ICON (ICX) is one of those cryptocurrency ventures that has its beginnings as a token on different network – but has much bigger plans afterward. Digital currencies like TRON (TRX) and EOS (EOS) are also a part of this club, and all three of these coins launched on top of the Ethereum (ETH) network. That simply means
Dragonchain (DRGN) and Oyster Pearl (PRL) all launched on the Ethereum (ETH) network, but – since their inceptions – the plan was always to start as an ERC20 token, then move onto being their own native tokens.
With ICON (ICX), fans of this coin have been patiently waiting for an update as to when their token will become official ICX currency rather than Ethereum-specific coins.
Now, we have a very small bit more clarity.
ICON (ICX) has finally given us token swap details
After waiting for a long time, the ICON (ICX) community has finally gotten a new piece of information regarding the token swap – which will mean that these coins are no long Ethereum tokens, and they will have a ton more utility on the network.
Unfortunately for fans of this cryptocurrency, however, we still don’t have an exact date yet.
I just published “Token Swap status update” https://t.co/NOAdYnwf4D
— ICON (@helloiconworld) April 4, 2018
According to the ICON team, the swap is basically fully prepped – but some other things need to line up before they can give us a specific date.
What’s the hold up?
As it turns out, the exchanges that will participate in the event aren’t fully ready yet. This is why ICON says this is so:
“The exchanges currently do not support mainnet ICX to be traded. If the Token Swap process using the ICONex wallet is opened before the exchanges support mainnet ICX coins, it could lead to unintentional trouble or financial loss where you cannot sell the mainnet ICX coins in the exchanges. (Once the Token Swap is made, the mainnet ICX coins cannot be swapped back to ERC20 ICX tokens)
To protect users from any unintentional trouble or financial loss, we have made additional developments so that the ICONex Token Swap feature will be enabled aligned with the exchange’s status of supporting mainnet ICX coins.”
So, no, we don’t have an official date yet – but we do know that they are at least partly ready and taking the necessary precautions to ensure a smooth rollout.
And, don’t worry about missing the token swap – once it starts, it will last for three months.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.