The ICON Project is a blockchain ecosystem with the aim to create hyperconnectivity by linking blockchains and other financial systems. All kinds of organizations, thanks to ICON, could use their own (private) blockchain technology to mutually exchange information or things of value without the intervention of a third party. A digital token, or the ICON cryptocurrency, with the abbreviation ICX is used on the ICON blockchain for carrying out transactions and smart contracts.

How To Buy ICX

So you’re interested in buying ICX? Currently, there is no way to buy ICX directly with fiat, so the best way to buy ICX is to first purchase Ethereum, transfer it to your chosen trading platform and change it to ICX. We’ll show you how.

1. Firstly you will need to visit Binance and create your account.

2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.

3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.

4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.

Buy Ethereum

To buy Ethereum, we’re going to use an exchange called CEX.io. Here you will be taken to the purchase page, where you can buy your Ethereum.

1. First change the Buy option from BTC to ETH for USD and then choose your amount.

2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.

Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.

3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.

4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.

Your Binance account will now be credited with Ethereum.

Purchasing ICX

1. Now you’re back on your Binance account click the Exchange section and choose Basic. This is the Binance trading platform.

2. On the trading platform, select the ETH section and use the search function to search for ICX/ETH and confirm.

3. On the ICX/ETH trading section you can now choose how much ICX you want to buy with your Ether. Once you have chosen your amount, press Buy ICX and place your order.

Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of ICX.

 

What is Icon

The ICON project aims to connect different blockchains with each other by means of a large decentralized network that acts as an “intermediate layer”. The fast and scalable ICON blockchain can be used in business to exchange business decentralized applications information or value with decentralized applications from other companies, governments and schools. The digital token used on the ICON blockchain to exchange value and / or pay network costs has the name ICX.

The ICON blockchain and ICX cryptocurrency are developed by the blockchain development company The Loop (25+ employees), which is part of Dayli Intelligence (100+ employees) and Dayli Financial Group.

Dayli Financial Group is one of the largest fintech companies in Asia with a market value of more than 4 billion dollars. Although Dayli and The Loop are responsible for the development, ICON itself has been established as a non-profit organization by The Loop in collaboration with 3 Korean universities.

A number of ICON ICX applications:

  • Exchange money or other forms of value, possibly via multiple blockchains.
  • Digital authentication of identities through ICON Blockchain ID.
  • Automate business processes through smart contracts.

ICON Price

During the Initial Coin Offering of the ICON Project the ICX course was very favorable, namely 2500 ICX = 1 ETH. In total, ICON collected 150,000 Ethereum tokens during the ICO, at that time equal to a value of approximately 40 million euros.

Since 18 December 2017, ICON ICX has been available for purchase on various cryptocurrency exchanges, including OKEx and Binance. Shortly after the introduction of ICON / ICX, this cryptocurrency was already one of the most traded cryptocurrencies at Binance.

The ICON price has risen sharply in value after the ICX cryptocurrency has entered the market. Although ICX buying in 2017 was only possible on a number of exchanges, the price in the last month of the year has grown considerably compared to the ICO price (17 cents). ICON’s technology and roadmap are promising, so if the developers continue this way, the ICON rate will certainly continue to rise.

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