![]() Use the first article I linked to for more information. Then to prevent any malicious transactions by Relays the Verifier Contract checks if that transaction can be found on the ICON blockchain, which is governed by its own consensus mechanism I linked to earlier. After this, Relays (run like node operators by individuals) will take your transactions and submit them to the chain you want to send your coins to. This will be transferred into the Message Center Contract, where all transactions are gathered. To explain simply: if you send a transaction, you’ll be interacting with the Service Contract. The BTP is made up of four different components (covered below). This is because it’s fundamentally different from what Cosmos and Polkadot are trying to do. When reading about BTP, it became clear that not only is this big for ICON, but it could be huge for the whole blockchain industry. The improved and fully functional BTP when launched is expected to be a game-changer. BTP isn’t anything new, but it wasn’t fully operational in prior ICON iterations. The Blockchain Transmission Protocol is the bread and butter of ICON since it powers interoperability. ![]() This was great news since in the previous version, everything wasn’t open-source, and that was a major concern. Image via Go.Īnother big update with ICON 2.0 is that it has been open source from the beginning. Go is extremely popular and it’s a better suit for ICON. The ICON Foundation will provide financial and technical support for existing python DApps to migrate to Java. It should also be noted that Python SCORE is being phased out in favor of Java SCORE. On top of using a new and advanced programming language like Go, the 2.0 version also has Python SCORE and Java SCORE features. The ICON 2.0 version was built using a programming language called Go which is why the engine is called GoLoop. The first version was built from the ground up using Python, and it did not support other languages. The most significant difference between the two versions can be found all the way at the ground level of everything, the programming language. The Alpha version of 2.0 was launched in April of 2021, but the full version was launched in late 2021, so it hasn’t been active for long. It couldn’t support everything needed for the future development of the network. This was introduced because the previous version was merely a test. In September of 2020, ICON 2.0 was first introduced. Let’s dive straight into the biggest news of them all, ICON 2.0. You’ll notice a lot of links in the following so that you can dive deeper if you want more information since, for the sake of brevity (and ease of reading), I’ll try to stay away from the most technical aspects. Currently, the reward sits at roughly 6-7%, but that can and does change over time. ICONists (the name ICX holders are called) can delegate their stake to P-Reps and earn rewards for that. The native currency is ICX, and it’s used to pay for network fees and validation and governance. According to the ICON tracker, there are 150 validators (22 Main, 88 Sub, 50 candidates), of which the ICON Foundation itself is by far the biggest with a 15% share. The rest become Sub P-Reps, and they’ll fill in for Main P-Reps if necessary. Those 25 P-Reps that gain the most votes become Main P-Reps, and they’ll participate in on-chain governance. The ICON network is operated and maintained by public validators called Public Representatives (P-Reps). For economic governance, they use a protocol called Delegated Proof-of-Contribution. The ICON network uses a complicated consensus mechanism called Byzantine Fault Tolerance Delegated Proof-of-Stake (BFT-DPoS). ![]() I found this interview quite helpful in understanding what the project aims to accomplish. They saw that all the growth was in public blockchains, primarily among retail people, so they shifted to offering interoperability between different chains. However, this had to change due to the slower than anticipated enterprise adoption. ICON was more focused on the enterprise integration side in the early days. ICON aims to be the blockchain of all blockchains by providing a bridge between different blockchains and traditional enterprises. GoLoop is the name given for ICON’s loop-chain, and it comes from the new programming language used in the creation of ICON 2.0. ICON is a blockchain protocol powered by the open-source blockchain engine called “ goLoop ” (previously hyperLoop). The project launched in 2018, but in November of 2021, it transitioned to ICON 2.0, a whole new project. ICON had its ICO already back in 2017, raising a total of $43 million. ![]() The project was incubated by DAYLI Financial Group. However, the actual company to create the ICON network was ICONLOOP which is still active in its development. ICON was created by the South Korean DAYLI Financial Group, “built” by Korean-American Min Kim. 2.2 Blockchain Transmission Protocol (BTP). ![]()
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