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ICON Newsletter #22 - Interoperability is HERE!!!

ICON Newsletter
ICON Newsletter #22 - Interoperability is HERE!!!
By ICON Newsletter • Issue #22 • View online
Greetings ICONists,
As you may already know, last week was one of the most important weeks for the ICON project. We finally released our interoperability technology, BTP 1.0, a key piece of technology for our ecosystem and one of the major milestones from our whitepaper. This technology will allow ICON to fulfill its goal of hyperconnecting the world and bridging private and public chain ecosystems.
Last week, we also hosted the P-Rep Governance Meeting #4 to discuss the Contribution Proposal Paper, the P-Rep Commission Rate, and IISS Implementation. It was a great turnout and conversation and we encourage the community to check out the discussion!
We also released our May grant update report highlighting Liquid ICX and Simplex! Both were approved this month! We also provide periodic reporting for other grant recipients.
Lastly, we launched the application process for the June P-Rep Delegation Pilot Program. Remember with this program, the ICON Foundation will use a portion of its ICX treasury to delegate to teams we believe are contributing to the network in areas such as development, marketing, and community building. If this sounds like you, please be sure to apply by June 1st! And we released our May roadmap update including new feature requests from the community!
Key Stats
  • 54% of circulating supply staked vs. 38.4% at the end of 2019. 35% of the total supply staked. ~14% annual staking reward
  • Another +4% weekly growth in wallets. Balance wallets have increased 3x since September
  • Main P-Reps lowered the global commission rate to 29.2% down from roughly 36% to start the week. We continue to suggest lowering i_rep to 14,000 which will result in a P-Rep Commission Rate of approximately 17.5%. 
  • Daeki Lee hosted the 1st community developer call. If you are a community developer who would like to contribute to the ICON ecosystem and this initiative to stimulate developer activities, please join the next session. Details here.
As you can see by the many items accomplished this week, the team is hard at work. Let’s keep the momentum going.
Min Kim, ICON Foundation Council Member

Release of BTP 1.0 - Our Interoperability Technology
The ICON Network, since its inception, has set out on a mission to “hyperconnect the world”. This catchphrase refers to the feature “interoperability”, and the technology to enable this feature is called Blockchain Transmission Protocol (BTP).
To realize blockchain’s full potential, we want distinct protocols to have compatible ways to interact and communicate with each other, and the ability to interoperate at the protocol level.
With BTP, now we have that ability.
South Korea's ICON Releases Blockchain Interoperability Protocol
In addition to our BTP blog post, we also released a technical demonstration. Check it out here!
BTP 1.0: ICON's Interoperability Technology Demo
BTP 1.0: ICON's Interoperability Technology Demo
One of the major questions we received is how $ICX will be used in connecting private chains.
In our blog post we highlighted a practical example enabling data exchanges between ICONLOOP powered enterprise partners, such as the MyID application.
MyID application to communicate between chains through BTP
MyID application to communicate between chains through BTP
In this example, registered personal DID (Decentralized ID) data in the MyID application is verified on the public ICON Network, which then allows its owner to exchange messages to a public or private network that is interlinked via BTP, without having to resubmit their DID document and public key to each chain.
Ricky Dodds further explained this interaction in an interview with ICONPLUS reporter, Layah Heilpern. See below:
We are very happy to bring you our first segment of Episode 1 of #ICON Education, presented by our journalist @LayahHeilpern!

How will #ICX be integrated in ICONLOOP’s MYID Alliance?

Quick $ICX Q&A with @RickyLeeDodds, Strategy and Communications Lead at the #ICONproject.
BTP has broad use case application and we look forward to exploring innovative solutions throughout public and private chains!
P-Rep Governance Meeting #4
On Friday of last week, Min Kim, Foundation Council Member, hosted the 4th P-Rep Governance meeting discussing:
  • Contribution Proposal System Paper
  • P-Rep Commission Rate
  • IISS 3.0 Implementation Roadmap
It was a great discussion. And some interesting ideas came out of it! Particularly, Game of Proposals! Be sure to check it out.
P Rep Governance Meeting #4: CPS Paper, P-Rep Commission Rate, IISS3.0 Implementation
P Rep Governance Meeting #4: CPS Paper, P-Rep Commission Rate, IISS3.0 Implementation
Monthly Grant Update - May
It was another busy month for grant applications and we’ve approved 2 grants thus far; 1 for infrastructure and 1 DApp. If we approve any more in the coming days, we’ll be sure to provide more details on any we miss in next month’s update.
Approvals thus far:
Check out more details here!
ICON Monthly Grant Recap — May 2020 - Hello ICON World - Medium
May Roadmap Update
Based on community requests, we started to work on several features to enhance our governance experience. Based on this feedback, we will be adding P-Rep private key dualizing, staking and delegating functions in SCORE, multiple unstaking periods, and a function to increase the number of delegations from 10 to 100.
We also updated the ICON tracker and ICONex. Check out the latest developments below:
ICON Development Roadmap Update — May 2020 - Hello ICON World - Medium
Other Ecosystem Highlights
Path to Sustainable Economics: P-Rep Commission Rates
ICONLOOP Joins Public-Led Project to Protect Privacy in 5G Environment | The Iconist
韩国公链项目 ICON 发布跨链传输协议 BTP - 链闻 ChainNews
ICON Network’s Blockchain Transmission Protocol (BTP) Explained | BTCMANAGER
38.3x oversubscribed for the $ICX crypto. com syndicate. That's one of the highest they've had.

Just shows the awareness in #ICON is growing.
Did you enjoy this issue?
ICON Newsletter

ICON Network is a layer-one blockchain focused on building a multichain bridging solution that is scalable, chain-agnostic, and secure. ICON is a hub that connects partner blockchains with all other blockchains integrated via BTP.

🌐 Blockchain Transmission Protocol (BTP) is ICON's main product and interoperability solution that supports cross-chain token swaps as well as more generic messaging features like cross-chain smart contract calls.

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