ICON commits $200M to interoperability incentive fund

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The ICON Foundation has announced plans to launch an interoperability incentive program for 200 million ICXs, or approximately $200 million at press time. The foundation supports the development of the ICON network, the largest chain of public aggregators in South Korea. The foundation said it hopes this program will inspire the ICON community and its partner networks to adopt ICON’s Blockchain Transfer 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 raised in the 2017 token sale. ICON intends to attract development teams in other ecosystems to explore BTP cross-chain communication opportunities.

According to the company, the majority of the revenue is expected to go towards developing new, high-quality use cases for construction technology, while a portion of it will be used to encourage long-term adoption of construction within the community. existing protocols and communities.

BTP integration is currently underway with many blockchains, including Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR, and Harmony.

Related: $300M Incentive Program Supports 100% Harmony Price Hike (ONE)

ICON said its incentive program is the first fund dedicated entirely to interoperability. Min Kim, founder of the ICON project, said in a statement that the goal is “not to fragment existing development communities”, but rather to create opportunities for collaboration between them within the ecosystem of the layer. 2.

Scott Smiley, Head of Strategy at the ICON Foundation, told Cointelegraph that security and decentralization aren’t the only ones driving adoption, saying:

“We are confident that once users and developers interact with BTP, they will recognize the value of a chain-agnostic, scalable, and uniquely secure protocol. This incentive fund will give the market the “boost” it needs to start the adoption snowball.

Related: Austrian gin makers will use blockchain to ensure bottle scarcity

ICON recently launched ICON 2.0, introducing an upgraded core blockchain engine, support for Java smart contracts, BTP interoperability technology, and updated tokenomics.