The ICON Foundation has announced it will be setting aside an incentive fund valued at 200 ICX tokens. The fund is currently valued at around $200 million at the time of writing, and it is aimed at boosting interoperability.
The ICON Foundation is behind the development of the ICON network. It is also the largest public aggregator chain in South Korea.
$200M fund for the ICON foundation
The ICON Foundation noted that this new fund would incentivise the ICON community. The fund will also empower the partners that work with the platform and push them towards adopting the Blockchain Transmission Protocol (BTP) supported by the ICON Foundation. The foundation seeks to attract developers from other networks into using the cross-chain communication capabilities enabled by BTP.
The program seeks to distribute a maximum of 200 million ICX tokens within five years. The tokens will come from the ICX reserve allocation set aside during the token sale in 2017.
Out of this fund, a large portion will be directed towards developing high-quality use cases for the technology. Another portion will incentivise the long-term adoption of the BTP program and integrate it within the community.
The integration of the protocol among several blockchains has already started. Some blockchains that have already integrated with BTP include Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Acala, Harmony and Edgeware.
Focusing on interoperability
In the announcement, the foundation noted that this would be the first fund in the blockchain space that has a 100% focus on interoperability. The founder of the ICON project, Min Kim, stated that the objective was not to create further divisions among the developers but to create opportunities for working together within the layer two sector.
The other executive at ICON that also commented about this fund was the head of strategy, Scott Smiley, who stated that boosting adoption was not just about boosting security and decentralisation.
“We’re confident that once users and developers interact with BTP, they’ll recognise the value of a chain-agnostic, scalable and uniquely secure protocol. This incentive fund will give the market the “nudge” it needs in order to start the snowball of adoption.”
This is not the only major development for the ICON Foundation. The foundation recently unveiled ICON 2.0, seeking to offer a wide range of functionalities, including supporting Java smart contracts, offering updated tokenomics and featuring an upgrade to the core blockchain engine.
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