ICON readies itself to migrate from Ethereum’s platform to its own mainnet

ICON

ICON is readying itself to officially launch its blockchain mainnet after months of preparation.

The network is currently working off Ethereum’s blockchain as an ERC-20 token and now is ready to migrate onto its own platform which looks like it might be a complicated endeavor given the size of the token’s market cap.

Before the new platform can be launched, users owning ICON’s token (ICX)must move approximately $800 million USD worth of ICX from the old platform to the developing one. The opportunity to swap tokens through the authorized ICONex wallet will be ongoing until 25th September and the new mainnet tokens will be distributed at one occasion daily.

Binance and UpBit, two leading cryptocurrency trading exchanges have also offered their support.

The main supporting exchange partnering with ICON for the token swap is Bithumb which just so happened to suspend services yesterday after a malicious attack, but no implication for the token swap has been specified as of yet.

With the migration, users are advised to proceed cautiously as scammers will be looking to take advantage of users to gain access to private keys and accounts.

The mainnet launch of ICON will be following that of the very recent launch of EOS’s and TRON’s platforms. The EOS transition went less smoothly than the team was hoping, owing to a quick suspension very soon after the launch.

TRON, on the other hand, is gearing up to launch shortly and also has a wealth of support from exchanges for the migration.

ICON’s price has trickled upwards and at press time, ICX is up 0.36% day-on-day, and presently trades at $2.08 USD.

Related Articles

Crypto exchange Binance doubles staff figures in Brazil

Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.

Crypto ATMs post a decline for the first time in the industry

September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

See All