Hello, ICONists! Paradigm Citadel P-Rep is with you and this is our biweekly update on ICON Project.
Over the past two weeks, there has been a lot of news. To start, the foundation has released BTP 1.0 (Blockchain Transmission Protocol). BTP is a standard that renders heterogeneous blockchains interoperable, including blockchains that entail completely different consensus models and algorithms. Undoubtedly, this is a huge step towards interoperability and mass adoption.
P-Rep Governance Meeting #4 has successfully passed. We were glad to be there to discuss such amazing topics! The topics were about CPS, P-Rep Commission Rates and IISS 3.0 implementation. We attached a recorded video below, do not hesitate to dive into!
The June P-Rep delegation pilot program application is successfully finished. The result will be approximately 1–2 weeks.
On 21st of May 2020, Crypto.com Community Manager Dahee had a Live AMA session with Ricky Dodds, Strategy and Communications Lead of ICON Foundation.
From the financial part, ICON Foundation has approved 2 grants thus far; 1 for infrastructure and 1 DApp.Approvals thus far: Infrastructure — Simplex Integration, DApp — Liquid ICX (LICX, token for Defi).
Social media metrics are also breaking all records. On May 27th, ICON social volume just crossed an all-time on 5,256 social posts coming from 1,532 social contributors. Additionally, social dominance has risen to 2.61% of all social volume across crypto.
Stay tuned, stay with Paradigm!
Development
Github metrics:
Developer activity (from Coinlib.io):
Governance
P-Rep Governance Meeting #4 has successfully passed. We’re glad to be there and discussed such amazing topics!
Topics were:
- CPS Paper
- P-Rep Commission Rates
- IISS 3.0 Implementation
A full video:
BTP 1.0 is finally here! Check out the interoperability demo video on ICON youtube page and the blog post below!
BTP (Blockchain Transmission Protocol) is a standard that renders heterogeneous blockchains interoperable, including blockchains that entail completely different consensus models and algorithms. Here, interoperability is the ability to facilitate value transfer, service invocation, and data exchange. These siloed operating blockchains can securely anchor transactions through a universal standard as a trustless settlement layer.
From an application-level standpoint, a great use case would be token transfers between different blockchains. BTP facilitates such transfer directly through smart contracts, from one chain to another without using a central trading platform, at the protocol level.
Path to Sustainable Economics: P-Rep Commission Rates
The Path to Sustainable Economics will serve as guidance for P-Reps and a starting point for making upgrades to the ICON Network. This post will cover a new understanding of i_rep as the P-Rep Commission Rate.
ICYMI: The June P-Rep delegation pilot program application launched. And the team warned to let you know that they are extending the deadline to Friday, June 5th. Delegations will occur ~1 week later pending review of submissions. Application link
ICONLOOP will take part in a government-led effort to develop DID and security technology that can protect privacy in a 5G environment.
The blockchain company announced on Wednesday that it’s joining the project led by the Institute of Information & Communications Technology Planning & Evaluation (IITP), a publicly operated ICT research and development institution.
The project IITP focuses on developing privacy protection technology to help in the use of DID in 5G service environments, as well as security technology for digital ID wallets and for managing digital IDs for multi domains.
ICONLOOP is tasked with developing technology for an integrated DID interface that can help share DIDs across blockchain platforms and a prototype to issue and use credentials.
The company plans to integrate the technology developed during the project into its “MyID” DID solution and enhance its technology to link blockchain platforms.
Networks powered by 5G technology promise to make life more enjoyable, more efficient and more convenient, but they also pose serious security and privacy risks.
Awareness and social encounters
ICON Foundation participated in #Mainnet2020
Description: the ultimate virtual event allowing attendees from around the world to gather with the crypto industry’s top thinkers, investors, and builders, all working towards advancing the development and understanding of our sovereign financial future.
ICON is proud to announce our participation in REIMAGINE 2020, a unique 72 hour live Global Blockchain Conference. Daeki Lee, Head of ICON Ecosystem, will join the leaders and experts in the blockchain industry to highlight the lessons learned from the ecosystem growth since its decentralization and the importance of community for blockchain projects.
Speakers at the event include executives from Blockchain Education Alliance members Ripple’s Xpring, Stellar, Hedera Hashgraph, ICON, Ontology, Multi.io, KuCoin, Neo, IoTeX, Constellation Network, Matic Network, Harmony One, Orbs, LTO Network, Emurgo, NEM, Quantstamp and ETC Labs.
Recap of Live AMA with Ricky Dodds, Strategy and Communications Lead of ICON Foundation
On 21st of May 2020, Crypto.com Community Manager Dahee had a Live AMA session with Ricky Dodds, Strategy and Communications Lead of ICON Foundation.
South Korea’s largest crypto releases its Blockchain Transmission Protocol enabling cross-chain interoperability by Jack Martin, Cointelegraph
ICON (ICX), South Korea’s largest public blockchain project, released its Blockchain Transmission Protocol (BTP) on May 28.The protocol enables interoperability between individual blockchains, facilitating value transfer, service invocation and data exchange.
ICON Network’s Blockchain Transmission Protocol (BTP) Explained by BTCManager
South Korea-based ICON Network — the network of blockchain networks — has a mission to “hyperconnect the world.” This catchphrase essentially refers to the “interoperability” aspect of blockchains that the ICON Network aims to enable via its Blockchain Transmission Protocol (BTP).
Specifically, in a bid to realize the full potential of distributed ledger technology (DLT), the ICON Network seeks to establish ways to allow different protocols to seamlessly interact and communicate with each other. At the same time, these blockchains must also have the ability to interoperate at the protocol level. To achieve this goal, the ICON Network presents BTP.
Upcoming events:
Description: Join ICON and Blockchain at Berkeley to learn all about ICON and how they are working to hyperconnect the world! This interactive meetup will give attendees an understanding of how the ICON Network can be used and why it is changing the world, and developers will learn how they can, and why they should, build on ICON.
This event is open to everyone despite your technical background, and will include an informal Q&A. ICX will be given to those who attend!
Zoom link will be shared with attendees before the event.
Roadmap
ICON Development Roadmap Update — May 2020
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.
ICONex
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.
ICON Tracker
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.
BTP
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.
Finance
The number of transactions dynamics:
ICON Monthly Grant Recap — May 2020
ICON Foundation has approved 2 grants thus far; 1 for infrastructure and 1 DApp. The details below.
Approvals thus far:
- Infrastructure: Simplex Integration
- DApp: Liquid ICX (LICX) — Token for DeFi
Simplex provides fiat-onramps to the leading exchanges, wallets and other service providers throughout the industry. With this integration, crypto enthusiasts will be able to purchase ICX directly with their cards at a number of Simplex partner sites.
As part of this integration, ICX will be added to the list of crypto assets offered with this service (i.e. fiat on-ramp). We would be added to the following assets currently available:
- ATOM, BCH, BNB, BTC, BUSD, CEL, DAI, DASH, EOS, ETH, LTC, LUNA, NANO, PAX, SDT, SGA, TRX, USDT, XAUT, XLM, XRP
As part of the approval, Simplex will integrate ICX within ~1 month of signing our agreement.
- The Foundation is providing $50,000 in the form of a deposit for integration and compliance costs.
- The Foundation can earn back this deposit based on the fees generated by the Simplex service over 6 months.
- If Simplex generates $50,000 over the same period, ICON will receive the full deposit back.
- Note, this is a one-time deposit (fee structure).
Liquid ICX (LICX) — Token for DeFi
LICX is the basis for DeFi solutions. It is an IRC2 token that represents staked ICX making it possible to be transferred without compromising the security of the network. This provides an alternative option to exchanges for ICONists to receive rewards while keeping liquidity of their ICX.
This will reduce the amount of control that exchanges can get over the network by providing extra liquidity to the network as well as allow the ICONists to be in possession of their private keys, ICX in the pool will be controlled by a smart contract so there is no central authority involved.
LICX will also increase the number of transactions on the network as it will allow stakeholders to do other transactions than claiming and re-staking.
Partnerships and team members
No updates.
P-REP News
- Paradigm
Progress & plans via IHyperconnect P-Rep’s Roadmap.
Other
Social media metrics
On May 27th, ICON social volume just crossed an all-time today on 5,256 social posts coming from 1,532 social contributors. Additionally, social dominance has risen to 2.61% of all social volume across crypto. See the details.
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.
