Users can now deposit, withdraw and trade the native ICON coin in pairs with USD, EUR and BTC.

South Korea — birthplace of ICON — has recently been in the news for various reasons, from BTS conquering the music charts all over the world to an emergent trade war with Japan. In the cryptoworld, Korea has also contributed to the headlines with Samsung supposedly expanding its DApp Software Development Kit and the city of Seoul planning to release its own cryptocurrency.

Indeed, blockchain technology has made strong progress in this apparently crypto-friendly country. ICON, a platform launched in 2016, has taken significant steps closer to mass adoption by offering modern solutions to a wide range of traditional businesses.

The main idea is to bring blockchain to the masses by creating a system that would enable different blockchains to communicate with each other seamlessly. This would result in a sort of blockchain universe with, for example, a hospital running its own blockchain and sending data directly to the blockchain of the insurance company.

Another important feature of the ICON system is the possibility to create a digital identity for any user. This would enable payments to be processed by simply using a nickname address or a personal identity when using public services.

ICON already boasts existing partnerships with universities, hospitals and government agencies. It provides them with instruments to run their internal systems, enabling communication between these internal systems and external systems, while remaining fully protected by cryptography. It acts as a hub which facilitates the creation and distribution of decentralized apps and other blockchain-based projects.

ICON’s blockchain is similar to Ethereum in that it also allows for smart contract processing. The core elements of the system are the ICON native coins. These coins are used to pay for access to the global ICON network and serve as the tokens which enable the smart contract-based transactions on the platform. These tokens are awarded to the members of the network for their participation in this network.

The system is advanced and therefore complex and we recommend that interested users visit the project’s website to learn more. It is built on principles similar to that of a republic. The consensus is reached based on the Delegated Proof of Stake algorithm and the purpose is to reach true decentralization. Each community-part of the system is represented by special nodes-community representatives (C-reps). C-reps are rewarded by the native currency of the ICON platform. By giving each community member the right to participate in the upcoming C-rep elections, ICON reinforces the idea of a government by people and for people.

With Lykke you can now purchase ICON coins, as well as any other asset with 0% trading fees. Lykke is a Swiss-based centralized exchange pursuing regulatory approvals. By trading on Lykke, you get access to such unique portfolio management instruments as LyCI utility tokens. Trading financial products involve significant risk and can result in the loss of your invested capital. Remember to carefully read our Terms and Conditions and Country restrictions list.