ICON Newsletter #27 - Project Confidence at ALL-TIME HIGH

Dear ICONists,

We’ve been building, building, and building the ICON network over the past couple of years. We still have a lot more to build. But, with some exciting initiatives around the corner, we believe the timing is now ripe to experiment with public relations. Therefore, we’ve decided to work with Transform Group due to the firm’s extensive knowledge in the blockchain industry.

My confidence level in the ICON project is at an all-time high. Diving into economics, we currently have less than 30% of total real ICX supply in circulation, which takes account of both ICX staked or held by the foundation. This is the lowest ever and continues to go even lower by the week. The weekly inflation rate is at around 0.11%, which we measure to be a healthy rate given the level of economic activities in the ICON network. This is, of course, due to the lowest ever global commission rate is at 17.2%.

Soon, we plan to strengthen our economics by 1) Increasing Transaction Fees and 2) Introducing a Vote Stagnancy Program. Similar to the Global Commission Rate, both initiatives shall directly positively impact network economics.

ICON continues to be rated high by third-party websites. Flipside Crypto gives the ICON project an FCAS (Fundamental Crypto Asset Score) of 792, which is above other notable layer 1 smart contract platforms such as VeChain, Cosmos, Tezos, Ontology, and Algorand. It’s also interesting to note that FCAS and Market Capitalization of these projects have a strong positive correlation. Unfortunately, ICON is an outlier. On the FLIPSIDE, fundamentalists may believe this could be a positive thing in the long-term.

And, of course, with our main partner, ICONLOOP, closing another KRW 6 billion (~$5 million) in funding, ICON’s enterprise ventures are in a great position to scale. We look forward to this second half of 2020 while crossing-fingers that the worst of the pandemic and global economic crisis is behind us.

Sincerely,

Min Kim, ICON Foundation Council Member

ICON boasts a complex economic system powered by cutting-edge blockchain technology and governed by P-Reps. The more you know, the more you can help influence and steer the P-Reps and community in the right direction. ICX Station team has put together a comprehensive overview of ICON Economics.

ICON is one of the largest decentralized networks in the world and it’s only growing bigger. Maintaining high security is a top priority. CertiK is the leading blockchain security company founded by Computer Science professors from Yale and Columbia University. Certik’s audit has provided peace of mind that our smart contract code is secure to our community and partners.

Calling all traders! Do you have what it takes to predict the ICX price? Here’s your chance to show off your TA skills or test your luck.

FutureICX is a trading-related price prediction game of skill where the players can place a wager for a custom amount on what a certain crypto pair’s price would be at a pre-determined future moment and are aiming to be as close as possible to the actual outcome.

Go visit FutureICX.io to play.

Crypto is still difficult for mainstream users. Atomic Wallet offers one of the easiest ways to purchase and store ICX. The ICON Team is continuing to support new channels and partner where crypto beginners can discover and participate in our growing community.

DeFi is hot right now. Balanced Network is continuing to refine their White Paper to build an ultimate DeFi product on the ICON network.

Balanced Network is a collaboration between 4 P-Reps - ICX Station, ICONOsphere, Mousebelt, and Parrot9.

The future of ICON is strong because of our amazing community. ICON news is now translated to multiple languages. This is truly a grass root collaborative effort.

One in Seoul and one virtual. Take your pick!

ICONLOOP was one of the finalists for 2020 Enterprise Blockchain Awards held by Blockchain Revolution Global. Unfortunately, ICONLOOP did not win. Nevertheless, it was extraordinary to see ICON’s main ecosystem partner invited to an international event and recognized amongst respectable companies.

We love seeing unique content in the ICON Ecosystem. ICONPLUS team has been delivering some of the most creative content for the ICON community to enjoy and share. We’d like to encourage more P-Reps to bring out your creative side and experiment.