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ICON Newsletter #30 - This is MASS Adoption, But It's Only The Beginning

ICON Newsletter #30 - This is MASS Adoption, But It's Only The Beginning
By ICON Newsletter • Issue #30 • View online
Greetings ICONists,
Wow, what a start for the MyID product. Since our last newsletter, the ICONLOOP team announced two major MyID integrations. The first was a partnership with the Jeju Island government, Korea’s #1 tourist destination, to track and monitor COVID-19 cases. Jeju Island welcomes over 15 million tourists annually and every visitor will be required download the Zzeung app for certification and verification purposes. And last week, the team announced the first commercialized blockchain based KYC credential with Shinhan Bank, one of the largest banks in Korea. This digital ID will allow users to seamlessly open accounts across financial institutions with one MyID login.
These are monumental achievements not only for our ecosystem (because they both use our public network $ICX) and the blockchain industry, but also the identity market in Korea as a whole. This is mass adoption. But it’s really just the start.
There will be more announcements so stay tuned!

1/ Late Tweetstorm. Been busy.

Congrats to ICONLOOP w the launch of ‘Shinhan KYC Authentication’ on Zzeung app. Many of you don’t know much about banking + ID system in Korea so I’ll explain in here. Then you’ll know why this news has caught the entire country’s attention.
Key Highlights:
  • ~58% of the circulating supply is staked vs. 38.4% at the end of 2019, and 0.5% higher than 2 weeks ago. The upward trend continues and we believe it shows long term confidence in $ICX.
  • Less than 20 days to join ICON Hyperhack for a chance at $20,000 USD in prizes & additional consideration for up to $50,000 USD ICON Grant. 
  • MYID officially launches with the announcement of Jeju Island COVID-19 certificate & collaboration.
  • The Foundation approved six grants in August including several new use-cases for $ICX
Min Kim
ICON Foundation Council Member
Shinhan Bank + MyID
The ICONLOOP + Shinhan’s Digital ID is now the most CREDIBLE digital ID in Korea. And with two other banks (NH and IBK) launching soon very soon, Zzeung will gain traction as the country’s leading digital ID aggregator platform.
ICON app offers remote KYC for South Korea’s second-largest bank
Below is a high-level summary of how the application will work. Check it out:
How will the Zzeung app work for Shinhan Bank?
  1. Users are required to download the Zzeung mobile app and verify their identity using a Korean telecom service. At this point, a verifiable credential is issued via ICON’s public network $ICX similar to Jeju Island use-case.
  2. Next, users select ‘Shinhan Bank KYC Authentication’, and then a Zzeung KYC compliance certificate is issued and stored on their mobile phones once Shinhan Bank verifies the users’ identity.
  3. When submitting to other organizations, a special case for the regulation of innovative financial services is applied so that the user can resubmit after verifying the fingerprint without repeating the previous identity verification procedure.
  4. A private blockchain network is used to verify any forgery of identity information.
For more information on MyID check out Newsletter #9 below.
[ICON Newsletter #9] MyID vs. Competition | Revue
Jeju + MyID
ICONLOOP officially launced the MyID decentralized identity solution by partnering with Jeju Island for private, secure COVID-19 contact tracing.
This new contact tracing is the result of a collaboration between ICONLOOP and the Jeju Special Self-Governing Province.
When visitors arrive on Jeju Island, they will download a mobile app (Zzeung) to checkin into tourist destinations using a QR code. The data will be secured on blockchain and only accessed in the case of a COVID-19 contact.
Korean Tourist Hotspot Mandates Use of COVID-19 Blockchain App
ICON DAO - P-Rep Candidate
ICONLOOP is working with Jeju 🏝️Govt to implement a new Island-wide Tourism Quarantine Tracking System for COVID-19 Contact Tracing.

Here is the commercial and explanation on how it works.

Translated by: #icondao
For more info visit: #ICONProject $icx
August Grant Approvals
In July, we approved 9 grants. This month, we approved 6 ranging from DApps to design. See the full list below and check out the Monthly Grant Recap for more details!
We love seeing more and more interesting use cases for the #ICONProject, so if you have a good idea, please submit your grant request here. We look forward to growing our network alongside talented teams!
It was another busy month for grant approvals! We have new $ICX use-cases, developer tools and documentation coming soon! Check out all the details here:
Technology Roadmap Update
It was a busy month of preparation for a MAJOR announcement in the coming weeks. Besides that, we had some urgent development work in passing the Revision #10 to combat an attacker and fix a vulnerability. In addition, we have selected the contributor for the Contribution Proposal System. We are happy to announce that iBriz will lead these efforts!
Please check out our monthly technology roadmap update for more details below:
ICON Development Roadmap Update — August 2020 | by ICON Foundation | Hello ICON World | Aug, 2020 | Medium
Other Ecosystem Highlights
Blockchain Adoption in Korea Is Finally Here! ICON, ICX & MyID | #iconTV
Blockchain Adoption in Korea Is Finally Here! ICON, ICX & MyID | #iconTV

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🧪 Try it now:
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$20,000 USD in prizes & additional consideration for up to $50,000 USD ICON Grant.

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Korean Crypto Firm Partners With Major Bank for Blockchain Product - Decrypt
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