Parastate, a substrate-centered development team, announced its latest partnership is with the ICON Foundation.
The agreement between ParaState and ICON Foundation allows ICON to attain Ethereum Virtual Machine (EVM) and Ethereum flavored WebAssembly (eWASM) compatibility via a customized and novel Substrate based side-chain. The announcement is in the picture below:
Our new partnership with the @helloiconworld will help to achieve both EVM and eWASM compatibility through a customized and novel Substrate based side-chain⛓️
— ParaState (@_parastate) September 8, 2021
Besides, ICON plans to utilize Substrate SDK in improving the feature-set of an existing layer one blockchain protocol. In addition, to facilitating EVM compatibility, there are plans to direct the ICON developer’s base with the Substrate community.
The ICON report added: “We believe that the potential to grow this network is an exciting opportunity for ICONists, adding significant value to the overall ecosystem.”
About The New ICE Blockchain
ICON foundation revealed the partnership agreement alongside the release of its new blockchain project named ICE. The new blockchain will serve as an “application hub” for the ecosystem.
Therefore, the new project will also change the direction of ICON by differentiating product targeting, functionality, and the goals of the different networks.
Certainly, there are some specific features to watch out for with the new blockchain, such as:
- Giving developers access to improved tools.
- Instant access to the Polkadot and Ethereum ecosystems.
- EVM compatibility allows quicker iteration and innovation for developers using already established tooling and code from Ethereum. It also improves ICON growth potential due to the “easier portability of applications.”
- eWASM compatibility is geared towards ensuring ETH 2.0 compatibility.
Also, the report added. “The opportunities are endless, and our goals will be to push these boundaries through continued research and development of BTP and focused integrations driving its adoption.” This confirms that ParaState will be on the ICE blockchain.
On the other hand, the new blockchain will also be expanded by adding additional firms, enhancing activity, and improving the developer base.
Additionally, the ICE blockchain will commence as a “Proof of Authority network,” alongside trusted validators as operators of the chain. This means that when the network is stabilized, the blockchain will be moved to “NPoS,” a consensus mechanism usually adopted by Substrate SDK networks.
ICE Token and ICX Token
Following the introduction of the new ICE blockchain, $ICE will be the native token of the new ICE blockchain. It’ll reportedly be airdropped 1:1 to all $ICX (ICON token) holders.
It’s important to note that through the BTP architecture, $ICX will be utilized as the governance token of the ICE network. The token will also be leveraged when voting for validators. In addition, $ICX holders will stake the token and transfer it to the ICE network through BTP. However, $ICE will be used for transactions gas inside the ICE Blockchain.
Regarding the airdrop, the report stated: “Stay tuned for an announcement regarding the snapshot. All $ICX holders at the time of the snapshot will receive $ICE tokens equivalent to the amount of $ICX they hold.” It also established, “To ensure you receive the airdrop, you must be holding your $ICX is a wallet in which you control the private key. The airdrop will appear directly in your wallet.”
At the time of publishing, ICON’s price was $1.62, with a 24-hour trading volume of $89,249,026. $ICX price decreased by 1.4% over the last 24 hours. Besides, $ICX has a circulating supply of 669 Million and a total supply of 800 Million.
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