ICON (ICX) Price Prediction 2020
ICON is a blockchain system that links other platforms like Ethereum, Bitcoin, Ark, QTUM, and NEO through smart contracts. ICON uses the ICX token which facilitates transactions between various cryptocurrencies by determining exchange rates via a DEX Reserve. ICON DEX Reserve is a decentralized exchange platform running on ICON’s network. It permits you to sell and buy tokens without matching sellers and buyers in an exchange. ICON aims to “hyperconnect the world” by developing a large decentralized network.
ICON is the brainchild of the $4 billion Dayli Financial Group of South Korea to use blockchain to eliminate the challenges posed by today’s data-intensive world. It was launched in 2016. In this article, I will give you a brief overview of ICON and provide an ICX forecast for 2020-2025.
Used in Hospitals for Insurance
One of the prime applications of ICON is in the insurance and medical sectors to help patients use their insurance to pay for medical services. When a patient visits a hospital for consultation or treatment, centers using the ICON platform can deliver a patient’s information to the insurance company, which also needs to be a member of ICON. ICX tokens are used to process such transactions.
Apart from the healthcare, ICON has also found applications in sectors like securities trading, through the platform’s Chain ID blockchain service. ICON also offers a pre-paid electronic payment application and plans to increase its partnerships with banks. South Korean colleges use ICON’s “U-coin” solution for day-to-day transfers and payments. Lastly, South Korean healthcare providers also leverage ICON’s P-HIS (Precision Healthcare Information System) to enhance inter-hospital information exchanges and data integrity.
What is ICON?
ICON’s decentralized network permits independent blockchains with diverse governance to perform transactions with each other without the need for intermediaries. Any individual can join the platform by crafting a blockchain project. The projects can freely link with existing programs and produce new blockchain multiverse.
ICON’s team states that the outcome will enable the interconnection and decentralization of communities, helping them overcome geographical, economic, social, and political boundaries.
How does ICON work?
ICON functions around loopchain, which is a blockchain that depends on an intelligent contract system. You can customize it to include various consensus mechanisms, rulesets, and other functions. The ICON network connects different blockchains based on the following key structures and systems:
Communities: A community consists of diverse nodes in the same governance platform. For instance, a community can include Ethereum blockchain, e-commerce platform, healthcare provider, government, bank, and more. Every community has exclusive consensus mechanisms and rules.
C-nodes: Community nodes (C-nodes) possess the permission to execute transactions, but they cannot cast a vote on the authentication of the governance and transactions in the ICON republic. The job of C-nodes is to maintain and govern their community’s blockchain.
C-reps: These are community representatives who have the right to vote on governance and validate transactions in ICON’s network. Each community selects C-reps and provides them incentives for preserving the ICON republic.
Citizen nodes: These nodes permit users to connect to ICON’s network to perform transactions and utilize dapps developed on loopchain. However, citizen nodes are not allowed to vote on governance topics of the ICON republic.
ICON republic: The ICON republic is the whole ICON network, whose governance is decided by the votes of the C-reps. It is decentralized. The republic facilitates communication between communities but is not involved in governing the communities.
The ICON republic’s blockchain network is termed Nexus. It is a group of communities that are linked to each other via C-reps. You can connect one Nexus to another and facilitate network scalability and interconnectivity.
What is ICX?
ICON’s coin is abbreviated as ICX. You can use ICX for multiple purposes, including creating new network tokens, initiating smart contracts, and payments. ICX can facilitate transactions between various cryptocurrencies by computing the exchange rate through the ICON’s DEX (Decentralized Exchange). The use of ICX for communication across blockchains differentiates it from other coins like NEO and ETH. It also asserts ICON’s participation in the interoperability partnership with Aion and Wanchain.
ICX’s total supply is 800,460,000. About 50% of this supply was distributed during ICON’s ICO in September 2017. The remaining tokens have been shared by ICON’s team and partners and reserved for future development plans.
ICX Price – What does it depend on?
ICON coin price prediction can be influenced by project news and developments in 2020. ICON has entered into a partnership with LINE which is the biggest social media network in Japan. It is utilized by more than 84 million people each month. As a result, ICON can get a large user base for its decentralized apps. ICON has also partnered with Samsung which will use the former’s Chain ID platform for its Samsung Pass project.
These developments may increase the demand for ICX coins and thus impact ICON predictions. Thus, it can boost ICON’s overall reputation.
Impact of ICON’s Roadmap on ICX’s Price
ICON’s long-term value can improve through corporate adoption which will lead to mass utilization of the network. The platform’s roadmap reveals plans for the use of the network in fields like securities, insurance, banks, universities, and hospitals. This means ICON can be integrated successfully with companies in some leading industry verticals. If ICX is used in all these sectors, it will increase the demand and consequently the price of the coin.
But competition is stiff and other better-designed and more efficient systems could steal a march over ICON. Regulatory issues and technological problems can also hurt ICX’s value even if ICON succeeds in achieving the plans in its roadmap.
Recent Updates to ICX
ICON updated its project and released details about it in July 2020. The network has also updated ICON Tracker, ICONex Mobile, and ICONex Chrome, so they can support the new functions.
- ICON Tracker: Updates to ICON Tracker include new features such as contract inquiry, token inquiry, transaction inquiry, and block inquiry.
- ICONex Mobile and ICONex Chrome: Updates to ICONex Mobile and ICONex Chrome include the addition of IRC token, contract menu, and inquiring/executing contract, ICON fee system revision, and updates to data input and ledger connection.
ICON has heeded community requests and improved multiple features to boost the ICON network’s governance experience. Based on user feedback, ICON plans to include P-rep private key delegating, staking and dualizing capabilities in SCORE, several un-staking periods, and functionality to raise the delegations from 10 to 100.
- P-Rep Private Key Dualizing Feature: This function permits P-reps to register an added key on the ICON platform which can be utilized to create and authenticate a block. This update enables ICONists to register an additional key for P-rep nodes when they attempt to sign up as a P-rep.
- Delegating and Staking Feature in SCORE: This permits SCORE to directly delegate and stake to P-reps. As ICON offers a block incentive for voting, a SCORE can get the incentive by voting to a P-rep and share the award with the ICONists who placed ICX in the contract.
- Multiple Unstaking Periods: This permits SCOREs and ICONists to use different schedules for unstaking. This allows an ICONist to submit up to 1,000 unstaking requests which are a big improvement from its predecessor.
- Increase in Delegation Slots: Enables an ICONist to give their vote for up to 100 p-reps.
ICX Projection 2020
Though ICX is relatively new, it has already made it to the top 60 in terms of market capitalization. Though there are plenty of fluctuations in the market, while other cryptocurrencies are steadily recovering, ICX is taking longer. Amidst this uncertainty, let’s take a look at experts’ ICON coin stock forecast for 2020 and beyond.
Crypto website CoinLiker’s predictions are that ICX may reach $9.59 in three years and $13.62 in five years. Wallet Investor forecasts ICON’s price of US$0.008068 by 2020 end, which seems conservative and reasonable. Trading Beasts states that ICON’s maximum price will be $0.3514 by the end of 2020.
Some ICX prognosis might suggest that 2020 will be fruitful for this coin as its value may increase with robust capitalization. ICON plans to create a digital pre-paid payment platform and is developing multiple partnerships with leading companies. All these factors could increase ICON’s price. Thus, ICX stock forecast could be positive for 2020.
ICON Coin Projection 2025
ICX is promising as it can be widely used in sectors like hospitals, universities, banks, insurance, and securities. Moreover, tech giants such as Samsung are partnering with ICON. Thus, ICX analysis might indicate an increase in coin value which can be greater than 9X by 2025. These bullish predictions could also be supported by the positive factors for ICX such as revolutionary projects, great technology and community, pragmatic use cases with real adoption, and government support.
Below is a comparison of ICX growth based on historical comparisons:
Moore’s law: If ICON grows according to Moore’s law, it might achieve a price of $168.01 by 2024. Moore’s law observes that the number doubles every two years.
Internet user’s growth rate: If ICON has an average YoY growth similar to the internet during its adoption phase, it could hit a price of $12.15 by 2024 given that global web user numbers are increasing at a rate of over 8%.
Google growth rate: Google’s 5-year average revenue growth rate is 19.65%. Thus, if we assume ICON to have an average YoY similar to Google, its price could reach $37.95 by 2024.
Facebook growth rate: Facebook’s 5-year average revenue growth rate is 41.49%. Thus, if we assume ICON to have an average YoY similar to Facebook, its price could reach $312.80 by 2024.
Mobile phone users’ growth rate: Mobile phone users’ annual average growth rate was 6.6% for the period between 2009 and 2017. Going by this ICX’s price can reach $11.55 by 2024.
Where to Buy ICX?
ICX is listed on many exchanges, including Binance, Velic, Huobi, Okex, HitBTC, and others. Out of these Okex, Binance, and Velic provide support to the coin’s Mainnet version.
ICON has a lot of things going in its favor which can help its growth and value. The platform is making efforts to increase links with entities outside Asia and South Korea. ICON has shown that it possesses the grit and capability to meet its goals. Though we will have to wait and watch how ICON performs in comparison with its competitors, it certainly is a project to look forward to.