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ICON: Interoperability with heterogeneous chains by the end of 2019, ICONgress as off-chain governance body and ICON tracker failure to handle large amounts of transactions

Biweekly update 26th June — 10th July

This is not financial advice.

“To be slow and steady”. That’s the right way to describe ICON Foundation strategy. During the last two weeks the company illustrated high social activity as usual. Firstly, during the AMA Min Kim, Co-Founder of ICON, revealed the great plans for the next development phase of the project, ICON network progress and its innovative techniques. By the end of 2019 ICON plans to complete the majority of the features including interoperability with heterogeneous chains. Plus its interchain protocol, BTP, will be available. In continuation the first ICONgress will be organized this year. The ICONgress is an off-chain governance body of the ICON Network consisting of P-Reps, C-Reps, DApps, EEP contributors, blockchain experts, and ICON team members. Great, isn’t it? Decentralization seems now to be closer than ever before. Finally, ICON TX Challenge has successfully generated 60M+ transactions in merely 24 days, which was very effective in stress testing ICON’s network and proving the performance of the network before the decentralization. As a consequence, the ICON network failed to handle large amounts of transactions and tracker looks pretty grim for the chain at the moment. “Difficulties are meant to rouse, not to discourage”. Stay tuned!

Development

Github metrics
Developer activity (from Coinlib.io)

Social encounters

Min Kim, Co-founder of ICON, spoke exclusively to CryptoNewsZ and discussed about the journey of the ICON network, its innovative techniques, and the grand plan for the next development phase of the ICON Republic.

Min Kim is one of the most prominent experts in the South Korean blockchain, cryptocurrency, and ICO spaces. A consummate professional and leader, Min Kim has more than a decade of experience as an investment banker, financial executive, and startup founder. His tremendous expertise and foresight have infused unparalleled value to the revolutionary technology of blockchain.

CryptoNewsZ: Thanks for joining us today. Please tell us something about yourself and your journey so far.

I started my career as an investment banker at Deutsche Bank, doing equity, debt, and M&A deals for technology clients. I jumped into the startup world right after. Before ICON, I joined DAYLI Financial Group as Chief Strategy Officer and helped the company establish itself as one of the top fintech companies in the world. DAYLI is where I began exploring blockchain technology, and now I’m somehow knee-deep in the industry.

The journey has been incredible, and perhaps, incredibly painful as well. There are so much energy and support. And I believe that’s because blockchain is beyond making money; it’s about bringing real change to the way we work and live together as a human race. However, as we all know, the technology is in a very early stage, and it’s painful because we have to be very patient and put a lot of work in learning, experimenting, and laying out the basic foundation.

CryptoNewsZ: ICON aims to ‘Hyperconnect the World.’ How does ICON plan to achieve this?

ICON has a vision of building a digital nation known as the ICON Republic where disparate and heterogeneous communities with differing economic, social and governance ideals can interact seamlessly over the ICON network through the unique implementation of BTP (Blockchain Transfer Protocol).

The protocol will enable blockchains within the ICON network to exchange value similar to that of a decentralized exchange. Service invocations are also possible, where the execution of a smart contract on another blockchain will share the same result. BTP further enables horizontal scaling similar to the side chain approach. Bridging communities allows for value and information to be shared seamlessly across the network, thus empowering the next evolution of the digital transformation.

We’re expanding the ICON ecosystem and are planning to achieve our vision by fostering developments on two fronts. The first is the public network, by creating partnerships in blockchain space, growing new generation of entrepreneurs by operating international accelerator programs, and engaging in developer outreach programs. The second front would be to build various private blockchain networks on top of the ICON’s proprietary blockchain via ICON Nexus.

CryptoNewsZ: What is the basic concept of ICONLOOP? What is the difference between ICONLOOP and ICON?

ICONLOOP is the main technology partner of the ICON Foundation and a part of ICON project as a whole.

ICON is based on an enterprise blockchain technology called loopchain, ICONLOOP’s proprietary blockchain engine. ICONLOOP has been building private networks with various business partners in both the private and public sector, including with the South Korean Government. The use cases on the public chain will be part of the hyperconnected ICON network via the ICON Nexus, and every transaction will require ICX for transaction fees.

CryptoNewsZ: What was the idea behind private blockchains?

Private or enterprise blockchain are generally developed for businesses and are only accessible to authorized users. These are often easier to develop and maintain and offer functions such as multi-party transactions between contracting entities as well as data exchange and tracking. This model offers increased privacy to corporations dealing with sensitive data. Many are curated towards the specific needs of the business in question and promise improved efficiency and cost reduction. The biggest difference, as opposed to public blockchains, is that acceptance to the said network requires an authorization. Therefore, since only authorized participants can enter and use the network, private blockchains generally tend to possess faster transaction speed.

Enterprises are making decisions based on whether public/private blockchain implementation is effective for their respective business models. This is leading to increased demand for a ‘hybrid blockchain model’ where connectivity between public and private blockchain network is utilized. That’s where ICON comes in.

CryptoNewsZ: Please tell us how the idea of ICONsensus and ICON P-Rep Election evolved. What is the main motive behind these innovative drives? What are the benefits?

Our idea of ICONSENSUS — a combined brand name of ICON with CONSENSUS — symbolizes our mission to achieve four milestones:

1. The election of P-Reps (Public Representatives) to decentralize the network

2. The election of C-Reps (Community Representatives) to support interchain communication

3. Ongoing DBPs (DApp Booster Programs) to fund and promote quality decentralized applications

4. Ongoing EEPs (Ecosystem Expansion Projects) to incentivize activities that grow the ICON Ecosystem.

We believe the eight-month election campaign (ending in September) will reward every ICONist fairly for their contributions to the network based on our governance system, DPoC(Delegated Proof of Contribution). The ICONists who wish to become P-Rep will gain their rewards as the block producer and as representatives of ICON Network. The ICONist who vote will receive a voting reward upon their staking. The election of P-Reps is the first milestone of ICONSENSUS, a community movement with the ICON Foundation and all of ICON community.

Vote, spread, and disrupt; these are the steps needed to reach ICONSENSUS.

ICONist’s staking reward details will be released soon with the IISS(ICON Incentive Scoring System) update. The Annual staking reward rates are estimated between 2% to 12% depending on the percentage of network staked. In addition to representative voting reward, EEP and DApp voting reward will be distributed accordingly. There will be a Pre-Voting event on August with staking feature for the ICONist with voting rewards distributed from the public treasury. It is a community event to promote and educate the network participants prior to the on-chain P-Rep Election in September. Based on a 30% delegation rate assumption, the average ICONist can expect a 15.81% (5.27% * 3 type of staking) annualized reward during the pre-voting period. The full list of P-Rep candidates can be found at our ICONSENSUS portal.

CryptoNewsZ: What makes the ICX token unique from others? Why should anyone invest in ICX?

The answer can be divided into three I suppose: the first characteristics that make ICX unique are the fact ICON has smart contracts written in Python, a favorable transaction fee system to ease the burden on users, and on-chain incentive systems for developers.

Secondly, ICON has a unique governance system called Delegated Proof of Contribution, where all token holders have the opportunity to contribute to governance, decentralized application development, and the expansion of the ICON Ecosystem. Token holders can stake their ICX to contribute to these categories, earning anywhere from 6% to 36% in rewards. This obviously acts as an incentive mechanism for participating in the network, making it worthy for community members to take part or invest.

Lastly, our team in Korea has made significant progress increasing adoption of blockchain with enterprises and government, which is aligned with our vision. If we manage to achieve even 20% of our entire vision, it would mean the ICON ecosystem will flourish and ICX along with it.

CryptoNewsZ: Kindly brief us about ICON’s plans for 2019? How is the team gearing up for that?

By year-end, ICON plans to complete the majority (if not all) of the features laid out in the whitepaper including interoperability with heterogeneous chains. Our interchain protocol, BTP, will be available.

We are looking forward to successful P-Rep Election on September when the network will become fully decentralized, and we expect increased utility of the ICX token. As completing the first step of ICONSENSUS campaign, We will continue our journey with the next steps in ecosystem expansion.

The genesis summit with the elected P-Reps will be held to declare the decentralization of the ICON Network. This event will celebrate the new era of ICON and give representatives the opportunity to discuss the future of the network. The first membership of ICONgress will be organized this year, too. The ICONgress is an off-chain governance body of the ICON Network consisting of P-Reps, C-Reps, DApps, EEP contributors, blockchain experts, and ICON team members. We expect this initiative to be the agora to discuss the long-term strategy and governance of the ICON Network, technology standards, and interoperability with different chains.

Furthermore, we plan to grow our exposure outside of Korea, including areas such as China, Southeast Asia, and Africa. The team will be very busy in the back half of the year in order to hit our deadlines, but we’re excited for the next phase of growth for the ICON Republic.

See also:

Finance

The number of transactions dynamics (information from tracker.icon.foundation)
Source

According to New2Waves on Reddit, “transaction challenge showed the icon network can’t handle large amounts of transactions. Tracker was backed up as much as 12 hours during the recent stress test paid for by the Foundation. It looks pretty grim for the chain at the moment unless some creative marketing can attract users to the network.”

ICON TX Challenge officially began on June 3rd, and it has successfully generated 60M+ transactions in merely 24 days, which was very effective in stress testing ICON’s network and proving the performance of the network before the decentralization. In addition, the TX Challenge has successfully brought 240+ blockchain-based services on the ICON network. We are aware that we have made few mistakes along the way, but we hope to learn from these mistakes and host better developer-focused initiatives going forward.

ICON’s Got Talent (Final Award)

Total Award : 300,000 ICX

Number of Teams : 6 teams (50,000 ICX per team)

Deadline : By 7/31 EOD (KST)

How to Participate: In order to participate in ICON’s Got Talent final award selection, register your service information via below link.

Registration Link : https://forms.gle/sWmDiXHvvzAaBSb38

***Those who have already registered for the TX Challenge must reapply to participate ICON’s Got Talent (Final Award)

Evaluation Period: 2019/08/01–2019/08/13

Announcement : 2019/08/14

Judges : 10 judges will evaluate projects based on the evaluation criteria and 6 teams with the highest average score will be selected as final winners

Source

There are 43 P-Rep Candidates that seek to represent ICONists (as of July 5th, with more being added daily). These P-Reps are comprised of teams from all over the world, with unique skill sets and goals.

The full active list of P-Rep candidates is located at: https://icon.community/iconsensus/candidates/

Location: The 43 P-Rep candidates are headquartered in the following regions: 16 in Asia, 15 in North America, 10 in Europe and 2 in Africa.

ICON doesn’t have any candidates headquartered in South America or Australia (although Australia does have representation on P-Rep teams).

Structure of P-Reps Candidates:

Many candidates have a prioritized focus. Since there are different focuses and strengths for each team, it is important to vote for multiple teams to ensure a diverse set of P-Reps with different focus areas and strengths.

There are candidates focused on ICON Community and outreach: RHIZOME, ICONation, and Ubik are working hard for ICON Community by creating an interesting content (through articles and YouTube videos), helping ICON members by answering questions, engaging with the community through Telegram and Reddit, and spreading ICON awareness outside the community through Twitter, Reddit, Facebook, word-of-mouth, and more!

Some teams are focused on expanding ICON global reach: ICONNECT, ICON Nexus, and Gilga Capital are excellent examples of this, with planned expansion into Africa (x2) and Canada, respectively.

Some teams are focused on novel and useful ICON applications and technical improvement of ICON: Draicon Ball, Portal Network, and Refereum are examples of these.

Several P-Rep candidates are running successful ICON DApps: Velic, SOMESING and weBloc Asia. These ICON DApps are covered in a previous article.

There are candidate teams that are have formed companies focused on specialization in blockchain technology: Infinity Stones, Certik, Noris, Chainode Capital, Blockaccel, and DE-Light are examples of such teams.

Some P-Reps are focused on expanding investment opportunities for ICON: teams like Chain Partners, Paradigm Citadel, and Staked.

These are just examples of the broad focus and strengths of some of the ICON P-Rep candidates. Many of these candidates have multiple strengths and focus areas (e.g. In the case of Ubik Capital, ICON is focused on ICON community and outreach, but also have experience running multiple blockchains staking nodes, security, and plan to launch DApps and application improvements for ICON in the future!).

If you’re interested in joining the P-Rep ranks and running a node, please check out the icon community webpage for more information.

VELIC

A well-known finance DApp and ICON partner, VELIC is a cryptocurrency exchange that, according to Coingecko, currently records the 2nd largest trading volume in ICX/BTC following Binance. Thanks to their partnership with ICON, VELIC will be listing ICON DApps on its exchange too. People can also enjoy lower interest rates and reduced credit card fees when using VELIC’s token, VELT.

Beaxy

A fairly new exchange, Beaxy is a “Full Service Digital Asset Trading Platform” compliant with US regulations that has recently listed ICX, allowing users to deposit, withdraw, trade and use all other exchange-related features with the token. They are currently offering 2 months discounts on all trades if you use a referral code to sign up.

Voyager

Voyager is a US-based crypto broker that provides a commission-free way for people to easily buy ICX with fiat. The founders have decades of experience working at E*Trade and Uber previously, and are looking to provide investors with a trusted and secure access point to crypto asset trading. The mobile application is currently available for all US residents excluding the state of New York, which they hope will be added soon.

Crypto.com

While this is not an exchange, Crypto.com is another option to trade and convert ICX. The digital wallet has recently formed a partnership with ICON, giving ICONists the chance to spend ICX in real life at over 40M merchants globally. Credit cards and bank transfers are both supported, enabling easy conversion of cryptocurrencies into fiat.

Additionally, US citizens can transfer ICX to their ICONex or Ledger wallets, which will be necessary if you want to participate in staking this August. While this list is not extensive, we hope it can alleviate your concerns while we wait for more listings on bigger exchanges!

INTERNATIONAL OPTIONS

For international ICONists, here are 15 other exchanges that list ICX:

  1. Binance (ICX/BTC, ICX/USDT, ICX/ETH, ICX/BNB)
  2. Upbit (ICX/KRW)
  3. Bitrue (ICX/BTC, ICX/ETH, ICX/XRP)
  4. Gate.io (ICX/USDT, ICX/ETH)
  5. Bione (ICX/USDT)
  6. Bithumb (ICX/KRW)
  7. HitBTC (ICX/BTC, ICX/USD, ICX/ETH)
  8. OKEx (ICX/USDT, ICX/BTC, ICX/ETH)
  9. CoinAll (ICX/BTC)
  10. Hotbit (ICX/ETH, ICX/BTC)
  11. Dcoin (ICX/USDT)
  12. ABCC (ICX/USDT)
  13. WazirX (ICX/USDT)
  14. LATOKEN (ICX/USDT)
  15. LocalTrade (ICX/BTC, ICX/ETH)

See also:

There are 40 P-Rep Candidates that seek to represent ICONists (as of June 29, with more being added daily). These P-Reps are comprised of teams from all over the world, with unique skill sets and goals. Many of these P-Rep teams are running ICON nodes in a TestNet in order to ensure proper node functionality in preparation for running their nodes on ICON Mainnet (details here: P-Rep TestNet 2nd Phase Underway!). Additionally, many of these P-Reps have ramped up their community engagement and content creation to new levels, which has resulted in an increase in quality ICON content and excitement!

Roadmap

P-Rep TestNet Operation

Two ICON P-Rep TestNets named Yoonjeong & Jinseong are currently being operated by approximately 35 P-Rep candidates. P-Rep candidates will have time to familiarize themselves with operating nodes on the TestNets until July, and then the elected teams will go on to operate nodes on the ICON MainNet and develop the ICON ecosystem.

Fee 2.0

The Fee 2.0 feature launch has been rescheduled to July after the additional QA phase scheduled until the end of June. In order to create a fee policy truly optimized for DApp users, service operators, and ICON P-Reps, it has been judged that a rescheduling of the launch would be in the best interests of everybody. ICON is committed to creating an environment in which users can use blockchain services without any fee burdens or inconveniences.

IISS — ICON Incentive Scoring System

ICX holders will soon receive incentives through ICX Staking and Voting when IISS is in full operation starting from the third quarter of this year. Pre-Voting will begin in August, and you will be able to experience the IISS and Voting in advance to the actual election.

ICON DID (DPASS)

ICON DID (Decentralized Identifier), a decentralized identity authentication system based on the ICON public blockchain, has been developed as a live service. ICONLOOP’s ‘DPASS’ is a mobile application for a ‘Decentralized Passport’. This is a global authentication service that realizes the concept of ‘integrated identity’ and ‘Self-Sovereign’ using the ICON DID standards. It is expected that the convenience of using blockchain services will be greatly improved when DPASS is integrated with a variety of on/offline services. ‘DPASS’ is currently being reviewed in the App Store (iOS) and will be released after official registration. (Android version to be released later.)

ICON TX Challenge

The ‘ICON TX Challenge’, a large scale blockchain development contest, is in full progress. A total of 6 teams will be selected according to the evaluation standards including the completeness, business value, technicality, blockchain utility, etc. of the DApps and/or websites. These teams will be awarded a final prize of 50,000 ICX per team. Additional benefits such as being given an advantage when applying for a position (full-time and/or internship) in the ICON Korea office or support in attracting investments will also be given. If you have not yet participated, join now!

>>> Check out the ICON TX Challenge Participation Guide

In June, the ICON Development Team focused on the IISS and Fee 2.0, which will enhance the ICON ecosystem, and is now in the final stages of the process. ICON is also making institutional and technological preparations to realize the mass adoption of blockchain as planned. We are preparing to release further innovative projects in the second half of this year. Please look forward to them!

Source

See also:

What’s next?

Source
  • Interoperability with heterogeneous chains launch by the end of 2019
  • ICON interchain protocol BTP will be available by the end of 2019
  • The first ICONgress will be organized in 2019

Partnerships and team members

Pocket Network and Figment Network have joined forces in submitting a P-Rep proposal to build a decentralized infrastructure for ICON DApps and provide a scalable P-Rep node to the ICON network.

ICON is an ambitious blockchain technology focused on “hyper-connecting the world” through a fast, dynamic, scalable, blockchain architecture that offers decentralized liquidity and interoperability between blockchain platforms. The next step in ICON’s evolution begins in September with the release of their new Delegated Proof of Stake consensus algorithm and decentralized governance structure. ICON holders will vote on selecting 22 P-Rep Nodes to maintain the ICON network through block production and provide leadership for the ecosystem’s future.

P-Reps are incentivized to not only run a competent node, but also provide unique ways to add value to the ICON ecosystem. This is where a Pocket and Figment joint proposal stands out. Pocket adds value by contributing developer and administration resources to building a decentralized node infrastructure to streamline ICON DApp development, while Figment takes on the technical operations of running a P-Rep node. By combining the talents from each company into a single P-Rep team, the Pocket/Figment P-Rep offers comprehensive and more ambitious contributions to the ICON ecosystem.

Pocket Network plans to build a decentralized node infrastructure with two major goals:

  1. Streamline DApp development by enabling the ICON DApps to connect with a decentralized pool of ICON nodes, thus freeing developers from needing to run a centralized ICON node to service their DApps.
  2. Provide ICON node owners with a new stream of revenue for serving DApps on this decentralized node infrastructure.

This is possible by Pocket’s decentralized node infrastructure technology. While Ethereum’s DApp ecosystem is heavily reliant on a centralized node service, called Infura, ICON’s ecosystem can be foundationally trustless from the start with a decentralized node solution. Pocket will actively contribute to the development of ICON via the ICON SDK and provide support to DApps and ICON node owners.

Figment Networks, a leading staking service provider, will provide ICON with a secure, scalable P-Rep node for top-tier network resiliency. With extensive experience in actively serving customers in DPoS and POS blockchains, Figment will be the managing force behind the P-Rep node itself, ensuring uptime and reliability with a mixed hardware and multi-cloud environment. In combination, Figment and Pocket bring a deep knowledge base in areas of blockchain technologies, DApp development, network infrastructure, decentralized governance, and blockchain ecosystems.

ICON is building a future-focused platform around blockchain interoperability, reserve based liquidity, VM free smart contracts, and the Pocket\Figment P-Rep is excited to contribute.

You can find the P-Rep Candidate details for Pocket and Figment here.

https://icon.community/iconsensus/candidates/92/

Rumours

Source

Social media metrics

Social media activity
Social media dynamics
Social media dynamics

The charts above illustrate an increase in the number of Reddit subscribers, Twitter and Medium followers. In general, ICON foundation experiences 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.

This is not financial advice.

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