ICONVIET Q1–2020 Progress Report

Tom Nuen
Tom Nuen
Mar 7, 2020 · 9 min read

What have we been doing since the dawn of decentralization? A first in-depth 6-months activity and transparency report from the ICONVIET P-Rep team. Going forward, we will update community with our progress every quarter.

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Tiếng Việt https://media.iconviet.io/bao-cao-cong-viec-quy-mot-2020-iconviet

We would like to send our sincere appreciation to all of our past and present voters. ICONVIET is 100% community-voted P-Rep. Without your support, patience and trust, we would not be able to get where we are today.

Over the past 4 months, the majority of our focus has been on building preliminary groundwork for web and micro-services development (works for multi-device mobile-app development has already been done 6 months ago).

Based on the result of this effort, ICONVIET Lab has managed to launch the following minimum-viable products to the public (except project code-name Icondexy):

  • Chainalytic — an interchain analytic and warehousing solution written in Python.
  • Iconlook — a web front-end for enterprise data representation and visualization driven by a cluster of micro-services which use Chainalytic API as main data source and various other data sources (public tracker API, exchange API…).
    Native iOS & Android development will begin in Q3–2020 or earlier when we have more resource.
  • Icondexy — our most ambitious project. A native iOS and Android exchange app for ICON DEX integration based on our preliminary groundwork for mobile-app development and prior integration with DEX trading on Stellar blockchain.

From Feb 2020, ICONVIET Media began to put more effort in translating ICON-related news/articles to Vietnamese language and creating visual content.

  • Icon Special Effects— a library of special effects used for modern marketing and video editing materials.
  • Icon Vietnam News Outlet— a library of over 100+ translated news/articles and an increasing number of educational motion graphic videos (some with voice-over).

Our team structure and head count has largely changed since the inception. We currently have 6 members working for ICONVIET on both full-time and part-time basis.

Apart from building products, we also contributed to the funding and organizing of ICON sponsorship at Consensus 2020. At the same time, we are working with Microsoft Vietnam to co-sponsor their Xamarin 2020 Meetup (focus on enterprise mobile app development) but this event is likely to be cancelled due to the COVID-19 situation (we will update later).

On the community engagement front, we have shifted more focus on to local crypto community to spread ICON awareness and convert general crypto investors to ICX investors at best effort, while maintaining a tight-knit group of long-term ICON holders.

— Building. Not Shilling.

Chainalytic Project

There is a huge amount of data deep inside blockchains which could bring potential valuable insights. This project focuses on:

  • Real-time time-series data aggregation
  • Rebuild implicit historical blockchain data from transactions (transition functions)
  • and more…

Chainalytic helps to easily extract, transform, aggregate and generate new data using your own rule in a modular style. It is not the tool that simply extracts chain data and dumps to a big dataset (e.g. BigQuery).

Chainalytic targets developers who are interested in building applications for:

  • Algo trading
  • Monitoring tools
  • Blockchain analytic and insights
  • Data science, machine learning and AI

Chainalytic is an open-source project. For more information, please checkout https://github.com/iconviet/iconviet.chainalytic-framework

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Chainalytic Architecture

Iconlook Project

This is our second ambitious project and first attempt at building real-time telemetry application from the ground up. This project aims at advanced Iconists, ICON enthusiasts and ICON developers who want to gain deep insight knowledge about all aspects of the public chain, loopchain, sidechain, and the connections among them. Iconlook & Chainalytic are designed to grow and evolve around ICON interoperability vision.

Iconlook is currently a close-source project. A working version can be accessed at https://iconlook.io

The entire site is still a work in progress. Bugs are being ironed out while features are being released every week. We apologize for any issue caused.

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From desktop browser
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From mobile device browser

In short-term we will focus on implementing planned features on public chain and ICON ecosystem in general. It is important to have unique and useful insights such as unstaking, undelegated, known addresses….etc. The next step is leveling up our game on interchain frontier once it’s ready. There will be a lot of data generated as a result of interchain activities, hence we need to determine what kind of data could be beneficial for the community, to avoid drowning ourselves in an ocean of information. With this in mind, Iconlook interchain support could include following features and statistics:

  • IRC20 token swap history
  • Network of chains graph visualizer
  • Interchain transaction real-time monitoring
  • Sidechain and loopchain-based private networks explorer
  • Cross-chain traffic and volume for value-transferring transactions
  • Bidirectional relationship stats between one specific bridged chain and ICON public chain
  • Bidirectional relationship stats between one specific bridged chain and another bridged chain on other end, via ICON public chain

This is just a quick list. Along the road, there will probably be new ideas or requirements for features and stats. Fortunately, Chainalytic — our core data aggregation and data warehousing solution that powers Iconlook — is already designed in a modular style which enables incremental development and faster integration. That is to say, we are somewhat future proof.

Icondexy Project

During the hype of 2018 and the short-lived STO wave, we received private funding from a local equity brokerage firm/boutique crypto fund to develop a mobile exchange for tokenized equity trading on Stellar DEX. As a result, project Quorum was born out of this venture.

Mid-2018-2019 the bear market hit hard, our investors lost a lot of money and also lost interest in blockchain. They decided to abandon this project and stop further funding when the project was nearly 80% completed and functional. After a series of negotiation, we ended up owning all the intellectual rights to the project and subsequently became 100% ICONVIET-owned intellectual property.

At this point, we do not have enough time and resource to research and look deep into the work in progress of ICON DEX. Last time we looked, it’s quite complex and documentation was not thorough enough. Once ICON DEX API and documentation is ready, we are going to retrofit ICON DEX integration into Project Quorum while keeping existing mobile UI functionalities and modify them accordingly.

Though this sounds simple, there are lots of work to be done under-the-hood and most importantly, we need to hire back 2 mobile developers who previously worked full-time on this project. Unfortunately, it is uncertain to make this hiring decision at current funding level. Therefore, this still has the lowest priority in our master plan unless ICX price reaches and stays over $1 next month or we receive an additional 5 millions votes.

Below are screenshots of a fully-functional mobile app, not mock-up. However, the UI language is Vietnamese, we will add English once it’s ready for public release.

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Icon Special Effect Project

Quick, short, catchy, and eye-candy motion graphics are very potential in modern online marketing, especially for young audience. ICONVIET is trying to capitalize on it with Icon Special Effect. Some of these could be useful in various marketing video materials.

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click here for the animation video https://www.youtube.com/watch?v=hzl--EAA-fU

Community Engagement

Initially, we placed more focus on international community development and less on local community development. Over the time, we realized that reaching to local community is more effective because of the large crypto investor base. We still maintain presence in international community, mostly through collaboration with other P-Reps. At the core of our community engagement strategy, we are still pushing hard the following efforts:

  • Convince everyone ICON is not dead
  • Restore investor confidence in ICON Project
  • Network and bring fresh new fiat into ICX/VND market
  • Heavily promote ICON potential and the benefits of staking
  • Convert salty moonboys and lambokids to long-term ICON investors
  • Translate over 100+ ICON related articles to Vietnamese in short-term
  • Add Vietnamese voice-over translation and text subtitle to existing video
  • Attempt to acquire and consolidate scattered ICON and Crypto Facebook Groups

Marketing Contribution

While marketing is not one of our core competencies, we still understand the importance of marketing and the intangible value it brings to ICON. Along with other P-Reps, we will provide finance, time and effort to make sure ICON is still relevant in the crypto industry via CONSESUS 2020 sponsorship. One of the largest blockchain event of the year. ICONVIET representative will be travelling to this 3-days event to assist other P-Reps and help promoting ICON.

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Team Transition

Most of our team members live and work in the same vicinity of of each other and 2 others are based overseas (US and Japan). We share a small office space in the CBD where full-time and part-time local members can meet face-to-face and work together.

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ICONVIET Office in District 4, Ho Chi Minh City, Vietnam
  • Tom Nuen— Founder, Software Architect and Biz Dev Manager
  • Duyyudus — Co-Founder, Blockchain Specialist and Visual Effect Expert
  • Khoa Nguyen — Co-Founder, Local Community Manager (inactive due to other commitments)
  • Corey Costa — Int. Community Manager and Top Influencer ( left and joined Ubik Capital P-Rep since Jan 2020)
  • Grace Pham — Local Community Manager and Text Translator
  • Quang Moon — Local Community Manager, Trader and Technical Analyst
  • Phong Tran — Junior Marketing Associate and Voice-Over Translator
  • Bobby Nguyen — Office Administrator and Local Telegram Channel Moderator

Fund Allocation

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We understand the importance of financial transparency and the obligation to report back to our voters and the community. However, it’s a little verbose to document line-by-line expense in this report so we’ll summarize our last 6-months expenses as below.

A) Pre-Decentralization — 3 Months Expenses (Aug 2019 to Nov 2019)

  • Infrastructure (1x Low-Spec Testnet P-Rep Node) — $300
  • Infrastructure (1x Mid-Spec Mainnet P-Rep Node) — $1,600

— Total: $1,900 over 3 months period

B) Post-Decentralization — 4 Months Expenses (Nov 2019 — Mar 2020)

  • 4-pax Office Space — $1,600
  • Part-time Staff Salary — $3,900
  • Full-time Staff Salary — $12,000
  • Petty Cash & Team Lunch/Dinner — $500
  • Decentralization-Day Bonus Handout — $1,000
  • CloudFlare Pro Plan, Load Balancing & Geo-Replication — $320
  • Server Infrastructure (1x P-Rep Node, 3x Apps Nodes) — $7,800

— Total: $27,120 over 4 months period

C) Special Event Sponsorship Expenses

  • Consensus 2020 Full Entry Fee — $1,700
  • Consensus 2020 Funding Contribution — $7,500
  • Consensus 2020 Flight & Accommodation — $2,500
  • “ICON x Microsoft Xamarin 2020 Meet Up” Venue Deposit — $300

— Total: $12,000 one-off and non-recurring

(A+B+C) TOTAL — $41,020

The majority of our P-Rep reward (up to 70%) will be reserved for long-term financial stability, operations, development and future endeavors. At the time of writing, we still have 195,000 ICX unspent/partially-staked to our P-Rep node.

So far, we have liquidated ~39% of our total P-Rep reward (~126,000 ICX at various weekly price points). If minimum bond requirement proposal is passed in IISS 3.0, we will have more than enough fund to cover the bond.

For greater disclosure, ICONVIET team members have self-staked a total amount of ~500,000 ICX since decentralization. This proves a lot of “skin in the game” and ticks a few commitment boxes.

Going Forward

There is a D-App prototype and few other exciting things in the pipeline that we are working on at the moment but we don’t include in this report as we do not want to create hope or hype. Once again, we would like the community to know that we’re still working hard and committed to growing the ICON Ecosystem.

Thank you for taking your time reading this long report. From this point on, we will release progress and transparent report every quarter. The next report and 2020-2022 Roadmap will be released in the last week of June 2020.


Top 22 ICON P-Rep • We maintain fault-tolerant nodes to…

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