ICON (ICX) announced today a new partnership with the decentralized exchange project Kyber Network (KNC) which caused both to jump 30% on brisk trading. Kyber brings expertise in scaling and building a decentralized exchange to help connect other blockchains to ICON’s network.
The announcement was made from Seoul as both platforms originated in the region. ICON is working to build an interconnected community which can provide blockchain inter-connectivity, coin exchange, marketplace, universities, hospitals and advanced trading/banking features. The next key development for the blockchain economy is the growth of easy to use wallets and exchanges to allow for mainstream acceptability of crypto currencies.
The second half of 2017 brought us the next generation blockchain economy with the growth of Ripple (XRP), Cardano (ADA), IOTA (mIOTA), and NEM (XEM) looking to upend legacy banking industries. These new companies now make up 6 of the top 10 coins on CoinMarketCap with Ripple trying to catch Ethereum and Bitcoin (BTC). ICON (ICX) is looking to join this group with a flurry of developments on the horizon which could propel ICON and partners like Kyber (KNC) in to the top 10.
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The ICON Network
The ICON network and ICX token launched on the Ethereum ERC-20 blockchain technology with the goal to “Hyperconnect the World”. Through the use of decentralized apps (dAPP) the team is connecting major financial, educational, healthcare, insurance and e-commerce projects. The goal is for an all in one market where adoption of the use of crypto currencies can grow with new users.
By making the ICON network compatible with other blockchains like Bitcoin (BTC), Ethereum and Litecoin (LTC) ICON can integrate many other coins for use within the community. Smartcontracts allow for identity verification needed for banking, insurance and securities meaning opening a bank account or insurance now occurs in minutes via the internet rather than visiting a bank. The integration and compatibility of other blockchains allows for instant scalability of the network through more established coins.
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The ICX Coin
Much like Ripple and the XRP token, the ICON network is a separate technology from the ICX token. The token is integrated into the network but transactions are not limited to only ICX. With decentralized exchanges coins can be swapped in real time when needed. The ICO was opened to Ethereum currency exchange for ICX which is now listed on Binance and OKex for trading.
The future is coming soon with the transfer from ERC-20 token to ICON’s own protocol January 24th. This will allow the tracking of ICX tokens on the decentralized exchange. With an increase in volume, centralized exchanges like Binance will no longer be needed to trade tokens. Much like Komodo and BarterDex, a decentralized exchange allows coins to be held in a secure wallet rather than on an exchange which will save fees and allow faster use in the ICON integrated network.
What Kyber Network Brings
Kyber Network is building a decentralized exchange which is launching soon with trading pairs between Ethereum and tokens. With the founder of Ethereum Vitalik Buterin as an adviser, Kyber hopes to launch cross chain trading in early 2019. By partnering with ICON it will gain a large partner to help it grown and test its technology. Kyber is currently #57 at $580 million in market value after a 30% bump following the announcement.
The Future of BlockChain Economy
The further growth of crypto economy is rooted in the ability of bringning non-tech adopters to crypto coins. Part of the problem of maturing in the sector is the association of Bitcoin to all coins by those novice to the technology. With CLI and windows based wallets lacking user friendliness and addresses that look encrypted networks like ICON (ICX) are looking to build broad interconnected markets to allow wider use and demand. With the addition of Kyber to help build the exchange, ICON can focus on the core business of connect-ability. Continue to follow here at TheIndependentRepublic.com for updates.