The ICON Cryptocurrency Network is a blockchain ecosystem empowered by a unique technology that allows any individual to create their own customized blockchain network, complete with their own tokens and smart contracts. Through the ICON Network, each community actively contributes towards forwarding the goals of the ICON Public Chain, regardless of differences in size or scope.
ICX price prediction is showing that ICON is a good long-term investment. Based on our predictions, ICON’s prices might register a bullish breakout which will be an indication that it could see an increase in value. ICON aims to connect blockchains. The company is addressing an important need in the growing field of blockchain technology.
It was a busy month for the ICON team in August, considering the progress they made on ICON 2.0, BTP, and ICON Bridge. We will share what we worked on in August, and what our primary focus will be in September in this article.
Blockchain Transmission Protocol Architecture
We are currently focusing on integration testing for BTP architecture, as mentioned in the previous month’s update. A number of bugs were discovered during testing this month, which have since been fixed. As part of this month’s work, we will continue to develop integration tests.
A significant amount of progress has also been made on the incentive mechanism for operating BTP relays. Relays that successfully process a BTP message will be rewarded with a fixed fee in the xCall service. The Relay can be operated by anyone, and competitors will compete to process messages and earn fees. If the message is processed by a Relay first, the fee is earned.
In order to properly reward Relays for routed BTP messages, the next step is to iron out the details. Ideally, this mechanism will be included in BTP’s initial release. In the days leading up to the deployment of the Relay, we will release more details on the benefits of operating one.
Last 30 Days
- Upgraded IISS and Goloop to register validator public keys.
- In conjunction with IISS changes, a penalty system is being developed.
- Processes and economics of the relay network were designed.
- Testing of integration continues.
- BTP blocks’ ICON data structure has been optimized.
- The message structure was updated in Solidity BMC.
- Solidity implementation of xCall has been completed.
- A data analytics API for services such as Message Broker and XCall was designed.
Next 30 Days
- Assess whether the rewards system needs to be scoped for block updates.
- The issue of rewards for routed BTP messages is discussed and resolved.
- Test edge cases and new features as part of the integration testing process.
- Maintain integration testing by fixing bugs found.
- Based on the Relay fee design, add new features to the xCall service.
Interoperability Integrations
Nexus with support for both ICON and BNB Smart Chain (BSC) was launched in August, marking a key interoperability milestone. Through Nexus, users can now transfer tokens across chains between ICON and BSC via an intuitive user interface.
ICON still needs much work to achieve interoperability after Nexus’ launch, but Nexus is a huge step forward! BTP 2.0 will be finalized in the next few months, more integrations will be added to the BTP ecosystem, and the Nexus user experience will be improved.
Last 30 Days
BNB Smart Chain – Binance Smart Chain
- Improvements are being made to CI/CD processes.
- Testnet deployment of the BSC ICON Bridge integration was completed, and Nexus integration was made available.
- Nexus is now able to access the BSC ICON Bridge integration.
- BTP integration code audits have been started.
NEAR Protocol
- Tokens and native coins have been unified into a single Service Handler.
- ICON Bridge integration continues to be refactored for NEAR BTP.
Next 30 Days
BNB Smart Chain
- Monitor the BSC integration release on the mainnet.
- Coverage of tests should be improved.
- Conduct code audits on a regular basis.
NEAR Protocol
- The transfer of data between NEAR and BSC is tested.
- Nexus integration on testnet should be connected to NEAR.
- Add functionality for blacklisting and token limits on the mainnet.
- Once no significant bugs have been found on the testnet, NEAR integration can be deployed to the mainnet.
SNOW
When the test coverage and documentation for BSC have been stabilized, start working on SNOW integration.
ICON Cryptocurrency Network 2.0
The development of ICON’s light node made progress in August. Light nodes store a subset of data (usually the block headers) compared to full nodes that store the entire blockchain database. They are ideal for use cases where full access to blockchain transaction history is not required and require much less storage space. We also made progress on Goloop’s Rosetta implementation in addition to working on the ICON light node.
Last 30 Days
- There was an issue with light node storage that was fixed.
- To test light node features, Goloop v1.2.11 was released.
- On August 12, 2022, a patch was released to fix a negative balance bug on the Berlin testnet. The mainnet has also been verified to be free of negative balance incidents.
- Goloop now supports Rosetta features.
- Implemented a “getTrace” API for Rosetta to track asset movement.
- Completed the implementation of Rosetta’s balance tracking functions.
- Developed a better way to handle exceptions in Rosetta.
- For Rosetta, we have begun testing data synchronization on the mainnet.
Next 30 Days
- Goloop implementation of Rosetta API continues.
- Prepare an announcement for the Berlin testnet reset and finalize the reset process.
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