The Nexus is a multi-channel blockchain that communities (i.e., real-world institutions or other blockchains) can plug into and transfer value or vote on governance proposals for the ICON Republic. ICX, however, was part of the crypto bear market in 2018 and. The ICX price spiked to 13.16 in January 2018 a few months after its ICO the previous September. The market cap equals the current price of Icon ICX multiplied by the number of ICX coins in circulation. The focal point of the entire architecture - from a technology perspective - is known as the ‘ICON Nexus’ which is built on its unique LFT consensus which underscores its smart contract blockchain, called Loopchain. The live price changes for Icon ICX are also reflected in its market cap.
#Icx icon ico price series#
Communities and the ICON Republic are connected via a series of decentralized exchanges, which the development team is currently working on expanding to outside cryptocurrencies including Ethereum. The ICON Republic does not engage in the governance of individual communities, only the general parameters of the larger network. C-Reps are selected by their corresponding communities and need to contribute to the ICON network above a specific threshold to qualify.Ĭitizen Nodes are the participants of the network that do not have governance/voting rights and can only generate transactions. For example, a C-Node in a financial community can consist of both organizations (i.e., banks) and individual functionaries, such as a regulator.Ĭ-Reps are the ‘community representatives’ in the governance of the network who approve transactions and participate in the voting of the ICON Republic governance. More specifically, ICON communities rely on a unique governance structure where there are three types of nodes (i.e., participants) in the network:Ĭ-Nodes are the community nodes, which are the building blocks of the community and function as the governance structure for each independent community. Overall, the governance of the network falls under the ICON Republic, with independent jurisdictions called ‘communities’ - networks comprised of different nodes that elect to use the same governance. ICON’s primary innovations make their mark in some of the platform’s technical and governance designs.