ICON has committed $200 million to the interoperability incentive fund. The South Korean blockchain hopes to fund its interoperability technology to create new cross-chain applications. Upon the news, the price of the altcoin project increased by about 10% for a while, reaching as high as $1.10. At the time of writing, ICON was trading at $1.05. Detail cryptocoin.com‘in.
Giant fund for altcoin
The ICON Foundation has announced plans to launch an interoperability incentive program of approximately $200 million. The Foundation supports the development of the ICON network, South Korea’s largest aggregator chain. The foundation said it hopes this program will encourage the ICON community and its partner networks to adopt ICON’s Blockchain Transmission Protocol, or BTP. The incentive program aims to distribute up to 200 million ICX tokens over a five-year period, primarily funded by the ICX reserve allocation collected during the 2017 token sale. ICON aims to attract development teams from other ecosystems to explore BTP’s cross-chain communication opportunities.
According to the company, the majority of the proceeds are planned to go towards developing new high-quality use cases for BTP technology, while a portion will go towards promoting long-term adoption of BTP within existing protocols and communities. Currently, BTP integration is in progress with many blockchains such as Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR, and Harmony. Scott Smiley, head of strategy at the ICON Foundation, highlights the importance of security and decentralization in adoption:
We are confident that when users and developers interact with BTP, they will understand the value of a protocol that is off-chain, scalable and uniquely secure. This incentive fund will provide the market with the impulse it needs to kickstart the adoption snowball.
ICON recently released ICON 2.0, which introduces an upgraded core blockchain engine, support for Java smart contracts, interoperability technology BTP, and updated tokenomics.
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