AMA RECAP: BLOCKCHAIN INFINITY X ICON PHILIPPINES
On 11th of July 2020, our main administrator Jazie had a live ama session with Jenny, Grace, Jay (ICON P-Rep) on blockchain infinity telegram chat.
Segment 1: Introduction
Jazie: Let’s start our AMA session with ICON Pilipinas!
Welcome to our community guys. Before we can go to first segment, please introduce yourself first.
Jenny_IconPilipinas(P-Rep): Hi guys! My name is Jenny. I am one of the Co-Founder of Icon Pilipinas. It is an honor to be invited by your team thank you for having us here! We are very excited to share our knowledge about ICON. Let’s learn and have some fun!
Grace - Icon Pilipinas (PRep): Good evening everyone!!! My name is Grace and I am one of the co-founders of Icon Pilipinas! Actually I'm a newbie in the world of blockchain and crypto. Thanks to my co-founders Jay and Jen they introduced me to ICON!
Learning about ICON is absolutely exciting, yet pretty challenging because honestly I am not tech savvy, yet there is so much to understand when it comes to the buzzwords and ins and outs of the ICON community! But that's what makes it more exciting! Isn't it?
Please join the journey with us!
Jay - Icon Pilipinas (PRep): Hello Blockchain Infinity community! My name is Jay, and I’m really excited to be here with you today. Lots of crazy thunderstorms and all outside here in Manila today, so what better activity is there than to be indoors and doing an AMA talking about ICON? There’s been a lot of progress made this year, and our team is really looking forward to sharing more insights this evening. Can’t wait to get started.
Jazie: Thank you for the wonderful introduction everyone. Let’s proceed to the first segment. Are you ready?
Jenny_IconPilipinas(P-Rep): Yes!
Jay - Icon Pilipinas (PRep): game on!
Jazie: Alright! Here comes the first question...
Question #1:
Can you guys explain, what is ICON?
Jenny_IconPilipinas(P-Rep): Thanks Jazie! Let me try to explain as brief as I can.
ICON is a public blockchain project that uses smart contracts, like Ethereum. Further, ICON is based on Delegated Proof of Stake (DPoS), which means users can stake their tokens (i.e., lock them up like a time deposit at a bank) and earn Staking Rewards. The token that fuels the entire ICON ecosystem is called ICX.
A key distinction with the ICON network is that there is a strong emphasis on active participation, which means that ICX token holders actually need to vote for Public Representatives (P-Reps) in order to unlock Staking Rewards. The mere act of staking ICX tokens alone won’t earn someone rewards, they also have to vote.
What’s the point of voting? Since the ICON network fully decentralized in October 2019, there are now 22 main P-REPs from around the world that not only validate and produce blocks, but also secure the network, and vote on governance issues (such as network proposals; https://tracker.icon.foundation/proposal-list).
In the future, the main P-REPs will also vote on things like project funding, via a Contribution Proposal Fund (CPF).
Grace - Icon Pilipinas (PRep): Let me add something to that.
At its core, the ICON network uses a proprietary consensus algorithm developed by their major tech partner, ICONLOOP, called Loop Fault Tolerance (LFT). A major revision was just released earlier this year, called LFT 2.0, which improved scalability (speed) without sacrificing on network security and decentralization. LFT 2.0 took 3 years to perfect and is an improvement over Practical Byzatine Fault Tolerance (PBFT), which is another very popular consensus algorithm used by other blockchain projects. In fact, LFT 2.0 was even audited by leading research institution Korea Advanced Institute of Science and Technology (KAIST), passing rigorous testing on the key areas of safety and liveness.
https://arxiv.org/pdf/2004.04294.pdf
https://cointelegraph.com/news/south-koreas-largest-crypto-unveils-new-consensus-algorithm
Jay - Icon Pilipinas (P-Rep): In addition to that, on the tech side of things, beyond LFT 2.0, ICON also recently unveiled their Blockchain Transmission Protocol 1.0, which is aimed at bringing interoperability to the ICON network. Our team even produced a video, attempting to break down BTP 1.0 for a more mainstream audience:
Furthermore, as you guys know, the ability for different blockchain projects to be able to talk to and communicate with one another has sort of been the “holy grail” for a long time. With BTP 1.0, the ICON network has built a bridge that will help connect public -> private blockchains at first, and then eventually public -> public blockchains. Hopefully someday soon, you’ll see ICON linking up with other popular projects.
Oh and speaking of linking, ICON also earlier this year announced plans to integrate Chainlink (LINK), which is widely regarded in the industry as the premiere decentralized oracle solution out there.
Moving along from the tech side of things, right now ICON’s main focus is to gain enterprise adoption in South Korea for its 3 major products: MyID, #broof, and VisitMe.
Jazie: Thank you for your wonderful answer guys. Let’s move to the next question!
Question #2:
How ICON connects crypto to the real world?
Jay - Icon Pilipinas (P-Rep): Thanks sir @jazieph I’ll start with answering this one...
ICON has already started connecting crypto to the real-world by introducing core services such as #broof.
#broof is a service that allows for the certification and verification of digital documents, which are backed by blockchain technology. Every transaction involved using #broof requires the use of the ICX token.
Earlier this year, Pohang University of Science and Technology (POSTECH) issue 828 new digital diplomas to fresh graduates.
You can even view the digital blockchain diplomas online, on the ICON public blockchain network:
Furthermore, an Memorandum of Understanding (MoU) was reached with the leading HR company in South Korea, Saramin, to use #broof. This will help companies verify the credentials of anyone applying jobs, and the use of #broof helps to eliminate fake documents and fraud.
Moving on, ICON also has a key product called VisitMe, which aims to simplify the guest check-in process.
which was actually featured in the news most recently:
https://twitter.com/mincircle6/status/1273429155745460224?s=20
With VisitMe, you can do things like check in to a hotel, or company as a guest. Now you can by simply using your smartphone and scanning a QR code. You’ll no longer have to fill out forms, show your ID, etc.
Jenny_IconPilipinas(P-Rep): Wooww thanks Jay! But lemme add more Jazie.
Jay - Icon Pilipinas (PRep): yes, I’ll just finish by saying both #broof and VisitMe use ICX token for transactions...
Jenny_IconPilipinas(P-Rep): This brings us to what is arguably ICON’s most ambitious and important enterprise service, which is MyID.
MyID is a digital ID service platform that can be used for things such as for simplifying the KYC (Know Your Customer) process, and also to initiate non-face-to-face verification and opening of banking accounts.
You might have heard of Binance...
https://medium.com/icondao/binancekr-joins-myid-alliance-englishtranslations-13735c2c4ef4
A representative from BinanceKR said, “We are planning to build a Binance Global AML System that leads the Anti Money Laundering(aml) method for the global blockchain industry, and a KYC system that is of the level of Korea’s №1 ranked financial sector. By joining MyID Alliance we plan to simplify the identification process and strengthen security, such as preventing forgery and identity theft on the exchange.”
The MyID Alliance is currently made up of 68 partners, many of which are leading conglomerate companies headquartered in South Korea.
https://twitter.com/mincircle6/status/1272794911201320962?s=20
Very Importantly, MyID gained regulatory approval in June 2019, meaning that this digital ID service has the backing and full support of the South Korean government + regulation agencies:
The Financial Services Commission (FSC), South Korean government’s top financial regulator, has announced the inclusion of ICONLOOP’s ‘my-ID’ service into the ‘Innovative Financial Services and Regulations Sandbox’ created under the Financial Innovation Support Special Law.
Guys, in fact, MYID-based services will launch sometime this month!
https://twitter.com/mincircle6/status/1281158979716911104?s=20
Jay - Icon Pilipinas (PRep): Here’s another good article covering MyID Alliance: https://theicon.ist/2019/11/05/a-comprehensive-look-at-iconloops-myid-alliance-its-partners-advisors-and-upcoming-roadmap/
Jazie: Wow! Very resourceful ones, I didn’t expect that. Thanks Jenny and Jay.
And the last question for Segment 1.
Question #3:
What ICON products are being developed now?
Grace - Icon Pilipinas (PRep): Excited to answer your question.
Jenny_ IconPilipinas(P-Rep): Nice question! This is exciting.
Grace - Icon Pilipinas (PRep): Since decentralization in October 2019, there have been lots of P-REP teams, in addition to just ICON Foundation, building out new ICON Dapps.
Due for release very shortly is FutureICX, which is an ICX token price predictor game, made by the collaboration of two P-REP teams, Sharpn and Midos.
https://twitter.com/FutureIcx/status/1275803757289394177?s=20
https://twitter.com/FutureIcx/status/1274349634438287360?s=20
In addition, P-Rep ReliantNode team is working on ICON gift cards...
Further, ICON Forge recently joined the ICON project as a new P-REP and is working on building the first NFT (Non-Fungible Tokens) game on the ecosystem.
https://twitter.com/ICONForge/status/1278683596425920512?s=20
https://twitter.com/ICONForge/status/1275001621924253698?s=20
Jay- Icon Pilipinas (P-Rep):
Grace - Icon Pilipinas (PRep): And arguably the most exciting development is the Balanced project, which is a collaboration between P-REP teams: ICX Station, Ibriz-Iconosphere, Mousebelt, and Parrot 9, which is DeFi (Decentralized Finance) on the ICON network.
https://medium.com/@BalancedDAO
You can even try out the prototype now, just to get a feel for the design:
https://balanced.network/prototype/
For those who are familiar with DeFi, what it will do is allow for things like collateral and margin trading, since a stablecoins will be created for the ICON network. In Balanced, the first will be what’s called ICD (ICON Dollars), which will be pegged to $1 USD worth of ICX tokens. You can earn Staking Rewards, and there will be various other ways to generate interest/rewards for end users.
Jay - Icon Pilipinas (P-Rep):
This is an image of the prototype.
Jenny_IconPilipinas(P-Rep): Told you guys this is exciting!
Jay - Icon Pilipinas (P-Rep):
Icon Pilipinas was graciously included by the Balanced team.
Grace - Icon Pilipinas (P-Rep): That’s it for now :) Please watch out for the other exciting things coming out from the ICON World soon!
Jay - IconPilipinas (P-Rep): https://balanced.network/prototype/vote/
Jazie: Thank you guys! This is interesting! ICON has building more great and exciting dApps.
Jenny_Icon Pilipinas (P-Rep):
Absolutely Jazie!
Jazie: And let’s go to 2nd segment which is the twitter questions!
Jenny_Icon Pilipinas (P-Rep): I saw there are 200+ questions!
Jazie: They are always interested for every ICON event.
Jenny_IconPilipinas(P-Rep): Okay, game!
Segment 2: Questions from Twitter
Jazie: Here’s the first winning twitter question.
Question #1 From: @LordUtxo
Most P-Reps made their own apps or dapps to contribute in the ecosystem of ICX. Do you also have plans on making one? If yes, what is the idea of the app? If no, what are your concentrations for now to contribute in ICX ecosystem?
Jay- IconPilipinas (P-Rep): Making a DApp is a really exciting proposition and there's so much potential because as you guys know, the blockchain space is still in its infancy and there are so many sectors and industries that could benefit and be disrupted. With that said, in terms of DApp development, our own team is focused primary on: marketing, education, and community building.
In other words, we need to establish a strong foundation first... So to answer your question, not at this exact moment in time, but hopefully someday longer-term. This doesn't mean we ourselves at Icon Pilipinas will necessarily build a DApp for ICON, but we could have a role to play, such as reaching out to our user base and getting inputs on what features they desire the most.
Likely, the most practical solution would be for us to partner up and work with a P-REP developer. And who knows? We might pick up some local ICONists who have strong passion for programming and developing, so we’re keeping all doors open to the future possibilities.
Jazie: Great answer sir Jay! The second twitter winning question:
Question #2 From: @otenmarkzzz
What are your plans to place for global adoption and expansion? Are ICON focusing on only on the market or focusing in developing the concept of the project?
Jenny_IconPilipinas(P-Rep):
Let me answer this.
Jazie: Sure.
Jenny_IconPilipinas(P-Rep): For global expansion, this means more and more (Public Representatives) P-REP teams joining the ICON network; there are currently 129.
https://icon.community/iconsensus/overview/
For global adoption, this means more DApps being used and more ICX wallets opening.
For example, Deblock with Stayge has developed a K-Pop fandom app that is seeing strong usage in South Korea.
ICON will need many more DApps like this to really accelerate growth of its network globally.
Currently, ICON is well past the proof-of-concept phase; the network is fully decentralized and working.
https://www.stayge.io/en/p-rep
That’s all @jazieph
Jazie: Alright thanks for your answer Jenny! Let me send the next winning question.
Question #3 From: @JayRayCrypt
Does the ICON team see Ethereum PoS as a competitive platform? What is the
competitive strategy of the ICON project after the transition to PoS Ethereum?
Grace - Icon Pilipinas (PRep): Okay let me get this...
Not a direct competitor, since it’s so early days for the crypto industry on the whole. If anything, things like partnerships and interoperability with Ethereum would be more of a focus than just competing. There’s more than enough room for many blockchain projects to excel and thrive. This game’s just getting started now...
Jay - Icon Pilipinas (P-Rep):
there's a lot of slices of pie for all players still...
Jazie: Thanks for answering the question 3 Grace and Jay.
Here's the next question
Question #4 From: @JuliaWhite22
What are the ways that ICON generates profits/revenue to maintain your project and
what is its revenue model? How can it make benefit win-win to both investor and your project?
Jay - Icon Pilipinas (P-Rep): ICON is backed my its major tech partner, ICONLOOP which is a for-profit company that recently received funding via:
There's actually a really interesting and long thread covering this in more details here:
https://twitter.com/markusjayvc/status/1268776100651429888?s=20
As for P-REPs, this isn’t really a problem since P-REP teams earn rewards for running a node and earning votes, and there are other means to obtain funding, such as ICON Foundation grant. In the future there will be a Contribution Proposal Fund (CPF), so developers will have incentives to keep building on ICON.
The more ICON grows, and the more use cases, the more demand for the underlying ICX token, which you could say is how investors would win...
Jazie: Amazing! And the last winning question....
Question #5 From: @AlbaCaner
Security, scalability and data security are three very important aspects at the enterprise level, how does the #ICON handle these issues?
Jenny_IconPilipinas(P-Rep): I got this!
The most obvious answer would be LFT 2.0, the proprietary consensus algorithm powering ICON network. It aims to be fast and scalable, reach finality, while satisfying safety and liveness, without sacrificing decentralization.
https://medium.com/helloiconworld/lft2-consensus-algorithm-5ee4322b2fd4
Grace- Icon Pilipinas (P-Rep):
Jay - Icon Pilipinas (P-Rep):
https://youtu.be/zxtYhGEY5I0
Grace - Icon Pilipinas (PRep): Please watch this!!
Jay - Icon Pilipinas (P-Rep): Miss @Jenny_IconPilipinas explains LFT 2.0 in this video.
Jenny_IconPilipinas(P-Rep): Just please ignore my face.
Jay - Icon Pilipinas (P-Rep): And attire...
Jenny_IconPilipinas(P-Rep):
Yeah.. Im learning too lolll.
Jazie: Haha! Okay guys here’s the exciting part of our session. Let’s move to Final Segment. But before that let me send the rules again.
Jenny_IconPilipinas(P-Rep): Lez go!
Jazie: So guys, are you ready with our last segment?
Jenny_IconPilipinas(P-Rep): Definitely.
Jay - Icon Pilipinas (P-Rep): POWER!!!
Segment 3: Live Questions from the community
Jazie: Chat closed! Thank you for your plenty of questions, let’s give ICON team some time to answer good questions.
Jay - Icon Pilipinas (P-Rep): Very impressive guys!
Jenny_IconPilipinas(P-Rep): Lollll hahahahahaha.
Round 1 of Community Questions:
Q1 From: @R_a_i_h_a_n
What is the main use of $ICX ?
Grace - Icon Pilipinas (PRep): ICX is the token being used in the ICON network. It is used for ALL transactions. Aside from trading, ICON is also focused on 3 key services: MyID, #broof, and VisitMe, which are enterprise services.
Each time these services are used, ICX is needed for transaction.
ICX is both a governance and utility token. As a governance token, it is used to select validators/block producers on our network (called Public Representatives, or ‘P-Reps’) through staking and voting. ICX is also used for transaction fees/computations for smart contracts similar to gas in Ethereum.
Jenny_IconPilipinas (P-Rep): Okay imma choose now.
Q2 From: @Ketz23
DeFi is one of the hottest topic in the blockchain space right now. Can ICX share your opinions on DeFi with us?
Do you think that DeFi will disrupt the existing financial system? What is Unification approach towards the DeFi sector?
Jay- Icon Pilipinas (P-Rep): DeFi is definitely the biggest buzzword in crypto right now. As mentioned earlier, ICON is developing Balanced, which is an ambitious project and collaboration between 4 P-REP teams: ICX Station, iBriz-Iconosphere, Mousebelt, and Parrot 9. There’s a lot of potential to disrupt finance and traditional way of doing things. Balanced is scheduled for completion in 2021, so not too far away from now. Initially it will start with ICD (ICON Dollars) which will be pegged to $1 USD of ICX token value, but we’ll see what evolves beyond that. There will be many ways and opportunities to earn yield/returns from this platform.
Q3 From: @Lady_luck2
ICON consensus Algorithms is LFT2 Consensus.. Could you Explain in Details that Why yu choose LFT2 Consensus for ICON Project?
Grace- Icon Pilipinas (PRep): As mentioned above, LFT 2.0 was developed by our major tech partner ICONLOOP. It has proven to improved scalability (speed) without sacrificing on network security and decentralization, which we all know are the 3 major concerns in the blockchain space all throughout the years.
And again, In fact, LFT 2.0 has been audited by leading research institution Korea Advanced Institute of Science and Technology (KAIST), passing rigorous testing on the key areas of safety and liveness.
Here are the references that you can check about LFT2.0:
https://arxiv.org/pdf/2004.04294.pdf
https://cointelegraph.com/news/south-koreas-largest-crypto-unveils-new-consensus-algorithm
Q4 From: @tukai4
One of the biggest problems with DApps is the inactive and useless state. People only create DApps but it has no use case or contribution to the blockchain ecosystem. To prevent and solve this problem that can occur on the ICON platform, what will your team do?
Jay- Icon Pilipinas (P-Rep): It’s our team’s job to help the Devs promote their DApps as much as possible. We’ve done this with DApps like ICONbet and have started with FutureICX. In the future, we’ll keep pushing to promote and share more DAppds with our followers across all our social media platforms. For DApp development, there’s lots going on with ICON right now. Such as the upcoming ICON HYPERHACK event:
https://www.iconhyperhack.com/
Q5 From: @almighty_88
For the success of a project, investors, community and developers play a major role. What is ICX strategy to get them involved?
Jenny_Icon Pilipinas (P-Rep):
Yup there is. It's called ICON Hackathon.
Q6 From: @namichi143
Adoption & Awareness about platform is very important for any creator as well as users! so what are your plans to attract more users as well as creators with non-crypto users too on ICON?
Grace - Icon Pilipinas (PRep): This means more AMAs for us to fully promote ICON, more advertising, more games, more promotions. We’ve recently added quizzes and games to our Telegram chat, and are doing a news segment on Facebook and YouTube to reach a more mainstream audience. :) We found it really effective to make everyone interested in getting the ICX Wallets set up!
Q7 From: @shehzed
Does the Icon Team have a plan to increase or decrease the supply in future?
Jay- Icon Pilipinas (P-Rep):
They’ve started the process of reducing inflation on the network. The P-REP Commission Rate (i-rep) was lowered by about 2/3 in recent months... Over time, when there’s a lot more transactions it’s possible for ICON network to enter deflationary stage too. There’s no max supply for ICX tokens though.
https://medium.com/helloiconworld/path-to-sustainable-economics-450be4137724
Q8 From: @CryptoZaratustra
Will ICX scale better than Ethereum 2.0? Are there plans to have interoperability with Binance Chain?
Jay- Icon Pilipinas (P-Rep): Remains to be seen, but internally ICON team is working on this (like most other blockchain projects). Things like off-chain solutions, parallel processing, etc. Right now ICON network does about 1,500 transactions per second, which is pretty fast. Scaling isn’t the biggest hurdle at the moment, it’s use cases and adoption, but same could be said for all blockchain projects. It’s so early still...
Q9 From: @CryptoZaratustra
Judging by everything, ICON is more oriented to the Asian market, Will you discover western and european countries?
Jenny_IconPilipinas (P-Rep): The main focus right now is to perfect its Core Products such as MY ID , Broof and Visit Me, in South Korea. Once it will gain mass adoption in South Korea, there is no way it won’t be adapted worldwide. After all, we are governed by 129 P-reps from all over the world.
Q10 From: @Roselyn20
What is TAP token and it’s use? How it is related to ICON?
Jay- Icon Pilipinas (P-Rep): TAP token is used in ICONbet DApp. It can be mined by playing (win or lose). If held in a personal wallet, holders of TAP earn daily ICX dividends.
Q11 From: @KyleYuan
Which exchange supports $ICX?
Grace- Icon Pilipinas (PRep): Binance is one. We also have Velic, Kraken, Latoken, Bithumb, OKex, LocalTrade.
Q12 From: @btcltcrich
What are the major milestones ICON have achieved so far?
Jay- Icon Pilipinas (P-Rep): Decentralization in October 2019, LFT 2.0 earlier this year, major revision to ICON Incentives Scoring System (IISS) to 3.0, BTP 1.0 most recently, and MyID launch later this month.
Q13 From: @wasimmia1
What are some of the inefficiencies ICON is facing right now?
Jay- Icon Pilipinas (P-Rep): Voter apathy/stagnation. Lots of ICX token holders vote one time and don’t revise/change their votes.
Q14 From: @mining_day
Is there going forward, ICON uses its own Blockchain? So that it does not use the Ethereum Network anymore.
Jenny_IconPilipinas (P-Rep): ICON Network uses Loopchain Technology.
Q15 From: @Lizel64
ICON aims to bring innovative technologies. So how will these innovative technologies help the blockchain industry to work more transparently and securely against from hackers?
Jenny_IconPilipinas (P-Rep): ICON is currently using Loop Fault Tolerance (LFT 2.0. ) It has been 3 years in the making and shows improvements over Practical Byzantine Fault Tolerance (PBFT), a popular and competing technology.
This has been audited by Korea Advanced Institute of Science and Technology (KAIST) on the key areas of safety and liveness.
Q16 From: @Hyynyom12
What is ICON ? Can you tell us the technology behind it and the features that makes it unique?
Jay- Icon Pilipinas (P-Rep): ICON is backed by ICONLOOP and their proprietary technology is called Loopchain, which is used in ICON network and various other platforms. Such as:
https://twitter.com/mincircle6/status/1239374385485496321?s=20
Q17 From: @Neajmik
Aside from myiconwallet does the icon plan to have ICX staking in another wallet like trust wallet? Just like trx they have staking in the wallet and also in the exchanger like binance.
Jay- Icon Pilipinas (P-Rep): staking ICX is coming to Atomic Wallet soon...
https://twitter.com/AtomicWallet/status/1281606400448385024?s=20
Q18 From: @toanphamhd
The user community is important to a crypto project. How does ICON evaluate the importance of the user community? In the near future, does ICON have any special plans to attract and expand the community?
Grace- Icon Pilipinas (PRep): Token Holders really have an active participation in the ICON governance. This means that ICX token holders actually need to vote for Public Representatives (P-Reps) so they could earn Staking Rewards.
In the future well definitely there is! P-Reps around the world are continuously emerging specializing in marketing, education and developing DApps. So, we’re seeing this as a key for ICON to reach global audience and mass adoption.
Q19 From: @almighty_88
May I know the roadmap of ICX did you face any difficulties? Since the blockchain industry moves really fast, will you change the roadmap by time?
Jenny_IconPilipinas (P-Rep): Hello! Please see updated Roadmap here.
https://medium.com/helloiconworld/icon-development-roadmap-update-january-2020-60389465535f
There will always be challenges along the way and Roadmap will be updated accordingly.
Q20 From: @Baby_Crypto
In your opinion, which next-generation DApp killer will appear in the ICON ecosystem in the near future... Can you see this, is it games, finance, social networks or in another category?
Jenny_IconPilipinas (P-Rep): Can we have it all? Kissing aside, more and more DApps are being built as we speak, with mass adoption, everything would be possible.
Jazie: Okay thank you for your answers on the first round of questions, can we go for round 2 guys?
Great!
Jazie: Chat closed! Thank you for the last round of questions guys, you are amazing.
Round 2 of Community Questions:
Q21 From: @baimwong1
How have you been achieving so much popularity? And what are your plans to bring more such good news to ICX?
Grace - Icon Pilipinas (PRep):
Woow This is a lovely feedback! Thank you.. Well all I can say is we are just really focused in terms of our goal - education marketing and community building here in the Philippines! We are proud to say that we found like-minded individuals who are also passionate about blockchain crypto and ICON itself, as well as people who got curious and eventually interested about the ICON Project and one great example is me I guess.
Jenny_IconPilipinas (P-Rep): I wouldn’t honestly say we are popular but we are growing all our Social Media accounts every day and we have lots of activities going on! We are aiming to bring good news to our community in a fun and educational way such as YT videos, quizzes and even via song request (you should check out our TG- https://t.me/icon_pilipinas).
Q22 From: @mhasan7
Aim of ICON project is building one of the largest decentralized networks in the world, this sounds interesting and amazing, could you tell us the methodology ICON adopts in making this actually possible in reality?
Grace-Icon Pilipinas (PRep): Yes, the goal for ICON is to hyperconnect the world. This means having P-Reps from around the globe building DApps on ICON and having teams like ours promote their products. ICON is most focused on enterprise adoption in South Korean right now, but over time, the long-term goal is to gain adoption worldwide. There are 129 P-Reps now and hopefully that number can grow exponentially in the not too distant future. In a way, global growth is already happening b/c there are so many ICON developers and communities now.
Q23 From: @Ketz23
Can you tell us the motivation and benefits for investors to keep the $ICX token long-term?
Do you have a plan to help boost token demand and scarcity?
will there be a burning or repurchasing program to create price and demand stability?
Jenny_IconPilipinas (P-Rep): For long-term investors, ICON offers Staking Rewards, which offer an annual return about ~13.6%, which can be found here:
For boosting demand, that's where the DApps and adoption comes in. There have been repurchasing programs conducted in the past.
Q24 From: @LavrovCrypt
What are the best and killer features have ICON as compared with your competitors?
Jay-Icon Pilipinas (P-Rep): Strong relationships and connections to large enterprises and government, via their major tech partner ICONLOOP. Also, a very strong and passionate community that is growing everyday. ICON is regularly featured as a top coin on LunarCRUSH:
Q25 From: @Temptation_Provider
Can you share ICON’s vision for decentralized finance (DeFi)? What features are built into ICON to support DeFi?
Grace-Icon Pilipinas (PRep): The goal is to "create the de-facto form of payment for the ICON ecosystem through giving ICX another use case: collateral".
Here is Balanced - one of the exciting developments happening in ICON right now. This is a collaboration of different P-Rep teams. Please go over this article to know more.
https://medium.com/@BalancedDAO/balanced-bringing-defi-to-the-icon-ecosystem-658435b86ec8
Q26 From: @MsKiwi206
After the Covid-19, many projects were affected. What strategies did ICON have to control the negative impact of Covid-19?
Jenny_IconPilipinas (P-Rep): A lot has been affected indeed. But ICON network is a DECENTRALIZED network. It uses a software code that is run by 129 P-Reps all over the world. As long as the nodes are running, the network is secured.
Q27 From: @LavrovCrypt
Will it be technically difficult to switch from another blockchain to the ICON blockchain?
Jay-Icon Pilipinas (P-Rep): The goal is for this to be rather easy and seamless through BTP 1.0, which acts as the bridge connecting ICON to different blockchains and allowing for token/data transfers to occur. Access using BTP will require ICX tokens to pay "toll" fees.
Q28 From: @AndrySTP
What are the benefits of ICON for Dapps developers? What kind of Dapps has ICON focused on developing?
Jay - Icon Pilipinas (P-Rep):
There’s lots of support for devs building on ICON:
https://www.icondev.io/page/tutorials
Q29 From: @EmEmCrZ
Aside from the greatest or different projects of ICON, what are your other plans for the upcoming 2021 or even in the last quarter of 2020?
Thank you.
Jenny_IconPilipinas(P-Rep): In terms of mass adoption, ICON will focus on its major services, like the MyID, Broof and VisitMe app.
The vision of ICON aims to support interoperability in the future, meaning it can talk to and communicate with other blockchain projects. Recently, ICON just released the Blockchain Transmission Priotocol 1.0, which allows individual public and private blockchains to interact and communicate with each other.
ICON has exciting partnerships as with Chainlink, Samsung, Line, etc.
Q30 From: @Kepobanget_asw
From the point of view of you as P-REP. What are your goals for both the ICON platform and your community?
Grace - Icon Pilipinas (PRep):
Onboard more ICONists, Open more ICX wallets, Create more transactions in the ICON Network.
Q31 From: @alice_wonderland12
How has been the expansion of ICON in the Philippines after the creation of this PR team? What are your future plans to increase adoption there?
Jenny_IconPilipinas(P-Rep): It has been very exciting! And we are very proud of the community we have right now. Future plans will be onboard more ICONists by growing our FB, meaning more ads. Doing AMA’s and webinars. Education by writing more simple medium articles and educational YT videos. Lastly would be growing our sub community more.
Q32 From: @Felici_jose
Staking is the most popular way to make users hold the projects coin so does iCON implement Staking? If so
What are the main advantages when users Stake ICX?
Grace - Icon Pilipinas (PRep):
By STAKING and VOTING ICX you earn rewards. Staking alone will not give you rewards. You must be an active token holder by voting for ICON Public Representives which you think are contributing to the ICON ecosystem.
Q33 From: @Temptation_Provider
How did the long bear market affect you? Is there enough funding for the further development of the ICON project?
Jenny_IconPilipinas(P-Rep):
Survived, kept building, and one could argue the ICON network is in really good shape today as there's more P-REPs and developers working on it and the social media communities have never been bigger or more active. Funding isn't an issue, as ICON has shown the ability to fund quality projects since completing decentralization last October.
Q34 From: @JP_Morgan_Chase
You have started a partnership with Chainlink. What benefits will this partnership bring for ICON and ICX token holders?
Jay - Icon Pilipinas (P-Rep):
Real-world data into the ecosystem from a decentralized source.
Jazie: I think that’s all. Thank you so much for your answers on the first and second round. We’re glad to have an AMA session with you ICON Pilipinas.
More power to ICON.
Do you have any messages for the community guys?
Jenny_IconPilipinas(P-Rep):
You are most welcome and again, thank you so much for having us here! The support is crazy! Thanks again Blockchain Infinity Chat!
Grace - Icon Pilipinas (PRep):
I hope that this AMA enlightened all of you guys about what ICON is. Looking forward to having you join us in the ICON Community! And yes, please check out our social media accounts.
Jay - Icon Pilipinas (P-Rep):
Thanks so much sir @jazieph and Blockchain Infinity! There were so many great questions. Kudos to you all for building such a passionate and strong blockchain community!
Grace - Icon Pilipinas (PRep):
Facebook: https://www.facebook.com/IconPilipinas/
YouTube: https://www.youtube.com/channel/UCqkwvlG2636SqqtjOYAxOhQ
Twitter: https://twitter.com/IconPilipinas
Instagram: https://www.instagram.com/icon_pilipinas_prep/
Telegram: https://t.me/icon_pilipinas
Medium: https://medium.com/@iconpilipinas
Jay - Icon Pilipinas (P-Rep):
Grace-Icon Pilipinas (PRep): We will be glad to have you all in our Telegram local channel.
Jay - Icon Pilipinas (P-Rep):
and please join us for some ICON games later this evening on our Telegram chat!
Grace - Icon Pilipinas (PRep):
Yep yep we ain’t done for tonight yet hahaha.
Jay - Icon Pilipinas (P-Rep):
POWER everyone!!!
Jazie: Thanks for your positive feedback guys, we really appreciate it. Btw chat, don’t forget to join ICON PH telegram group @icon_pilipinas and follow their official twitter account.
https://twitter.com/IconPilipinas?s=09
Check ICON official website.
https://m.icon.foundation/?lang=en
Jenny_IconPilipinas(P-Rep): We have this too.
Hello everyone! Our ICX News Ngayon short quiz promo officially starts NOW!
https://docs.google.com/forms/d/e/1FAIpQLSd3drQDaRm6i3KnIoR_R1T1EgYSFCG0_nmqCVwUkiJhWwGG6A/viewform
Basa muna tayo ng MECHANICS bago mag-quiz please!
1. Make sure to fill out this form with your Facebook name.
2. *LIKE* the Episodes 1 and 2 of ICX News Ngayon on our Facebook page Icon Pilipinas.
3. The first 5 people to answer all the questions correctly will win 100 PHP worth of prepaid load!
4. Deadline of submission of entries is tomorrow, July 12, 3PM Philippines Time :)
5. The Icon Pilipinas team will announce the winners 48 hours after the promo has ended.
Galingan niyo! Power!
Thank you so much @jazieph !!!
Jazie: Wow ICON has a lot of events this season, you can join 'em guys!
Grace - Icon Pilipinas (PRep): Yes and more to come.
Jazie: Cool! Can we unlock the chat now?
Jenny_IconPilipinas(P-Rep): Yes, yes.
Grace - Icon Pilipinas (PRep):
Thanks everyone! Have a good day/afternoon/night wherever you are!
-END of AMA session-
