Another component of the network is the so-called C-Rep or the Community Representative. These participants are part of the community and an important part of the IC.ON network at the same time. These users have the possibility to verify the transactions and can also lose the role they have entered. The IC.ON Republic is also identified as a component. This is a connection between the different communities. The Republic consists of C-Reps and Citizen Nodes and is defined by its decentralization. Finally, the Citizen Nodes are identified as components. These are defined exclusively as users of so-called DAPPs.
According to the developers’ analyses, there are also four different approaches to connecting to the IC.ON network. The first type is the connection between nodes within a single network. The operators of the network can design the algorithm for finding the consensus quite freely. Furthermore, a connection can be established between nodes within the IC.ON Republic. This method is supported by the loopchain and enables the connection of different communities. To reach a consensus, real-time transactions are initiated and processed using the loop chain. In addition, a connection between a community and the ICO.N Republic can also be established.
According to the Bitcoin Code
These are linked via a decentralised exchange (DEX), enabling real-time transactions between Bitcoin Code and the various communities. Communities that do not know how to find a consensus in real time are excluded from the network until the consensus is finally reached. These include bitcoin, ethereum or other Ethereum-based crypto currencies. Finally, a connection between different communities can be realized. This can be achieved with the help of the IC.ON Republic and is also operationalized by the DEX.
Operationalization takes place at the levels of the community and the IC.ON Republic. Within the community a free design of the characteristics of the blockchain can be announced. This allows communities to make their own decisions and define their own consensus. Within the IC.ON Republic, consensus is in turn defined by the C-Reps, so that it remains constant throughout the Republic. This makes trading easier.
Bitcoin Profit – How will the currency rate develop?
ICON Coin Course
In the following section we will discuss the development and course of the coin. Basically, the ICON coin can be described as a modern and young crypto currency, which was published from 27 October to 26 December as part of Bitcoin Profit an initial coin offering. This means that December 26 can be recorded as the first official trading day. At that time, most of the crypto currencies were in a strong uptrend, with the ICON Coin exchange rate at $7.16 and market capitalization at $2.045 billion.
Within the following days, the share price almost doubled, with January 10 showing the record level to date. On that date, the price per token Bitcoin Profit was $12.06 and the market capitalization was $4.565 billion. As part of the general consolidation, ICON Coin also lost value, so that its market capitalization fell below one billion US dollars for the first time on February 6. As of March 18, 2018, the market capitalization was now 793.87 million US dollars.
There is definitely an important approach behind IC.ON, because the developers want to connect the different communities. Market expectations continued to emerge on the first day of trading, as a market capitalization of USD 2 billion on the first day of trading did not create another currency by then. If the monthly trading volume of all crypto currencies is used, the crypto currency ranks 37th in the global ranking.
Within one month, 836 million US dollars were turned over. This is a fantastic value, especially for the young age. If a comparison is made on a weekly or daily basis, the turnover is also higher than for other currencies that are currently rated better. A rising user base should also be reflected in the exchange rate of the currency, so that the forecast is quite positive. Only the fact that the ICON token can only be purchased in exchange for other tokens is quite disappointing.