, the network will now offer Java programming language in a bid to make ICON easier for developers to build apps on. The integration of this programming language also facilitates a secure and much faster ICON infrastructure.
- Improved Interoperability: Several industry-changing innovations have been made by ICON since its inception, including its latest consensus and interoperability protocols known as BTP. The BTP or Blockchain Transmission Protocol ensures that heterogeneous blockchain networks with completely different algorithms and consensus mechanisms are interoperable.
Furthermore, the BTP ensures that developers can roll out new projects, become members of the ICON community, and freely connect with the already-existing high-profile blockchain ecosystems to create a unique blockchain multiverse.
- Side Chain: Apart from its interchain connectivity feature, ICON announced the launching of an Ethereum-compatible (EVM) side chain known as ICE. The ICE will ensure that developers can port over Dapps from the Ethereum blockchain to the ICON network.
These enhancements on the ICON 2.0 network are expected to increase developer activity and galvanize new DeFi projects to the ICON blockchain.
ICX price history
ICX’s initial coin offering (ICO) was held in September 2017, and the sale raised about USD 43 million, with half of its token supply sold. Post ICO, the earlier data obtained for this analysis from Coinmarketcap shows an opening price of $0.4089 for the coin. The price trended upwards over the next weeks, and the launch of its blockchain at the start of 2018 drove the asset’s price up to its current ATH at $12.64 on January 9, 2018. By the end of May 2018, ICX had bottomed to $2.66 – a price drop of over 79%.
In June 2018, ICX tokens were sent to ICO participants, and as expected, the price of the crypto dipped even further due to massive sale volumes. ICX’s price ended the year at $0.2365, a 91.11% drop in price from May. In 2019, the trading range of ICX was between a minimum price of $0.2365 and a maximum price of $0.5257.
ICX started 2020 at $0.1133 and dipped to its ATL of $0.1069 on January 3. In about a month, ICX reached a value of $0.6031 by February 4, signaling a bullish price movement within this period. Afterward, ICX lost momentum, and its price dropped to $0.1655 by March 17. The coin picked momentum again in April, and by August 24, it reached a day high of $0.7012. ICX ended 2020 at $0.4647.
By February 2021, ICX had begun trading above $1 again for the first time since August 2018. The 90-day low of ICX is $1.20, and its highest price within this period is $2.71.
The 30-day high of this crypto is $2.7, and its 30-day low is $1.65.
Within seven days, ICX reached a maximum value of $2.57 and a minimum value of $1.65. As seen on the chart, the ICX price movement is bearish within this period.
ICX current market status
The current market price of ICX is 1.73 USD – a 13.56% fall in price in the past 24 hours. Also, its market cap is $1,169,353,495, and it is ranked at #96 on the crypto market. The 24-hour high of ICX is $2.03, and its least price within the same period is $1.65.
The circulating supply of this coin is 676,255,283.39 ICX, and its total supply is $800,460,000.
ICON technical analysis
Using the Bollinger band technical indicator on a 4-hour chart, the price of ICX can be seen hugging the lower band. The chart also shows that the upper and lower bands are expanding, signaling the current price trend.
The relative strength index of this coin is 30.70, which puts it in the oversold region. Currently, ICX is trading below its S1 Fibonacci support level, and its price could dip even further to its S2 at $1.50.
However, if market sentiments favor the coin and substantial buy orders are set above its S2, a trend reversal could be imminent. Investors should carefully monitor the metrics to decide the best entry point.
Having examined the past price performance and technical analysis of ICX, let’s get into some expert price predictions.
ICX price prediction by WalletInvestor
According to WalletInvestor, ICX can be a profitable investment option. Its price is $0.974 on 11th January 2022. If you buy ICON for $100 dollars today, you will get a total of 102.639 ICX. A long-term increase is expected, with the price at $6.016 on 9th January 2027. With a 5-year investment, the revenue is expected to be around +517.66%. Your current $100 investment may be up to $617.66 in 2027. This is not investment advice but projections made by algorithmic tools which could change with market conditions and investor sentiments.
ICX price forecast by PricePrediction
According to PricePrediction, ICX will be extremely bullish and reach an average price of $1.62 in a year or a 68.09% increase. A 5-year investment would yield a 740.86% increase. If you bought $100 ICX today, you will gain revenue of about $740.86 in 5 years. In 10 years, your $100 investment might be around 5538% more or a gain of $5,538.00. This is not investment advice but projections made by algorithmic tools which could change with market conditions and investor sentiments.
ICX Price Prediction by TradingBeasts
The ICON price is forecasted to reach $0.9923550 by the beginning of February 2022. The expected maximum price is $1.2404438, the minimum price is $0.8435018. The ICON price prediction for the end of the month is $0.9955918. In January 2023, the ICON price is forecasted to be on average $1.3022014. The expected maximum price is $1.6277517, the minimum price is $1.1068711.
The ICON price will start climbing starting mid-2024 increasing by 40.19% by December or a year-end price of $1.41976. So, a good strategy is to buy the coin when it dips in February 2024 and hold on when it gains value by December 2025 when ICON will be worth by 75.39% more.
This is not investment advice but projections made by algorithmic tools which could change with market conditions and investor sentiments.
The price predictions above are pretty optimistic about the future price of ICX. With the constant developments, announcements, and breakthroughs in the ecosystem, the coin could be set to break all its resistance levels and attain new heights soon.
However, it is essential to keep in mind that the crypto space is eruptive, and no indicator can accurately tell the future value of any digital asset. Investors must consult with financial advisors if need be before investing. However, if a DIY approach is preferred, always do due diligence by engaging fundamental analysis, technical analysis, and other relevant market indicators.
FAQs about ICON
Is ICON (ICX) a good investment?
ICON (ICX) can prove to be a good investment if there are continual innovations and developments, also if investors continue to this ICON (ICX) is profitable to invest in. On 11th January 2022, the ICON price is $0.9797710, but by the end of 2022, the average ICON price is expected to be $1.3132892.
Will ICON (ICX) get back to its ATH?
ICX will likely get back to its ATH with time as a result of developments and partnerships planned for the coming years. We should see ICX break back into its ATH as early as 2027.
Will ICON (ICX) reach $10?
ICON (ICX) has every possibility of breaking into the $10-mark with time. There are proposed innovations for the year 2022 and beyond. The price of the major stakeholders in the crypto market is also expected to grow in the coming years. As such, we expect to see the fruits of planned innovations in 2027 when the ICX token crosses the $10-mark. Note that it might be crossed before then if the market fluctuations favor it.
What will be the price of ICON (ICX) in 2025?
We expect that ICX will trade at an average price of $4.8 in 2025.
What will be the price of ICON (ICX) in 2030?
ICON (ICX) should be trading at an average price of $31 in 2030.
What wallets supports ICON cryptocurrency?
ICX can be held on a variety of wallets, including those available on exchanges. You could use the MyIcon Wallet on Android, Web, or iOS. Also, there are the ICONex and Hana Wallet extensions for chrome browsers. Other available options include Ledger Wallet and Atomix Wallet.