ICON: BinanceKR joins MyID Alliance, Delegation Program and the CPF Paper, Live AMA with Ricky Dodds
Biweekly update 7th May — 21st May
After 21 years, Korea’s Accredited Certification, used by every Korean citizen for ID authentication in all online interactions has been abolished by congress. ICON’s MyID is the only DID consortium to be approved by Korea’s FSC (SEC equivalent). This is one of the main news for Korean citizens and ICONists in particular.
The 1st batch of P-Reps was selected for ICON’s pilot P-Rep Delegation Program. Several teams have been selected so far, this program is aiming to further incentivize P-Reps and reward contributions to the network. As part of this program, the ICON Foundation will use a portion of its ICX treasury to delegate to teams they believe are contributing to the network in areas such as development, marketing, and community building.
From the social activity, BTCManager team has published two articles: one of them describing brand new consensus mechanism Loop Fault Tolerance 2.0 (LFT 2.0) and the second one spotlight the new partner of MyID alliance — BinanceKR. Also, ICON Project took place in TOP-10 projects by Staking Rewards. Furthermore, Community Manager of Crypto.com Dahee had a Live AMA session with Ricky Dodds, Strategy and Communications Lead of ICON Foundation. They were talking about DApps, MyID and the future of ICON.
The financial part brings us to listing ICX on Crypto.com, a non-custodial wallet, with a $500,000 USD allocation at 50% OFF for CRO stakers. All Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of ICX at 50% off. The listing event will commence on Tuesday, 26 May 2020 on the Crypto.com Exchange.
Here is some partnership news. Uppsala Security announced that it has officially joined the blockchain-based digital identity cooperative, MyID Alliance, as a growth partner.
ICON Foundation and LCX have agreed to collaborate. Liechtenstein Blockchain Innovator LCX announces a new partnership with ICON Foundation. ICON Foundation and LCX have signed a memorandum of understanding and agreed on a long-term strategic partnership.
Developer activity (from Coinlib.io):
After 21 years, Korea’s Accredited Certification, used by EVERY Korean citizen for ID authentication in ALL online interactions has been abolished by congress.
ICON’s MyID is the only DID consortium to be approved by Korea’s FSC (SEC equivalent).
There’s been a lot of Korean media speculation on potential replacements to this Accredited Certification, and DID, powered by blockchain technology, is being heavily referred to as the leading potential solution.
“ Decentralized ID (DID) greatly reduces infringement concerns of privacy rights.”
- Korean Government Digital Innovation Report, 2019 October.
Contribution Proposal System Paper
Some highlights of the features include:
- Sponsor P-Reps: Each Contribution Proposal must be sponsored by a P-Rep in the top 100. The Sponsor P-Rep takes on the risk associated with the project by putting up a Sponsor Bond. This way an ICONist does not need so much ICX to apply to through the CPS, but at the same time the CPS can be secured through money at risk. A Sponsor P-Rep will also receive a reward if the Proposal is approved, and this reward implies a 10% ROI for sponsoring an approved Contribution Proposal.
- Voting: Main P-Reps will vote on how to invest the CPF. It has the same requirements as Network Proposals, being 67% approval from 1 P-Rep 1 vote AND the stake-weighted vote.
- Progress Reports: All Approved Contributions Proposals must submit a monthly Progress Report. If they do not, they get DQed automatically.
- Pausing Proposals: If the Progress Report is unsatisfactory, P-Reps can Pause a Contribution Proposal. This stops funding to the Proposal until the next voting period.
- Disqualifying Contribution Proposals: CPs get DQed automatically if they don’t submit a Progress Report. The Sponsor Bond of a DQed proposal is burned and the funding for the proposal will stop. Paused CPs can also be DQed if Main P-Reps vote do to so.
Here is the full paper
Awareness and social encounters
Altcoin Explorer: ICON, the Network of Blockchain Networks by Osato Avan-Nomayo
As previously reported by BTCManager, ICON has recently upgraded its consensus mechanism with the launch of Loop Fault Tolerance 2.0 (LFT 2.0). According to the project at the time of the launch, LFT 2.0 improves the ICON’s blockchain interoperability by allowing smart contract deployment and implementation.
Like its predecessor LFT2 is based on PBFT but includes faster block times and enhanced network latency which translates to additional scalability and security improvements. LFT2 is also considerably more lightweight and more agile than LFT1.
The South Korean project has also in recent times attracted a slew of partnerships and collaborations with establishments like South Korea’s Postech University. ICON is also looking to upgrade its reward distribution system to promote collaboration among network validators.
Time: 21 May 2020, 12:00PM HKT
Channel: Crypto.com’s Official Telegram Channel
Crypto.com App approved Users except for citizens and residents of the United States of America.
Most of the focus in the next few months will be on implementing BTP, LFT2, and IISS 3.0 into the network. Also, improving open source documentation.
ICON released a new hotfix. In this update, the team implemented a Block Production Time Limit function to the network which will resolve network failures. This function supports setting a maximum execution time for a transaction to be added in a block. Additionally, the SHA256 Hash function was added to the network. Lastly, minor bugs related to Fee 2.0 were resolved.
Since the most recent hotfix, they have been working on checking the compatibility of the Python 3rd party package, the execution environment in the Docker, and other system stability. This is a necessary part of network stabilization and the team will announce results shortly.
On the back of the LFT2 release, the team worked on several basic features to support and integrate LFT2 in our network. As you know, the LFT2 algorithm is already published on Github. However, they need some additional functions for LFT2 integration such as a 2-depth-block invocation function and ICON Service <> loopchain communication protocol for support. Development team will be working on these things in parallel with LFT2 development.
Lastly, the core team is finalizing a draft IIP (ICON Improvement Proposal) for BTP 1.0. Also, they are preparing non-technical descriptions to compare their technology vs. other comparable technology. Recall, BTP 1.0 is the interchain technology allowing the transfer of value and information between private and public chains. The team is excited to release the overall structure of the BTP technology to the community, including a demonstration video.
The number of transactions dynamics (information from tracker.icon.foundation)
Crypto.com is pleased to announce the listing of ICON (ICX) on The Syndicate platform. All Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of ICX at 50% off. The listing event will commence on Tuesday, 26 May 2020 on the Crypto.com Exchange.
Sale Amount & Subscription Price:
Total ICX token Supply: $500,000 USD worth of ICX token
Discount rate: 50%
Syndicate Allocation: Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO Staked on the Crypto.com Exchange, as shown below:
*The maximum allocation in CRO stated in the table above is indicative and for reference only. Please visit crypto.com/exchange/syndicate on a listing day to view the final maximum allocation.
Partnerships and team members
Uppsala Security announced that it has officially joined the blockchain based digital identity cooperative, MyID Alliance, as a growth partner. Growth partners represent future use cases for MyID and these are the companies that will leverage the platform once the ID is verified and issued by the ecosystem partners.
Liechtenstein Blockchain Innovator LCX announces a new partnership with ICON Foundation. ICON Foundation and LCX have signed a memorandum of understanding and agreed on a long-term strategic partnership.
ICON Foundation and LCX have agreed to collaborate.
Benefits of this partnership include: exchange of knowledge and sharing of insights on security token infrastructure, compliance solutions and regulation technology. Working closely together to develop new standards for tokenized assets and how it could interconnect with other blockchains participating in the ICON network.
BinanceKR Joins Decentralized ID Consortium MyID Alliance by Aisshwarya Tiwari
BinanceKR will join the MyID Alliance in the capacity of a Growth Partner which is essentially a user organization that uses the MyID-based identification issued by banks.
Led by ICONLOOP, MyID’s integrated ID mechanism eliminates repetitive identification procedure, minimizes inconvenient authentication practices, and calls only the user information necessary for authentication to be selected and submitted from the personal information a user might have saved to a device.
Commenting on the development, 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.
Check out the latest P-Rep Community Meeting topics. We were glad to be there!
P-Rep Community Meeting Topics - May 16, 2020
The next P-Rep community meeting will be on May 16 at 6:00 PM Eastern Standard Time (10:00 PM UTC). Please submit…
Top Projects by Staking Rewards:
Decentralized karaoke DApp SOMESING is helping create the K-pop stars of the future by providing solutions to South Korea’s audition studios.
Last week, SOMESING disclosed that on May 14 it had successfully completed and delivered its karaoke solution to Audition Studio, a studio run by JYP Entertainment, one of the nation’s biggest entertainment companies.
Citadel: The development team has deployed a node on Ethereum 2.0,
Biweekly update 25th April — 11th May
Social media metrics
If you were checking lunarcrhush. com you would have seen that ICX social volume just broke out to 2,169 social posts today, the highest level since Feb 3, when price hit $0.633.
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.