It has been a hard half year for most digital coins in the market but a very fruitful one with individual platforms infrastructure development. ICON (ICX) has grown through the ranks to become one of the best coins. In order to reposition itself for the future, the Token has announced its token swap.
ICON has been attracting a lot of attention lately and it appears investor confidence is picking up for a coin that has defied all the odds to remain resilient in a market where other tokens seem to drown. The coin has attracted the attention of blockchains drawn from different sectors and its future appears bright.
ICON is industry specific and its real world use cases is what is exciting holders and more so, the strategic partners. This is a dApp focused outfit and is offering a better value proposition compared to Ethereum. However, ICON structures are highly advanced and have already wooed former ETH adherents to its network.
Current ICON (ICX) Good Run
ICON (ICX) recently partnered with Carboneum and together they are perusing areas of technological collaboration that they can pursue. It brings on board over 4.8millon subscribers and this has created a lot of excitement on ICON and this has had a ripple effect on its price and value.
The spike on the pricing has not been able to hold but after the token swap, this will be better. Critics have been able to jump in fast and trash the spike associating it with holders who came onboard expecting something like an airdrop and free coins.
The much Anticipated ICON (ICX) Token Swap
The much anticipated ICON token swap has been announced and it appears the platform has the support of some of the largest and respected global exchanges. The exchange support is not just for the swap alone but a strategic partnership aimed at driving the ICON agenda to the masses.
On the list of supporting exchanges are UpBit, Binance, Bithumb and of course, their native ICONex wallet. However this is not the final list of exchanges that have offered to support the coin; more have shown interest and will be announced as the big day approaches.
ICX Token Swap Mechanism
The mechanism for the ICX ERC20 token swap is straight forward; if you own the ERC20 tokens, the swap will be 1:1 in ratio. This will transform the token to a new coin. This means that 1 ERC20 token is equivalent to 1 MainNet ICX coin.
However, like any other transition, once you convert your tokens into coin, you cannot change them back to old tokens. Here is a quick preview of the ERC20 toke swap deposit schedule:
Binance: 20.06.2018 (9:00, UTC +9)
Upbit: 20.06.2018 (22:00m UTC +9)
Bithumb: 20.06.2018 (22:00, UTC +9)
ICONex wallet: 25.06.2018 (13:00, UTC +9)
All the old tokens must be received according to each exchange timelines. Once the tokens are received depositing and withdrawing from partner exchanges will be put on hold until the swap process is complete.
ICON (ICX) Price Recap
ICON (ICX) has been resilient and has been making steady growth though has also been slapped by the skydiving market. At the time of filing this report, the ICX token was trading at $2.10 after gaining 0.49% but trading on the red against BTC and ETH by 0.51% and 3.25%respectively.
At the moment, the ICX price can go either way but after the swap, it is poised to hold and build enough traction for a major breakout. However, hitting the $5 mark will be dictated by other major market movers and support from the exchanges the coin is listed.