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ICON Newsletter #20 - STOs, Delegation Program and the CPF Paper

Key Highlights 53.7% of circulating supply staked vs. 38.4% at the end of 2019. 34.8% of the total su
ICON Newsletter #20 - STOs, Delegation Program and the CPF Paper
By ICON Newsletter • Issue #20 • View online
Key Highlights
It was another busy week of announcements including the release of the contribution proposal paper, an MoU with LCX to explore security token infrastructure, and our 1st P-Rep delegation selections. You’ll also notice some community building and marketing activities in the pipeline. For example, Ricky Dodds will be participating in a AMA session this week, on May 21st, 12 pm HKT. We will also be participating in Messari’s inaugural virtual Mainnet Conference starting June 1st. Our tentative presentation time is slot is 9:15 pm PST June 2nd. Be sure to check it out!
As you know, there are always many things going on behind the scenes across our suite of products: myID, VisitMe, and #broof. But what we’re most excited about over the next few weeks is the release of BTP 1.0 and a sample PoC video. We continue to believe that BTP is the key technology that will enable our network to become “the network” of networks and that our identity products will broaden connections between offline and digital ecosystems.
Min Kim, ICON Foundation Council Member

Security Token Partnership
Last week, we announced an MoU to explore security tokens with LCX, a Liechtenstein based crypto exchange, and an innovation arm. As part of our agreement, we expect to: 
  • Exchange knowledge and sharing of insights on security token infrastructure, compliance solutions, and regulation technology
  • Work closely together to develop new standards for tokenized assets and how it could interconnect with other blockchains participating in the ICON network
  • Share of operational infrastructure in Liechtenstein and South Korea
We believe that tokenization of assets is a strong use case for the blockchain technology and while it may still be early for widespread adoption, we believe the future is tokenization. And, that all assets eventually will be tokenized.
With this partnership, we aim to stay on top of the latest compliance, regulatory frameworks, and issuance trends. Furthermore, we expect to explore applications on top of the ICON network. Stay tuned for more details!
Security Token was premature a yr ago. We scrapped a project during planning stage as costs/economics just didn't make sense. I believe many STO-related companies/projects failed b/c economics were miscalculated.

It may still be too early. But, we're exploring once again.
Liechtenstein Blockchain Innovator @LCX announces a partnership with @helloiconworld Foundation.
ICON Foundation and LCX have signed a memorandum of understanding and agreed on a long-term strategic partnership to innovate on security token infrastructure
As a quick refresher: Our friends at ICX_Station took a deeper dive into security tokens last year in the article below. In it, the team explains the different aspects of security tokens that can be attractive while also highlighting some of the limitations. Check it out!
Security Tokens: Hype vs Reality - Hello ICON World - Medium
P-Rep Delegation Program (Pilot)
We’re happy to say that we’ve completed the first month of the P-Rep Delegation pilot. 26 teams received delegation from the Foundation to support their ongoing and new initiatives.
For those who didn’t receive the recognition this month, please reach out to us to discuss ways to improve your application for June.
As we’ve said before, our KPIs and ‘north star’ in 2020 are to 1) increase the number of active wallets in our network and 2) to increase the number of on-chain transactions through solid use-cases of our technology.
We also believe it’s important to emphasize community growth in geographies where we don’t have a physical presence. And lastly, encourage teams to take a fresh approach to market positioning and outreach. With that said, we’re excited to announce this month’s delegations went to:

  • ICONbet Community, PARROT9, ReliantNode, Sharpn, iBriz — ICONOsphere, block42, Insight, Everstake, Deblock with STAYGE, Stakin (POS Bakerz), ICONVIET, ICONPLUS, Piconbello, Icon Philipinas, Chainode Tech, Blockmove, The Iconist, ICON DAO, Espanicon, ICON Guide Star, Icon-4-Business, Metanyx, Midos, Transcranial Solutions, ICONsolidation

To reiterate this is a pilot program. Therefore, we will continue to gather feedback and examine results from the first batch of selected candidates. And, make adjustments as needed. As always, we have the best intentions for the project and want to provide the right incentives to help us grow. So with that, let’s get to work!
Contribution Proposal Fund Paper
We were excited to release the next iteration of the Contribution Proposal System Paper. This paper now includes the establishment of the Contribution Proposal Fund, the new concept of a Sponsor P-Rep, and all the finer details of how to earn direct rewards for direct contributions. Much discussion and thought were put into this paper, and we believe we struck a great balance between security and accessibility. We look forward to the launch of IISS 3.0 along with the CPS. Below is an example of the CPF process.
User Flow:
  1. Bob wants to submit a Contribution Proposal to get funding for his project
  2. Bob writes his proposal and publishes it on
  3. P-Reps and ICONists all discuss the proposal
  4. A few P-Reps volunteer to “Sponsor” Bob’s proposal
  5. Bob visits the CPF Dashboard and writes his proposal. Bob requests 100,000 ICX for a 3-month project
  6. Bob selects P-Rep ABC to be the Sponsor because this P-Rep has offered its resources to help Bob with the project
  7. Bob submits his proposal and pays a 10 ICX fee for the proposal. The 10 ICX is burned
  8. P-Rep ABC receives an alert that they have a Sponsorship Request
  9. P-Rep ABC knows Bob is not a scammer and approves the Sponsorship
  10. P-Rep ABC sends 10,000 ICX to a smart contract for the Sponsor Bond
We continue the previous example with Bob’s Contribution Proposal below:
  1. Bob’s Contribution Proposal is currently pending and is being evaluated by Main P-Reps
  2. Main P-Reps vote on the proposal
  3. 70% of Main P-Reps and 70% of the stake-weighted vote to approve Bob’s Proposal
  4. P-Rep ABC receives 1,000 ICX from the CPF as the Sponsor Reward
  5. If Bob’s proposal did not pass, Bob’s proposal is moved to “Rejected” status. The Sponsor Bond would then be returned to P-Rep ABC
  6. If approved, and later disqualified for being a scam, the 10,000 ICX from P-Rep ABC is burned and no more funding goes to Bob’s proposal
Other Ecosystem Highlights
Markus | ICON Hyperconnect P-Rep
ICONLOOP on Korea's leading broadcasting network. 🔥

✅MyID, VisitMe, Broof heavily featured
✅Recipient of Minister of ICT & Science Award
✅Upcoming commercialization of MyID 🚀
✅"Life meets Blockchain": a slogan to make blockchain a part of everyday social life for all.
Blockchain Society @ UW
Went virtual for our first technical workshop today! Thank you @MLHacks & @helloiconworld, our team was able to debug the Json Schema issue in the end :) Turn out was great!
P-Rep Community Meeting: Meeting Six
P-Rep Community Meeting: Meeting Six
I shared the article that ICONLOOP was designated as the leading provider of Gangwon-do's medical blockchain platform last week.
Gangwon-do just released its article that is more informative. If you wonder, check it

Article :
Next on The Syndicate: 50% off on ICON $ICX (US$500K allocation) on 26 May 6am UTC. Stake $CRO to participate!🔥Details here - #ICX #ICONProject
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