Today, 20th June is scheduled the ICON Tokenswap. It was delayed by various reasons, but finally it is time. The smart contract protocol ICON and its mainet will switch the ERC-20 ICX Tokens for the real ICX ICON Tokens, which will mark a cornerstone in ICON’s project. The procedure will conduct in orderly manner, after which the ERC-20 Tokens will become useless and unusable. Investors that miss out the ICON Tokenswap may lose their money.
ICON’s project and the ICON Tokenswap
The ICON project started in 2017 with an Initial Coin Offering that raised 150,000 Ether. It was worth around 40$ million then, 80$ million now and more than 200$ million in Ethereum’s highs. ICON sold 50% of all ICX Tokens to raise the 150,000 Ether. ICON’s market capitalization is currently 795$ million with ICX Tokens trading for 2$. But at ICON’s highs in January 2018, ICX Tokens were trading for more than 12$ a token.
They launched their blockchain in January, but encountered different delays on to road to the ICON Tokenswap. Mid-June, some people discovered bugs with the smart contracts of ICON. These bugs allowed for anyone to stop the token transfers except the smart contract creator and were fixed the same day.
ICON’s goals are to connect blockchain communities through a governing blockchain that is based on aspecific Loopchain protocol. They have partnered with companies like Samsung, Hyundai, Aion and Wanchain to produce a great quality product.
The ICON Tokenswap
Three exchanges will support and participate in the ICON Tokenswap: Binance, Bithumb and Upbit. If you deposit your ERC-20 ICX Tokens into these exchanges, the Tokenswap will automatically be handled by the exchanges and you will get the native ICON Tokens in a 1:1 ratio. The due date for the exchanges is by the end of today and by the end of tomorrow for Bithumb. The native ICON wallet, ICONex will help with the ICON Tokenswap from 25th June to 25th September.
“ERC20 ICX Tokens must be received by the exchanges before their deadlines for the ICON Tokenswap to be made… All ICX deposits and withdrawals from the exchanges will be suspended until the token swap processes are finished.”
When big events like the ICON Tokenswap happen, there are always malicious people trying to scam unsuspecting investors. Even the ICON Foundation warned about people trying to impersonate ICON and to rob investors from their ERC-20 Tokens or malicious wallets masked like the ICON Tokenswap wallet. That’s why it’s important to remember: Send your ICX Tokens only in supporting exchanges or the ICONex wallet!
I just published “ICX Token swap schedule announcement” https://t.co/4olPHaUtBs
— ICON (@helloiconworld) June 18, 2018
You will need 0.002 Ether in the wallet so that you can pay for the ICON Tokenswap transaction. When the Tokenswap completes, the ERC-20 Tokens will be destroyed to prevent fraud and to mark the start of the ICON mainet. ICON wanted to issue the Tokenswap after the mainet and the main wallet were released.
The ICON Tokenswap comes weeks after EOS released their mainet EOSIO. EOS raised 4$ billion in their year-long Initial Coin Offering, breaking the previous record held by Telegram. Read here about EOS’s mainet EOSIO and the latest events with EOS.
If you want to read about how rich are EOS top addresses, click here and be amazed.
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