how does Icon (ICX) work and what is its purpose

Several cryptocurrency projects have exceeded the US $ 1 billion market limit in recent months.For many people, this is a big surprise because it was something associated with the elite club and was not accessible some while back. Things have changed a lot in this view, but that does not mean that most people are aware of these projects. ICON is a good example of a seemingly successful business that most people could not describe right now.

WHAT IS ICON’S PURPOSE?
It should be remembered that the developers of Cryptocurrency and Blockchain are working in the future towards decentralized global networks. One thing is to say that a decentralized system is under construction, but in reality, it is something else. The ICON team says it will be able to build one of the largest networks of its kind, trying to “connect the world.” However, there will be a lot of work to achieve this vision within a reasonable time.

So far, it seems that the ICON project has identified communities that have shown interest in this particular project. These communities consist of renowned institutions (banks, insurers, hospitals, universities, etc.) that wish to create a decentralized global network. In the long run, these entities will help create decentralized applications for the network. Presently, the team seems to be focusing on Blockchain ID as one of its main DApps, although there is also plenty of room for other solutions.

WHAT IS ICON AND HOW DOES IT WORK?
The use of technology provided by ICON should not be underestimated. Your Blockchain ID project, for example, is entirely based on smart contracts. It can become a global way to authenticate and verify the identity of the Internet. However, we still can not see if the world is ready for such an “improvement.” Also, the team is working on a payment and exchange solution that could be of interest to banks and other financial service providers.

Projects like ICON, without a doubt, offer many promises, but the central question is how useful they will be. The team wants to introduce blockchain into the daily life of people. Creating apps in the real world will undoubtedly help in that direction, but it’s hard to get people excited about things they do not even need or want in the first place. There is an exciting future, especially if ICON can solve any scalability problem well in advance.

ICON has decentralized applications, compatibility between exchanges, real-time transactions, decentralized exchanges and much more. On the other hand, there is support for artificial intelligence, which certainly brings ICON out of the box. The project also uses a decentralized consensus model instead of the non-systematic solutions found in most blockchains.

THE ICON PATH
As you might expect, the ICON Roadmap has many challenges and obstacles.
First, the team intends to expand the DEX reserve pool to include most other vital cryptocurrencies. Also, the team wants to create more associations with blockchain networks.
A second service to be launched in the third quarter of this year is known as a “financial investment consortium.” Everything seems very attractive, but it must also be realistic when it comes to companies like this. There is nothing easy in the world of blockchain and cryptocurrency. Having good intentions and a clear vision is not enough to do it in this world.