1 Level
11 Review
3 Karma
Review on ICON by Trang Le
ICON’s fee system has been updated. ICON’s transaction fee measurement unit is…
ICON’s fee system has been updated. ICON’s transaction fee measurement unit is Step, which is set to meet ICON’s smart contract implementation environment. The price of Step is indicated as ‘loop’ and 1 loop is fixed to 0.0000000000000001( 10^–18) ICX.
‘Step Limit’ means the maximum amount of Step that you are willing to pay to execute the transaction.
Even if the Step limit is set high, it will only consume the amount of Step needed to create the transaction. However, if you set Step limit too low, the fee will be spent and the transaction will not be executed, so please be careful.
The ICON ICO will be the largest ICO in Korea. Overall, ICON aims to raise $44M over the span of 2 weeks. The ICO starts on October 20th, 2017 and ends on November 3rd, 2017. ICON will distribute 400,230,000 ICX which can only be exchanged with Ethereum (ETH). 1 ETH has a conversion rate of 2,500 ICX (1 ETH = 2,500 ICX).
Pros
- ICONex enables users to create and manage wallets for various cryptocurrencies that are connected to ICON Network which includes ICX and ETH. Convenient exchange and transfer between ICX and other various cryptocurrencies connected with ICON is possible based on the Reserved Balance.ICON is an interconnecting blockchain network. ICON can connect independent blockchains without the use of additional third-party intermediaries. Various blockchains can communicate with each other through the ICON platform. By connecting siloed blockchains, ICON aims to become the largest blockchain in existence.
Cons
- Do you think the Blockchain Interoperability Alliance with Wanchain/Aion is a good or bad thing? Does helping them succeed somewhat temper ICON's potential?ICON tokens are named ICX. ICX is used as an intermediary currency when transacting amongst the various blockchain networks. As an inter-chain blockchain, the ICON platform will be able to host other ICOs on the ICON platform.
