What Is The Value of ICX?
Icon is one of the newest up and coming cryptocurrency platforms. When looking long term, it’s reasonable to see why Icon will rise as time goes on. It may not be a higher value coin in the immediate future, however.
Icon is a longer-term hold, along with the other cryptocurrency platforms that are currently available. And why? Simply put, Icon is implementing more features to help it become better in the future.
So How Is ICX Performing Currently?
At the time of writing, coinmarketcap.com has Icon listed currently at 3.75% down or $4.59.
ICX’s mobile wallet schedule change was published on April 4th, so by now some time. This could be a contributing factor as to why a dip could be imminent, although it’s doubtful that it would be one of the main reasons.
The ICX Mobile Wallet
The mobile wallet is one of the things that people have been anticipating for Icon and something people generally anticipate for pretty much any cryptocurrency coming into the crypto space.
A lot of cryptocurrencies like to plan a mobile wallet for the future, or currently have a mobile wallet simply for ease of accessibility. This way, people can simply go on their phone, scroll through, and they'll be able to access all of their funds.
The mobile wallet ICX planned in the original 2018 roadmap was scheduled to be released in April. At the beginning of April, they announced that this was not going to happen, and it was going to be delayed. As of now, that’s something we are going to be waiting for.
The ICX Token Swap
As said before, the mobile wallet is but one of the contributing factors that could affect ICX’s value. The second contributing factor was the delay in the token swap.
As many people understand, if investing into Icon, (or even if not actually invested and not holding the actual Icon token) what they’ll have right now is an ERC20 token.
When planning to trade on exchanges, users aren’t trading the Icon token on the Icon mainnet but trading the ERC20 token instead. This token swap event is what allowed people to swap those tokens for tokens on the Icon mainnet.
Following the end of the ICON token sale, which finished on 20 September 2017, ICON Team began to distribute their ERC20 tokens. These allowed owners to trade ICX via the crypto exchange prior to the mainnet launch.
ICX token swaps involved exchanging ICX tokens to the ICX coins at an exchange rate of 1:1. After the swap had been made, the ICX coins could not be changed back to ERC20 ICX tokens.
Token Swap Procedure
In order to participate in the token swap, holders had to use one of three compatible exchanges carry it out on their behalf (if they had tokens on those exchanges), or they could be done manually using the ICONex wallet.
However, to do that, they had to transfer ERC20 ICX tokens from an ICONex ETH wallet to ICONex ICX wallet.
Time of The Token Swap
Token swapping had been a thing since April, but unfortunately, exchanges were unable to handle trading of ICX coins yet. Therefore, ICON postponed their token swap until June in order for both token swaps to could take place at the same time.
Token Swapping for Those with Tokens in an ICONex Wallet
Users with their tokens in an ICONex Wallet would have to go through a set of steps in order to take part in the token swapping. These were as follows:
- Create an ICONex ETH wallet and then send any ERC20 ICX tokens to the ICONex ETH wallet
- Add the custom ICX token in order to activate their token swap feature
- Follow instructions and finish ICX token swap submission. ICONex ICX wallet shall be created automatically, with the same amount of ICX swapped and distributed to the ICX wallet. A small amount of Ethereum was required for the process.
- Mainnet coins were distributed once per day, except for weekends. (Swapping tokens are available for submission around the clock)
The Delay Of Icon’s Platform
The third contributing factor that we have here is the possible delay of the Icon ICO platform. This was also scheduled to be released during April, but we haven't really heard any recent word about if it is going to be arriving soon.
This could be a short-term problem for Icon. Typically when coins fail to meet their deadlines (no matter what the cause) people who are disappointed become impatient and sell their coins. Some people see a particular kind of movement and continue to panic sell.
The ICX Bug
On June 16th, a user reported that they had found a bug with ICX’s smart contract code.
This user said that the bug would give anyone access to manipulate tokens. ICON showed their knack for problem solving and commitment to service by responding to the report immediately, indeed confirming that there was a bug found in the smart contract code but also notifying users that the ERC20 tokens won’t be in danger in any way.
Why Long-Term Investment in Icon Is the Way Forward
Now let's take a look as to why Icon in the long-term could possibly be one of the best investments, and it could be one of the top cryptocurrency platforms.
The CO of Pantera Capital actually stated that their biggest bet for 2018 is Icon, so Icon is already getting some recognition in the cryptocurrency space already. Secondly, we can simply look at what Icon brings to the table.
For the fans of Icon and for the people who are invested, it is easy to see just how much potential Icon has to be one of the top cryptocurrency platforms and one of the top cryptocurrencies to actually be used in the real world.
Being able to connect different blockchains and have them connect with one another is a huge deal. It's one of the biggest names when it comes to cryptocurrencies, and one of the primary cryptocurrencies that is trying to get it just right.
Looking at all of these other delays – delays that have come for the ICO platform, for the mobile wallet and so on, we know that they are on their way. This fact gives those invested something that they should be looking forward to. It’s unlikely that any of these are going to be delayed for too much of an extended period of time either.
In order for ICX to come out on top, it’s imperative that they don’t run into a problem, for example, being delayed by a year. Any changes need to be made relatively quickly.
However, things are looking positive. If we are forecasting ICX down the line (a few years specifically), there is ample time for more development for the platform and for them to continue to improve and get more users onboard.
If they can achieve this, it could lead to Icon becoming one of the top blockchains in cryptocurrency.
We also have to take into account that Icon is going to be listed on more exchanges, allowing for more people to get involved with it. Some people, for whatever reason, only like to use one particular exchange. This is going to open up the market even further for Icon when people can access it on their preferred exchange.
There have been rumors that Icon is going to be listed on Bittrex, this is not confirmed yet, but if this is indeed true, it would be massive for Icon’s growth. Being added to more and more exchanges as time goes on is only going to give more attention to Icon.
The True Value Of ICX
Icon seems to have a lot to offer. As well as everything they’re putting up so far, down the line, there’s going to be the ISS launch for Icon, as well as the launch of the Icon Iberium decentralized exchange.
These are just a few more things to take into consideration when weighing up if Icon is going to rise when looking at the long term.