Countdown For Protocols Change on ICONs Token – June 20th
On this Wednesday, new investors will swap their pre-existing Ethereum oriented ICX tokens, that are being used for project funding. This works for tokens on the recently live version of ICON – that will effectively exchange all existing tokens in an elaborate code exchange. It was launched back in 2017, and ICON is now aiming to make a connection between different independent blockchain groups, with personally owned governance proposals that are also leading blockchains focused on a new protocol known as a loopchain.
ICON has gotten rid of at least 50 percent of their ICX token supply, with the same basic function they used last September – while at the same time raising 150,000 ETH worth amounting to $42,750,000. The new project being developed is now launching on its own private blockchain, earlier in January of this year. And in accordance to the CoinMarketCap, it’s a collective market with a total capital of $800 Million.
Even so, investors still need to be issued ICON Tokens.
As it is, ICON’s Swap is being implemented with a major exchange rate of around 1:1. This is happening through the ICONex wallet from June September 25th, and also with other exchange who support it. New users now have until Wednesday to make the transfers needed for their tokens to Binance and Upbit, and this is until things happen on Thursday for Bitumb. There are only three exchanges who are now supporting the exchange swap, this is relying on information from ICON.
In the instance that ICONex wallet’s token holders want to use an exchange to create the transfer on exchanges can handle the situation for the transfer through the use of ICON and their davisers who have about 0.0002 ETH in their ICX-Ethereum wallet to complete the transaction.
Once the tokens from Ethereum are exchanged for the ICX tokens, the tokens raised from funding will be destroyed. Those people who don’t make timing for the exchange will be locked into place once the period ends. It’s essential to stop the use of tokens.
Now, if the next day comes and it marks the live version of the platform that is long due – it’s not smooth sailing from here on out. Not in the run leading up to the swap. An example would the confusion being committed from within the community and how it will affect the token exchange about to occur.
And not like other products, like those of EOS or ICON – who have opted to make their own personal coin swap after their launch. The new project is planned to delay the swap, which is set for March in the roadmap for the company. This is until the native wallet is released of course.
The only problem is by the end of April, there is still no announcement for the date set to swap, and they also made apologies because of bad communication that has lead to uncertainty in the community.
Also, the project has seen many technical difficulties as well.
Like June 16th when a major bug was discovered on the smart contract for ICON, it basically gave users the ability to disable the transfer of tokens. Developers fixed the problem, but it still allowed for bad user experiences because of faulty programming.
Like other projects launched, they have concerns on scams that could happen. Yesterday the foundation for ICON also told users of others who would be able to impersonate the project during the exchange, like actors needing ICX who wanted to sent wallet instead of the ICONex wallet and other supporting exchanges.
Along with releasing mainnet and the coin exchange about to come, ICON has made statements about partnerships with other groups on social media platform. Some of them are major companies, considered to be worldwide tech leaders.