Iconomi is a platform for managing digital assets that aims to provide the easiest way to invest in the emerging decentralized economy. Iconomi has been compared to apps like Uber and Stash for its ease-of-use and on-demand investment capabilities.
The Iconomi platform provides what could be considered a less-volatile way for people to invest in cryptocurrency, which may attract more “mainstream” users into the world of crypto investment. Iconomi does this using what it has termed “Digital Assets Arrays”, which are ERC20 tokens based on the Ethereum blockchain. It’s important to note that buying into a DAA is different than investing in the ICN token itself.
DAAs are combinations of various digital assets that exist under a single umbrella “token”. There is no limit to the number of different types of assets that can exist in a single DAA. Users can buy into pre-assembled DAAs or create their own. (Note: as of August 17, 2017, Iconomi’s DAA service is not yet available in the United States.)
According to Iconomi’s website, the main functions of DAAs are threefold. First, investing in DAAs lowers the risk of depreciation. Spreading out investments over a variety of assets is a pretty common investment strategy, but with DAAs, users can combine various assets into a sort of token of their own.
Second, DAAs make it easy for users to “maintain an optimal digital assets mix”. According to the website, “Easy array adjustments enable constant reaction to the markets for optimal growth.” Lastly, users can invite others to support their DAAs for increased investing power and returns.
Additionally, DAAs will essentially take the need for technical knowledge out of crypto investing. WIth DAAs, users will no longer have to manage individual currencies or worry about storing private keys.
Iconomi’s featured DAA is ICNX (launched December 21, 2016), which can be acquired “with just a few clicks”. So far, the numbers live up to Iconomi’s promises–as of August 17, 2017, ICNX’s one-month return is 54.36% with a weekly return of 7.98%.
The digital assets that Iconomi has chosen for use on its platform represent 78% of the total market cap. So far, this includes Bitcoin, DASH, Ether, Eugur, Monero, Factom, MaidSafecoin, Lisk, GameCredits, Golem, Steem, Synereo, Siacoin, DixiDAO, Waves, Aragon, SingularDTV, WeTrust, iExec, Matchpool, and Basic Attention Token.
Buying and Storing Iconomi
Iconomi is available on Kraken, Liqui.io, Yobit, Livecoin, and Hitbtc. Iconomi is not listed on most major exchanges, such as Poloniex and Bittrex. The reasons for this are unclear, although there is speculation that Iconomi plans to join these exchanges once the Iconomi platform has had a chance to establish itself. Other speculative sources claim that Iconomi behaves too much like an exchange itself to be attractive to larger exchanges, but the fees that exchanges could gain from listing ICN make this rumour seem unlikely.
If you prefer to use decentralized exchanges, ICN is available on Ether Delta.
If your country is eligible, You can buy into Iconomi’s DAAs after registering on their website. It should be noted that anonymity is not really a possibility when investing in Iconomi’s DAAs. In order to put in any amount of funds, your identity must be verified.
Iconomi tokens can currently be stored on the Iconomi website’s hot wallet. With a little bit of technical know-how, Iconomi tokens can also be stored in Ethereum wallets. (Note: do not attempt to send Iconomi tokens into an Ethereum wallet without any preparation. You will need to input Iconomi’s token contract address to your wallet before this will work.)
A Slow-and-Steady Beginning With a Promising Future
Iconomi’s ICO took place in March of 2017 and raised approximately $10 million. By the end of Q1 2017, the book value had increased to $21,605,453.
Official Public release on August 1, 2017. Investors who were expecting Iconomi to immediately take off were disappointed–the coin has maintained a solid range of $3-5, but has not yet managed to break past $6. That being said, only a few weeks’ time has passed since the official public release, and the function that this coin fulfills along with its solid team of developers and backers indicates that there is still the possibility for high returns on this coin.
Iconomi is not yet on Poloniex, Bittrex, or any of the Korean and Chinese exchanges. This is certainly one of the central factors that has kept Iconomi’s value relatively low. Investors can expect to see an increase in value once Poloniex is adopted by the most popular exchanges.
The current circulating supply of Iconomi tokens is a 87 million, with an initial total supply of 100 million. The Iconomi platform is designed to burn tokens as time goes on (the number of tokens will decrease overtime) in an effort to keep their value higher. As these words are being written, the total supply of ICN has decreased to 99,900,350.
Both the token value and trading volume of Iconomi both saw a sharp increase in May, but the overall value of both has experienced a more consistent, steady increase over time. Today (August 17, 2017), a single ICN token is worth $3.17 and the value continues to steadily climb.
Comparatively, Iconomi’s DAA ICNX token is worth about $48. This is up from $32 in mid-July.
Iconomi is certainly fulfilling a need in the world of cryptocurrency, and is the first company to do so with the level of financial volume and success they have achieved. Although this coin has missed much of the attention that other new currencies are currently basking in, and there aren’t really any Bitcoin “Evangelist” backers that have come out swining for Iconomi, this company is going places. That being said, it would probably be most advantageous to spread investments between the ICN token itself and some of the popular Iconomi DAAs.