Icon has not been able to see the double-digit price level it established during the 2018 bull run this year but the performance of the cryptocurrency has been still be phenomenal during the year. It peaked amidst bullish momentum in November but subsequently fell prey to bearish pressures. However, towards the end of December the cryptocurrency began an uptick as the bulls gained but the daily price movement shows that the bulls have failed for ICX token. At the time of writing, the cryptocurrency stands at a price level of $1.55. The price has declined by 14% during the past twenty-four hours while the daily trading volume shows a decline of 25%. Icon currently stands at a market rank of #90
What is Icon?
The blockchain world is new and exciting and has attracted a lot of attention; however, it suffers from its fair share of problems. One of the hallmark problems of the blockchain space is its lack of interoperability. Each blockchain is a universe of its own but like many things in the real world, integration and interoperability is crucial for innovation and technology. Icon is one of the projects that aims to solve the problem of interoperability in the blockchain space.
The network’s goal is to create a digital nation with various key players acting independently but in tandem with each other. The infrastructure of the platform is designed to be used by applications to create their own economies inside the ecosystem. There are five major components of the Icon ecosystem – Republic, Communities, Community Representative, Community Nodes and Citizen Nodes. The network is on its way of achieving its goal of hyperconnectivity in South Korea through services of decentralized identity, authentication and management.
Recent developments to watch out for
Icon recently unveiled ICE – a new EVM compatible blockchain which is designed to serve as the hub for decentralized applications on ICX’s ecosystem. ICE is built on Substrate which gives it access to Polkadot, Kusama, Chainlink and Moonbeam as Substrate powers a number of major blockchains in the market. Through ICE, ICX’s ecosystem will be able to enter the tenth-largest blockchain in the market, Polkadot, which will unleash numerous opportunities for the Icon.
A lot of major developments are planned for the year 2022 and high growth can be expected form the blockchain in the coming year. Icon has announced to focus on the adoption of its novel Blockchain Transmission Protocol (BTP) and is planning to launch a comprehensive incentive program for it. BTP is already making rounds with some of the partners in 2021 being Binance Chain, Moonbeam and Near Protocol.
