ICON commits $200 million to interoperability incentive fund

The ICON Foundation announced their plans to launch a 200 million ICX interoperability incentive program, approximately $200 million at the time of this story’s publication. The foundation supports the development of the ICON network, the largest chain of public aggregators in South Korea. The foundation hopes this program will inspire the ICON community and associated networks to adopt the blockchain-based ICON Transfer Protocol (BTP).

The incentive program aims to distribute up to 200 million ICX tokens over a five-year period, funded primarily through the ICX reserve allocation raised during the 2017 token sale. ICON intends to attract development teams from other ecosystems to explore BTP’s cross-chain communication capabilities.

The majority of the proceeds are expected to go towards the development of new, high-value use cases for the BTP technology, while a portion, according to the company, will incentivize the long-term adoption of BTP in existing protocols and communities.

ICON commits $200 million to interoperability incentive fund
ICON commits $200 million to interoperability incentive fund

BTP integration is currently underway with many blockchain networks including Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR Y Harmony.

ICON claimed its incentive program is the first fund dedicated solely to interoperability. Min Kim, founder of Project ICON, said in a statement that the goal is “Do not fragment existing development communities”, but to create opportunities for collaboration between them within the Layer 2 ecosystem.

scott smiley, That’s what the head of strategy at the ICON Foundation told Cointelegraph Security and decentralization are not the only reasons for adoption, Specification:

“We are confident that once users and developers engage with BTP, they will see the value of a uniquely secure, scalable, chain-agnostic protocol.

ICON recently released ICON 2.0, which introduces an updated core blockchain engine, support for Java smart contracts, BTP interoperability technology, and updated tokenomics.

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