What is Icon?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Icon?
  • Where did Icon come from?
  • What are the advantages of Icon?
  • What are the disadvantages of Icon?
  • How to buy Icon on SimpleSwap?

What is Icon?

Icon is a cryptocurrency which was created for the Icon blockchain. It is a project of a system that combines different blockchains in one network. The main goal of the project is to create a system of direct payments based on ICX. This system will allow people to pay for goods and services provided by partners of the Icon network.
The ambitious task of Icon is to unite all activities in the country through its blockchain system. It has an open-source ecosystem that allows some organizations such as hospitals, universities, and other institutions to interact without the involvement of third-party services that can charge transaction fees or delay the process.

Where did Icon come from?

Icon was developed by a Korean company called “The loop”. The loop’s engineering team started the research in June 2015. It is a joint venture which was created by DAYLI and three Korean universities. The team consists of many experts in the field of blockchain development. Furthermore, it includes experienced marketers and financiers.
The developers of the Icon project were not the first who decided to create a system that combines different blockchains. The team of the Ethereum platform was the first who worked in this direction. It should be noted that this project is carried out by people who are familiar with blockchain technology. Icon is a project of the Dayli Financial Group (one of the largest cryptocurrency companies).

What are the advantages of Icon?

  • Possibility of quick exchange transaction.
  • Developed system of decentralized management which is organized through collective decision-making.
  • Fast information processing.
  • It has established contacts with an official representative of the authorities.

What are the disadvantages of Icon?

  • There is a poorly developed infrastructure surrounding this project.
  • There may be problems with the integration of the Icon system and other similar crypto projects. These troubles may appear due to the imperfection of the software algorithms of cryptocurrencies.

How to buy Icon on SimpleSwap?

Let’s say you want to buy Icon. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select ICX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. Icon will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy ICX.

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