The ICON Foundation has announced plans to launch a 200 million ICX Interoperability Incentive Program, or approximately $ 200 million at press time. The foundation supports the development of the ICON network, the largest public collection network in South Korea. The foundation said it hopes this program will stimulate the ICON community and its partner network to implement the ICON Blockchain Transmission Protocol, or BTP.
The incentive program aims to distribute up to 200 million ICX tokens over a five-year period, primarily funded by distributing the ICX reserve collected during 2017 token sales. ICON intends to engage development teams from other ecosystems to explore the possibilities of BTP interconnection.
According to the company, most of the revenue will be used to develop new high-quality tools for BTP technology, and some will be used to stimulate long-term use of BTP within existing protocols and communities.
BTP is currently integrated with many blockchains, including Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR and Harmony.
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ICON said that the incentive program is the first fund dedicated exclusively to interoperability. Min Kim, founder of the ICON project, said in a statement that the goal is not to “crack existing development societies”, but to create opportunities for cooperation between them within a second-tier ecosystem.
Scott Smiley, head of strategy at ICON Foundation, told Cointelegraph that security and decentralization are not alone in leading adoption, saying:
“We are confident that when users and developers interact with BTP, they recognize the value of a network-independent, scalable and uniquely secure protocol. This incentive fund will give the market the ‘push’ it needs to launch the adoption snowball.”
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ICON recently launched ICON 2.0, introducing an updated core blockchain engine, support for smart Java contracts, BTP interoperability technology and updated tokenomics.