The ICON Foundation, the organization behind the development of the ICON network, has announced plans to launch an ecosystem development fund with 200 million ICX.
Blockchain South Korea's largest public aggregator says it hopes the liquidity stimulus campaign will encourage the ICON community and the platform's partner networks to adopt the mechanism. Blockchain Transmission Protocol (BTP) of the project.
ICON will distribute 200 million ICX, or approximately $200 million at press time, over a 5-year period, primarily funded by ICX reserves raised during the 2017 token sale for the purpose of destination above. Additionally, ICON intends to engage development teams in other ecosystems to explore opportunities to interact with BTP.
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💥 "2022 is the year that ICON is going ALL-IN to bring adoption for Blockchain Transmission Protocol (BTP)" - @minterchain
Read the full announcement here pic.twitter.com/FdJVJZ6xwT
Thus, it can be seen that most of the money planned by ICON is focused on developing new high-quality use cases for BTP technology, while the rest will go towards encouraging adoption. Perpetuate BTP in existing protocols and communities.
BTP integration is currently underway with multiple blockchains including Binance Smart Chain (BSC), Polkadot (DOT), Kusama (KSM), Moonriver (MOVR), Astar Network, Edgeware, Acala (ACA), NEAR and Harmony (ONE). Scott Smiley, head of strategy at the ICON Foundation, shared:
“We believe that once users and developers interact with BTP, they will realize the value of a protocol that is scalable, scalable, and completely secure.”
ICON is the latest name to join the wave of ecosystem development funding, a trend that will explode strongly in the second half of the fourth quarter of 2021. In 2022, the race between blockchains layer 1 is expected to become more and more fierce, so a long-standing name like ICON must act if it does not want to be forgotten in the market.
However, ICON claims that its liquidity stimulus fund is the first to be dedicated entirely to interoperability. Min Kim, founder of ICON, said that the goal of the stimulus package is not to fragment existing development communities, but to create opportunities for cooperation among them in the ICON ecosystem.