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ICON contributes $200M to the interoperability incentive program

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The South Korean blockchain seeks to raise funds to develop new cross-chain apps using its interoperability technology.

The ICON Foundation has revealed ideas to introduce an interoperability incentive scheme worth 200 million ICX ($200 million currently). The foundation contributes to the growth of the ICON network, South Korea's biggest public aggregator chain. The foundation expects that by executing this initiative, the ICON community and its partner networks will be encouraged to undertake ICON's Blockchain Transmission Protocol, or BTP.

The incentive programme intends to offer up to 200 million ICX tokens over a five-year timeframe, with the majority of the funds originating from the ICX reserve allotment collected during the 2017 token sale.

ICON plans to enlist development groups from various environments to examine the cross-chain communication opportunities provided by BTP.

According to the company, most of the funds will go into creating new high-quality use instances for the BTP technology, whereas a part will go to promoting lengthy adoption of BTP inside current protocols and communities.

Several blockchains are presently integrating BTP, such as Binance Smart Chain, Polkadot, Kusama, Moonriver, Astar Network, Edgeware, Acala, NEAR, and Harmony.

ICON asserted that its incentive scheme is the first focused on interoperability. The ICON Project's founder, Min Kim, stated in a statement that the purpose is "not to fragment existing development communities," but instead to establish cooperation within the layer-two ecosystem.

Scott Smiley, head of the strategy at the ICON Foundation, said that safety and decentralisation are not the only factors driving adoption, adding:

“We’re confident that once users and developers interact with BTP, they’ll recognize 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.”

ICON 2.0 was released recently, and it has an updated core blockchain engine, Java smart contract compatibility, BTP interoperability technology, and revised tokenomics.

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