ICON: 1 million transactions passed, K-Growth Investment Corp. invests in ICONLOOP, Hyperhack hackathon announced, P-Rep Delegation Pilot Program updates
Biweekly update, 6th June — 19th June
Hello, ICON Community!
Firstly, we just rolled out our application for Delegation Pilot Program. We hope you enjoy our work and thank you for staying with us. The application we attached below in P-Rep News section, so don’t hesitate to leave your comments!
In turn, we continue developing our product and happy to announce that Citadel, a multi-currency non-custodial wallet for managing cryptoassets will be launch at the end of the month.
ICON passed 1 million transactions so far, it’s a huge milestone and we congratulate all ICONists on this event!
The month has started with great news, K-Growth Investment Corporation, one of Korea’s most prestigious funds, announced that it’s investing in ICONLOOP. ICONLOOP builds blockchain-based applications on its own including MyID, Broof, and VisitMe with venture capital funding. Both Broof and VisitMe already run on top of ICON’s public blockchain. MyID, which has not launched, plans to be connected to the ICON network in the future.
ICON Hyperhack is a 2-month online ICON hackathon hosted by ICON Hyperconnect P-Rep that will begin registrations and submissions on June 19th on Devpost. The hackathon is open to all individuals, both technical or non-technical, as finding a teammate or partner is as easy as clicking a button on Devpost. ICON plans to provide support to teams that show promise to enable them to grow into main or side ventures.
Later this month, ICON was named a Top 25 by Flipside Crypto using their novel Fundamental Analysis tool (FCAS) based on user activity, developer behavior, and asset maturity. Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. Such great news for ICON Community!
Developer activity (from Coinlib.io):
ICON Network quietly passed 100M transactions. Congratulations to all!
P-Rep Delegation Pilot Program
ICON Foundation decided to open up the application process for the P-Rep Delegation Program to the community. Going forward, teams requesting delegation support will submit applications on the Forum Page. While this delays the June delegation program by a few weeks, ICON Project believes this provides the most transparency for the community and P-Reps and is a step in the right direction.
Last week, K-Growth Investment Corporation, one of Korea’s most prestigious funds, announced that it’s investing in ICONLOOP.
The ICON Foundation pays ICONLOOP and other companies (incl. P-Reps) to build the core blockchain technology, infrastructure, and tools. ICONLOOP also builds blockchain-based applications on its own including MyID, Broof, and VisitMe with venture capital funding. Both Broof and VisitMe already run on top of ICON’s public blockchain. MyID, which has not launched, plans to be connected to the ICON network in the future.
Awareness and social encounters
The hackathon is open to all individuals, both technical or non-technical, as finding a teammate or partner is as easy as clicking a button on Devpost. Since the hackathon and its prizes are entirely online, there are no limitations for anyone.
ICON plans to provide support to teams that show promise to enable them to grow into main or side ventures.
Governance Features, ICONex, Tracker and BTP
Features to enhance governance experience
Based on community requests, the team started to work on several features to enhance governance experience. Based on this feedback, they will be adding P-Rep private key dualizing, staking and delegating functions in SCORE, multiple unstaking periods, and a function to increase the number of delegations from 10 to 100.
P-Rep Private Key Dualizing function
- Allows P-Reps to register an additional key, the key used to produce and validate a block, to the ICON Network.
- Currently, when an ICONist tries to register as a P-Rep, the ICONist’s key will automatically be registered as a key for the node, and the keystore has to be put into the docker.
- However, in the future, ICONist can register a separate additional key for P-Rep nodes when they try to register as a P-Rep.
- The ICONist public address will be used to participate in governance, receive reward, and only the node key you have registered are included in the docker.
- Therefore, the ICONist’s public key does not enter the docker, but only the key of the node enters the docker. It can be understood that the owner of the node and the key for node operation are separated.
Staking and delegating function in SCORE
- Allows SCORE to stake and delegate directly to P-Reps.
- Since ICON Network has a block reward for voting, if a SCORE is able to vote to a P-Rep, the SCORE also can receive a reward and distribute it to the ICONists who deposited ICX to the contract.
Multiple Unstaking Periods
- Allows ICONists and SCOREs to have separate schedules for unstaking.
- Currently, an ICONist can only submit one unstaking request to the network. However, in the future, ICONist will be able to submit several unstaking requests.
Extension of the number of delegation slots
- Allows an ICONist to vote up to 100 P-Reps.
In order to limit vote stagnancy and vote centralization, the team randomly mixed the list of P-Reps and removed rankings. They will observe the effects of this experiment on voting and the changes in governance. Also, they added the step limit auto adjustment function to solve a problem in the mobile version of ICONex. Now, if you want to send a transaction to SCORE, the step limit to call the SCORE will be automatically adjusted.
Recently, ICON Foundation announced a blog post: Path to Sustainable Economics. Based on the post, the team will introduce the concept of commission rate to the community via the ICON Tracker. Soon, the tracker will display the Suggested Commission Rate by each P-Rep and a Global Commission Rate from all P-Reps.
Last but not least was the release of BTP, a standard interface for interoperability contracts. The team recently released a demo video with BTP’s detailed blog post; see blog post and demo video for more information.
~55% of circulating supply staked vs. 38.4% at the end of 2019. ~36% of the total supply staked. ~14% annual staking reward
Another +3% weekly growth in wallets. Balance wallets have increased 3x since September
The number of transactions dynamics:
The freshest biweekly development update on Citadel P-Rep, come around and see what we made so far!
Citadel: Staking optimization and integration of BTC, ETH, USDT (ETH), The development team has…
Biweekly update vol.8 1st June — 16th June
Also, we applied for June Delegation Pilot Program!
Paradigm Citadel Delegation Pilot Program Application
Team name: Paradigm Citadel Public address: hx3aa778e1f00c77d3490e9e625f1f83ed26f90133 Requested amount: 2 million…
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Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. Today, a new set of members was released with a number of significant changes. This month, ICON (ICX), LBRY Credits (LBC) and Holo (HOT) are new to the list, replacing Decred (DCR), Tether (USDT) and Waves (WAVES).
On The Flipside
June 11, 2020 Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40…
Social media metrics
Social media activity:
The charts above illustrate a slight decline in the number of Telegram and Twitter followers. In general, the ICON foundation experiences an average level of social activity.
The graph above shows the dynamics of changes in the number of ICON Reddit subscribers, Twitter followers, and Facebook likes. The information is taken from Coingecko.com.