The Best ICON Hardware Wallet- How to keep your ICX Coins Safe
The CoolWallet S offers native support for the ICON (ICX) cryptocurrency in our hardware wallet.
What is ICON (ICX)?
ICON is a global decentralized network of blockchain communities that can connect to each other.
It is essentially a massive blockchain ecosystem, called the ICON Republic, which intersects with multiple blockchain communities (“Communities” ) through portals known as C-Nodes which are governed by community representatives (“C-Reps”) that are connected to Nexus, ICON’s loopchain blockchain technology.
Still stuck? Let’s look at the following simple graph:
C-reps are appointed by their own communities and responsible for governing it. They receive rewards in the form of ICX, ICON’s native currency, not unlike that of a Proof-of-Stake (POS) network.
How Does ICON work?- A simple analogy
Founded by the billion-dollar Korean company Dayli Financial, owners of Coinone exchange, ICON is an incredibly complex and ambitious project (see their whitepaper here). Let’s try to dumb it down even more.
ICON can be compared to a country (“republic” ) where different blockchains operate as states (“communities) , each with their own constitution and infrastructure (“C-Nodes”) and elected officials (“C-reps) that govern these communities and receive ICX coins as a reward.
What is an ICON (ICX) community?
An ICON “Community” is an independent single blockchain that governs itself by its own rules and consensus algorithm. They are built on Community Nodes (C-Nodes), which manage and maintain the community’s blockchain. These communities can operate independently outside the ICON Republic. C-Nodes are portals for individuals to create transactions and use DApps.
What is the purpose of ICX?
ICON wants to “Hyperconnect the World”. Within this so-called ICON Republic, previously isolated communities can now share different services and interact via their networks.
By using blockchain IDs and smart contracts, communities connect via a “loopchain” protocol in order to exchange different virtual currencies from DEX wallets for a wide range of services such as insurance, education, finance and healthcare.
4 Best Wallets to Store your ICON (ICX)
- ICX Bluetooth Hardware Wallet: CoolWallet S
- ICX Desktop wallet: ICONex (Chrome extension)
- ICX Hardware wallet: Ledger
- ICX Mobile wallet: Trust Wallet
What is the Best Icon (ICX) Wallet?
The CoolWallet S ICX wallet is a tamper-proof hardware wallet that safeguards your ICON (ICX) portfolio via an impenetrable secure element (CCEAL5+), military-grade encrypted Bluetooth, and biometric and physical verification checks. It’s also super convenient (fits in your wallet), tamper-proof and waterproof.
What is an ICX hardware wallet?
A hardware wallet is a physical security storage device for your ICX coins that is not connected to the Internet and therefore keeps your ICX private key and data on it offline and in “cold storage”. It is without a doubt the safest method to store cryptocurrencies.
How to get an Icon (ICX) Wallet
ICON users can download a free mobile or desktop “hot” wallet like ICONex or Trust Wallet online, or purchase a hardware wallet like Ledger or CoolWallet for enhanced offline security.
Send, receive and trade ICX securely from your hardware wallet by pairing the CoolWallet S with the official CoolBitX app. This allows you to transact with other CoolWallet, Changelly, and Binance DEX users while keeping your ICX securely offline.
You can purchase a CoolWallet S below for only $99!
How to create an Icon (ICX) Wallet on CoolWallet S
Since ICON (ICX) is natively supported on CoolWallet S, there’s already a wallet set up for you.
Follow our easy instructions right here!
How to Back up an Icon (ICX) Wallet
CoolWallet’s ICX Wallet private key is protected by the hardware wallet’s secure element, and impossible to extract by anyone, not even us.
When you set up your CoolWallet the first time, you’ll be asked to write down 12 to 24 5-digit numbers on a Seed Recovery Phrase paper wallet (booklet).
This means that your ICX wallet is already backup on the CoolWallet. If you ever lose your CoolWallet, you can restore your ICX coins and other crypto funds on a new CoolWallet or compatible wallet by entering your Seed Recovery Phrase. It’s really simple!
How to Send, Receive and Trade ICX From your Icon Wallet
Please refer to our our super-easy ICX Wallet guide to see how how you can send ICX to other users, receive them from other Icon investors and trade them on decentralized exchanges like Changelly and Binance DEX.