The ICN Conversion Program Explained

Anyone holding Iconomi (ICN) tokens can convert them to ETH and/or ICN shares. Interestingly, the market price of ICN is actually lower than the ETH conversion price. The catch is one has to wait to get their ETH.

In other words, you could go buy all the ICN on the market right now (in theory) at about 1 ICN : 0.0017 ETH, then trade it to Iconomi for 1 ICN : 0.0019 ETH. In that sense they are offering free money. However, the catch is you won’t get your ETH until as later as Dec 31st.

On the other hand, you can also trade in ICN for “ICONOMI AG shares.” These are shares of the company, essentially a security.

It might not be an option to buy the shares, so you might need to convert to ETH, but both options are on the table.

To convert to either type you need to create an Iconomi account at https://www.iconomi.net.

For the shares you’ll need to fill out some paperwork, for the ETH you just need the account.

To get the ETH you’ll send your ICN to a given address via a wallet where you control your private keys, and you’ll want to avoid using an exchange (i.e., a wallet where your ICN address is your Ethereum address, like MyEtherWallet, and not an address where your ICN address is custodial and specifically for your ICN on an exchange). You don’t have to understand why this is, but it is vital. A real Ethereum address can hold any Ethereum-based token (ICN or ETH for example), a custodial one on an exchange doesn’t work this way for you.

In short, although those who bought ICN high are going to have to suck it up and go back to ETH or take a shot with the shares, those buying ICN now are going to get some free money… of course that “free money” requires waiting for your ETH until the end of the year, and thus it comes with the risk of ETH’s value declining, and thus you can understand why ICN is trading a bit below book value 🙂