ICX, The ICON Following In Ethereum’s Footsteps
I have heard the ICX Coin being described in many Telegram groups as the Ethereum of South Korea. When I first read the comment from one such group, I believed the comparison was based more on how the coin will perform on the Exchanges by seeing a meteoritic rise similar to that of Ethereum. I had not dug dip into the concept behind ICX and Ether for that matter.
For a trader, price increase, or what is referred to as Mooning, is the first thing you look at when a coin is compared to another major coin that is also ‘Mooning’ faster than any Apollo mission. Looking at Ethereum, it’s price in January 2017 according to Coindesk was $10.73. Currently, Ethereum is valued at $1,354 on the same website. When you do the calculations, that is an amazing 12,518% increase in price within a year.
When the comment was being made about ICX, this was around mid December and the price was $4.73. I quickly grabbed some on Binance and saw it rise graciously to around $12 before Christmas. Then all hell broke lose and the market went upside down prompting many traders like myself to sell: a move I currently regret.
Currently, ICX is at $10.51 and steadily gathering steam on the various available exchanges. When you compare it with the price I quoted in mid-December, this is a steady increase in value of 122%. This is by no means a bad gain in less than a month.
When you use this figure of 122%, and assume the gain will be constant per month, by next January, ICX would have had a gain of 1,464% (122 x 12 months). This is not a bad gain at all. Doing the hypothetical math, ICX will be worth around $74 by next January (4.73 + (1,464/100)*4.73).
Please note I am in no means a financial adviser or a seasoned stock broker or a guru crypto trader. I am simply doing the math using available figures and observing the price chart available on coinmarketcap.com.
The second comparison of ICX to Ethererum that might catch the eye is the concepts and functionalities behind the coins. Both ICX and Ethereum preach decentralization of their networks and DApps (Decentralized Applications). These DApps are simply applications that do not depend on single computer to operate. DApps use per-to-per networks to function making each computer a participant of the network rather than the main server of the app.
Both projects offer smart contract platforms.
A smart contracts, according to wikipedia, is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. They allow for credible transactions without human or third party intervention. If you have participated in an ICO, you will note how smart contracts operate. ICO tokens are paid for and distributed through a smart contract. The beauty of blockchain technology is that these transactions are recorded on the ledger.
A third comparison to Ether might be the fact that both coins ran very successful ICOs to fund the projects. Ethereum managed to raise $16 million. ICX on the other hand raised $45 million. When you see the cryptocurrency community investing heavily on an ICO, you get the gut feeling that the concept behind it is solid enough and exciting.
In summary, ICX is slowly showing signs of considerable gains in the past few weeks on the various exchanges. This can be attributed to the fact that it ran a successful ICO that raised enough to get the ball rolling and people talking. The team behind the ICO was also solid and continues to deliver on its promises. Another reason that ICX might be seeing gains is the popularity of the coin in South Korea. It has been openly admitted that South Korea controls a large chunk of the Cryptocurrency trading space. So much so that any rumor in South Korea, good or bad, immediately affects the global Crypto markets faster than greased lightning.
The question now is left to you to decide if you will jump onto the ICX band wagon and hope for similar gains as those achieved by Ethereum in a year. Only time can guarantee the latter. But the former can be controlled by you!
Follow us on Telegram.