1 Level
6 Review
3 Karma
Review on ICON by Alexandra Wells
All the transaction on the network is done using ICX tokens. ICON also has DEXβ¦
All the transaction on the network is done using ICX tokens. ICON also has DEX (Decentralized exchange) which allocates reserves to each blockchain involved in the network and also it decides which community will get how many numbers of reserves by using different metrics.
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Pros
- It reduces the involvement of unnecessary intermediaries while performing the transaction due to which transaction costs or fees are also getting reduced. It aims to be available for the daily transactions to make effective use of it.
Cons
- Also, this coin supports DEX (Decentralized exchange) which allows different currencies to link independently. For knowing the exchange rates, they use the Banner Protocol. Thus, to connect they use Loopchain technology which is based on smart contracts which means if criteria are met, it allows to perform the transactions automatically..
