ICON commits $ 200 million to interoperability incentive fund

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The ICON Foundation has announced plans to launch an interoperability incentive program for 200 million ICX, or approximately $ 200 million at the time of publication. The foundation supports the development of the ICON network, the largest public aggregation chain in South Korea. The foundation said it hopes this program will inspire 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 raised during the 2017 token sale. ICON intends to attract development teams in other ecosystems to explore communication opportunities between construction chains.

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The majority of the proceeds are expected to be used to develop new high-quality use cases for construction technology, while a portion will go to incentivize long-term adoption of construction within existing protocols and communities, according to the company.

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

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

Scott Smiley, chief strategy officer at the ICON Foundation, told TSTIME 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 independent, scalable and uniquely secure protocol. This incentive fund will give the market the “push” it needs to spark the adoption snowball. “

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

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