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ICON: MyID To Be Launched Soon, ICON IRC-16 Token Standard, NEOPLY Joins ICON P-Rep, 9 Grants Approved In July

Biweekly update 31st July — 14th August

Hello, and welcome to another biweekly update on ICON! A lot has happened within the ecosystem and the community, so let’s have a look at some main points of the past two weeks. The Foundation reported a display issue on ICONex and the ICON tracker (not showing the pending unstaked ICX on user accounts). Thus far, there is no need to worry, as all the tokens are safe, and the problem is being solved. ICONLOOP’s proprietary solution, MyID, is to be launched soon. MyID is basically a blockchain-based identification platform that enables users to store their personal information on their device and, when needed for authentication purposes, allows the user to select and submit only the information necessary for authentication. The company formed the MyID Alliance along with more than 70 partner institutions such as commercial banks, securities companies, e-commerce companies, and manufacturers. ICONLOOP has another successful project — An article on Cointelegraph recently highlighted its application that helps to revive tourism and protect user’s personal information. Known as “VisitMe,” this is a visitor management solution that runs on the ICON blockchain network. As we’ve mentioned in our previous updates, the solution is already being leveraged by leading South Korean steelmaker POSCO, which opened a new incubator space in Seoul last month. South Korea’s World Cup Stadium and Yonsei University are also using the visitor management system.

Furthermore, an article on ICON IRC-16 Token Standard was published. The security token standard describes how to represent full ownership or split ownership of a particular asset. Through this standard, ownership of certain assets can be issued, represented, tracked, viewed, divided, privately owned, and transferred. The standard supports the assertion of legal documents, partition management with partially fungible tokens in the tranche, and interfaces for managing operator privileges. Learn more on IRC-16 Token Standard in the update below.

ICON teams and operational entities continue to contribute and scale their projects. Some grant proposals, including WalletX, and the combination of NFC with the ICON Blockchain, were submitted. A grant application for Social Media Engagement & Growth Accelerator by ICONPLUS was approved. In total, nine grants were approved in July: these ranged from service integrations, public relations, DApp development, developer tools, and analytics. Block42 is now close to finishing one of their projects, and recently they publicly shared a report of their funds’ transparency for July. For more info on grants and teams’ progress, read a full update.

According to ICON Newsletter #28, there is currently about 55.6% of the circulating supply staked, which is compared to 38.4% at the end of 2019. What’s more, less than 250 million ICX available in the market, so it’s the lowest amount ever recorded! NEOPLY team joined ICON as a P-Rep with a significant amount staked. They intend to operate the node stably, increase the ICON’s connectivity, and contribute to the activation of the blockchain ecosystem by spreading various news.

That’s all for today — check the article below for more precise details and mentions.

Development

Github metrics
Developer activity (from Coinlib.io)
  • ICONex Pending Unstaked Display Issue

The Foundation reported a display issue on ICONex and the ICON tracker (not showing the pending unstaked $ICX on user accounts) and they are working to resolve it now.

  • ICON IRC-16 Token Standard

The IRC-16 token standard interface was first proposed in 2019, with the goal to support the development of tokenized securities on the ICON blockchain. The IIP has gone through multiple iterations, and the ICON team has published a reference implementation of the standard for interested parties. The security token standard describes how to represent full ownership or split ownership of a particular asset. Through this standard, ownership of certain assets can be issued, represented, tracked, viewed, divided, privately owned, and transferred. The standard supports the assertion of legal documents, partition management with partially fungible tokens in the tranche, and interfaces for managing operator privileges.

Additionally, for regulatory compliance regarding fraud or loss of private keys, token control by operators is enabled in the standard.The standard can be found on the ICON Security Token Standard IIP page, including its specifications and a reference SCORE implementation.

ICONTROL aims to present a new vision of wallet product that dramatically improves the user experience by applying new ideas to existing wallet product features and providing a user-friendly mobile banking service experience. In addition, they offer a unique ID to WalletX users in a way that guarantees anonymity, and connect to multiple Dapps with the ID to ultimately become a gateway to activate the ecosystem.

Together with “STIN”, a local distiller of premium gin and a NFC hardware supplier, they want to establish an application combining the capabilities of NFC-technology with blockchain technology. They are going to equip 1000 bottles of a limited edition gin with special crypto enabled NFC chips (“Security Controller”), which provide the highest available security for blockchain systems. The limited amount of bottles is written into the blockchain and each customer should be easily able to check the integrity of the bottle and the total amount of available bottles by interacting with the NFC chip on the bottle.

Spl3en from ICONation team & Matt (@creativematte) created a community translation dApp (MVP) for the ICONHyperhack! Ask, Answer, and receive ICX for contributing! Mobile is under development, so please use the desktop version.

SpeakyTo is an app where you can ask questions about a language and get answers from natives. If you’re confident enough, you can even answer questions and get rewarded in ICX. Learn more here.

Report Description: Phase 1 (Planet view and mechanics) is finished.

Project Completion Percentage: 35%

Remaining Time to Completion: 2 months

Expected Results for the Next Period: First planets released on Testnet.

They finalized planet-related game mechanics as the planets need to go on blockchain soon. An overview of that is provided via the link above.

Awareness and social encounters

An article on Cointelegraph highlighted Iconloop that created a blockchain-based application to revive tourism, and protect user’s personal information. Known as “VisitMe,” this is a visitor management solution that runs on the ICON blockchain network.

Like ShareRing’s covid passport, VisitMe allows users to upload their identity documents and then relies on a QR code for this information to be scanned upon entering certain venues. The solution is already being leveraged by leading South Korean steelmaker POSCO, which opened a new incubator space in Seoul last month. South Korea’s World Cup Stadium and Yonsei University are also using the visitor management system.

Markus touches upon what ICONLOOP means and how its products strengthen the case for ICON 2020 more than ever before. Read the thread to learn more.

ICON 1-month Social Volume has hit 31,812 social mentions, a +15.9% month-over-month increase.

Finance

  • Key network stats
The information is taken from ICON Tracker
The information is taken from ICON Tracker

Key Highlights:

  1. 55.6% of the circulating supply is staked vs. 38.4% at the end of 2019
  2. Less than 250 million of ICX available in the market, the lowest amount ever NEW RECORD!
  3. Approved 9 grants in July: these ranged from service integrations, public relations, DApp development, developer tools and analytics

IconbetP gained the most votes, while The Foundsation gained the most voters (also highest first-time voters of 76).

The winners will be announced on the 17th of August.

Roadmap

[Loopchain]

  1. DB Integrations — Integrating block and state database for better management and fault-tolerance.
  2. P2P network enhancement — Enhancing the performance of underlying P2P network platform.
  3. LFT 2.0 — Enhancing the concensus algorithm for more liveness.

[Interchain — BTP Enable use of DApps on heterogeneous blockchain]

  1. Interchain PoC for ICON-Public Chain — DApp on heterogeneous chain can be used from ICON wallet, and vice versa
  2. Interchain service launch with business partner — DApp service that operates on heterogeneous blockchain is released
  3. Interchain SDK for public chain — Interchain SDK is used for developers to generate various interchain DApps
  4. Interchain SDK for private chain — Interchain SDK is used for developers to generate various interchain DApps
  5. C-Rep features with BTP — C-Rep is responsible to bridge between heterogeneous blockchains

[Sidechain — A new layer of the ICON Network to support a reliable smart-contract environment]

  1. Sidechain — Smart-contract purpose sidechain will be connected with ICON Network using BTP Technology

[Parallel Processing — Scalability solution for TPS Enhancement based on parallel processing]

  1. Parallel processing with manual decorator — Parallel processing raises TPS sharply with manual decorator on Python EE
  2. Parallel processing with automatic decorator — Parallel processing raises TPS sharply with automatic decorator on Python EE

[IISS — Measures the contribution of all Voters, P-Reps, DApps and EEPs]

  1. Incentive distribution function for C-Reps — C-Reps are rewarded with ICX
  2. Contribution Proposal System — Enables contributors to obtain funding for a project that benefits the ICON Network.
  3. IISS 3.0 — Add features to improve decentralized cryptoeconomy and governance stability

[Transaction Fee System — DApp provider and users can share commission and pay with Virtual Step]

  1. Virtual Step 2.1 — Virtual Step distribution to SCORE

[Services on ICON — Vault — Decentralized key management service]

  1. Launch Vault feature in ICONex Wallet — Decentralized key management feature is integrated in ICONex wallet
  2. Launch service with business partner — Vault feature is launched with business partners

[Services on ICON — DEX Trade heterogeneous tokens]

  1. DEX for trading between tokens on heterogeneous blockchain based on BTP — Token holders can trade tokens of heterogeneous blockchains with interchain protocol and DEX

[Services on ICON — Secret Vote — Enable secret vote environment in public blockchain]

  1. Secret vote smart contract — alpha version — Development of secret voting function in public blockchain
  2. Secret vote service launch with business partner — Launch of secret voting service with business partners on public blockchain

[Services on ICON — STO Provide platform for security token offering]

  1. STO smart contract — alpha version — Security tokens are generated on ICON smart contract
  2. Official STO platform launch as ICONest 2.0 — Users can generate security tokens using ICONest 2.0 equipped with GUI and legal guidance

Partnerships and team members

Leading bank “NH Bank”, Fire&Marine insurance “Heungkukfire”, Digital saving bank “Welcomebank” and IT Solution company ’Comtrue Technology”, “SupremaID” joined as new partners of MyIDAlliance.

NEOPLY has been interested and carrying out various projects in blockchain since 2017.

Currently, they have participated as a node operator in several chains such as EOS, TRON, Terra, IOST, and V.systems, striving for stable and transparent operation of the blockchain.

Their team did deeply agree with ICON’s goals and background and felt that the role of P-Rep is important to revitalize this ecosystem. They intend to operate the node stably, increase the connectivity of the ICON and contribute to the activation of the blockchain ecosystem by spreading various news of the ICON.

Other

  • An ICON thread-review from an independent researcher
  • Twitter highlights

ICON P-Reps News

Top-10 P-reps

Source: ICON Tracker

The freshest biweekly development update on Citadel P-Rep, come around and see what we’ve made so far!

A teaser on project Nebula. Project Nebula is a space-themed collectible strategy game on the ICON blockchain. Explore a vast universe, collect unique planets and discover breathtaking digital art! Using blockchain technology, players can truly own and trade their discoveries while traversing an endless universe in Project Nebula.

Social media metrics

Social media activity
Social media dynamics
Social media dynamics

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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