The ICON Foundation 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, South Korea’s largest public aggregator chain. The foundation said that it hopes this program will incentivize the ICON community and its partner networks to adopt ICON’s blockchain transfer protocol, or BTP. The incentive program aims to distribute up to 200 million ICX tokens over a period of five years, primarily funded by the ICX reserve allocation raised during the 2017 token sale. ICON intends to attract development …

Bullish sentiment returned to the cryptocurrency ecosystem on Oct. 1 after a 10% spike in the price of Bitcoin (BTC) lifted it above the $47,500 level and resulted in the liquidation of more than $270 million in short positions. The altcoin market quickly followed suit with a majority of the tokens in the top 200 registering double-digit gains for the day. Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Oasis Network’s ROSE token, Axie Infinity Shards (AXS) and Icon’s ICX token. The allure of privacy draws traders to Oasis Network …

A cryptocurrency enthusiast who exploited a bug in the ICON network that allowed him to mint a large amount of its native ICX token can pursue entitlement claims, according to a California federal judge. On Monday, United States District Judge William H. Orrick said that the case raises novel questions about digital property. He added that plaintiff Mark Shin had adequately alleged that the ICON Foundation was wrong to freeze his crypto asset accounts after he took advantage of its flawed code. According to Law360, the allegations were enough to allow the case to go forward, with Judge Orrick denying …

The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls. Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels. Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. …

The ICON Foundation, creator of the ICON (ICX) project, has issued an official response to the news that South Korean tax authorities are investigating its technical partner, ICONLOOP. In a statement published on Monday, the chairman of the ICON Foundation, Min Kim, said that the ICON Foundation would not be affected by the investigation, noting that ICONLOOP is operated as a separate entity. The ICON Foundation is a non-profit organization based in Switzerland. In late 2017 it conducted an initial coin offering for the native coin of the ICON blockchain, ICX, raising over $42 million in the process. ICONLOOP is …

The Stin, an Austrian-based gin distiller, is set to use ICON (ICX), South Korea’s largest public blockchain project, to transparently track its supply chain. An Austrian blockchain firm, block42, will be combining near-field communication (NFC) technology with the ICON blockchain to maximize the security of the tracking system. NFC chips and devices function as electronic identity documents and keycards and are currently used in contactless payment systems and mobile payments services that replace credit cards. For The Stin's supply chain, block42 will be fitting 999 bottles of the distiller’s limited-edition gin with crypto-enabled NFC chips. These enable consumers to scan …

South Korea’s leading blockchain network ICON has announced a partnership with Band, which has gained a lot of momentum recently. The partnership will provide ICON developers with complete access to the BandChain decentralized oracle network to utilize various data and price feeds, according to the announcement. Decentralized applications and DeFi ecosystems rely on accurate price and data feeds, or oracles, to function. The Band Protocol is an emerging decentralized platform that aggregates and connects real-world data to smart contracts. ICON is deeply rooted in South Korea, shaping itself as the blockchain developer for the government. The platform operates a network …

ICON (ICX), South Korea’s largest public blockchain project, released its Blockchain Transmission Protocol (BTP) on May 28. The protocol enables interoperability between individual blockchains, facilitating value transfer, service invocation and data exchange. Connecting the chains As blockchain technology has evolved, the multitude of competing networks springing up have largely been content to isolate themselves, occasionally looking at others for inspiration, but rarely fully interacting with one another. ICON however, has always stated its mission to “Hyperconnect the World”, and this latest release is a large step towards that goal. BTP is an interoperability protocol, which allows distinct stand-alone blockchains to …

South Korea’s largest public blockchain project, ICON (ICX), announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8. The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types, without compromising security. Innovation reduces network load and improves throughput The LFT 2.0 white paper was published on today been published on Github, following three years of research and development. It marks the first time that a South Korean team has successfully innovated on this element of blockchain technology. PBFT-based algorithms, such as those used …

The Icon Foundation, the group behind the Icon blockchain network, is giving away 3 million ICX tokens — worth ~$570,000 — in anticipation of its upcoming Public Representative (P-Rep) elections. The giveaway will last from Aug. 26 to Sept. 24 for IXC token holders who opt to participate in P-Rep voting. Icon shared news of the giveaway in a press release on Aug. 13. According to the announcement, the giveaway is an effort to promote community involvement in the so-dubbed P-Rep elections, and to advance decentralized control of the network. As per the announcement, ICX holders must participate in voting …

Line Plus, the mobile platform subsidiary of Japan’s most popular messaging app Line, has launched a joint blockchain initiative - Unchain - with crypto platform Icon, Cointelegraph Japan reports today, May 16. In the beginning of April, Line Plus had also released its blockchain affiliate Unblock in South Korea, in order to integrate blockchain tech into Line’s cross-market system. Line is itself a subsidiary of South Korean search engine giant Naver, but is based in Tokyo to avoid competition from Kakao. Line’s press release notes that Unchain will work with Unblock to bring Line’s blockchain mainnet and its DApps closer …