To provide transparency on our progress we decided to provide a bi-weekly update on the LICX progress. Here is what we accomplished in the first two weeks of LICX development.
Summary
This bi-weekly sprint report is a day late because we had some health issues from one of our team members, but we still managed to do quite some development regarding LICX project.
LICX is a token that represents staked ICX this way users can transfer ICX to another wallet while still receiving the rewards for staking. This week we have focused on adding important functionalities to the smart contract especially regarding joining the pool. You can read the first bi-weekly update here.
Tasks that we have completed in the second sprint:
- Joining the pool
- Calculation of the unstaking period
- Testing edge cases (partially)
Joining the pool
In general, LICX operates as a big pool that stakes ICX instead of users and distributes rewards to them proportionally to all owners of LICX. But for this to work the smart contract needs to allow users to join the pool with their ICX and receive LICX in return. To keep it fully decentralized this process of joining the pool and minting needs to be done by smart contract and it is one of the basic but important functionalities that we needed to implement.
Calculation of the unstaking period
When someone wants to unstake ICX there is an unstaking period that helps secure the network. Because tokens in LICX pool are staked if someone wants to leave pool they need to wait for the unstaking period before they can claim their ICX. This ensures that we can provide full rewards to the users as the smart contract stakes every ICX token and none of it is left for liquidity purposes.
Testing edge cases
We weren’t able to test all the edge cases that we wanted, that is why in the next sprint we will continue to test more edge cases to provide security of the smart contract when it is exposed to extreme conditions.
What’s next?
After each bi-weekly sprint, we also discuss what the next steps should be. We will be reporting them in the reports as well so that the community can follow what we intend to accomplish.
- Code review — We have made quite some progress on the smart contract side of the project and to ensure everything will proceed smoothly it is important for us to do a code review. This will allow us to improve the internal code quality, find any defects, and possibly generate new ideas and solutions.
- Frontend development — We want to start with the implementation of the frontend, which means connecting the existing smart contract to the frontend web application so that we can start testing all the functionalities already implemented
- Test edge cases (continuation)— We will continue to test the smart contract operating at extreme maximum or minimum parameters to avoid any unwanted issues occurring.
Our Tools
- ICX Stakr (Staking Calculating tool for ICONists)
- Whale watcher (Vote distribution visualization)
- ICON Europe Voting dApp (Beta)
- LICX token (the basis for our DeFi solutions)
Our Channels
Website, Twitter, Medium, LinkedIn, Telegram
More about us
block42 is a blockchain solution provider developing applications on top of most recognized blockchain frameworks like e.g. Ethereum, Hyperledger, ICON and many more.
