Known for building one of the largest blockchain networks globally, ICON Network recently released the 20th issue of its newsletter.
This newsletter reveals updates regarding different aspects of the ICON Network. Major updates include their first selections for the P-Rep delegation, security token infrastructure, and the contribution proposal letter release.
Selection for P-Rep delegation program
One of the most important developments for ICON Network was releasing a set of 26 delegates for the first month of the P-Rep delegation pilot. Some of these delegates are ICONbet Community, PARROT9, ReliantNode, iBriz — ICONOsphere, Deblock with STAYGE, etc. A full list of teams who received the delegation from the ICON Foundation is available in the newsletter.
Additionally, ICON Network encouraged other non-selected applicants to reach out to give inputs on ways to improve their applications for the next month.
ICON also reiterated its targets for 2020. They highlighted their aim to add to the number of the network’s active wallets. Furthermore, they were also looking at expanding the number of on-chain transactions that make use of their technology.
Partnership on security token
Another key update was ICON Network teaming up with a Liechtenstein-based crypto exchange, LCX. To this effect, the two parties signed an MoU (memorandum of understanding) to enable them to explore security tokens.
According to the terms of the partnership, both parties are to share insights and knowledge on the infrastructure of a security token. This is the technology used for regulation and compliance solutions. As expected from the agreement, both parties would work closely to expound novel standards for assets tokenization. Their goal also entails finding out how other blockchains in the ICON Network can be connected together.
This partnership would ensure that the ICON Network and LCX are up-to-date with information concerning regulatory frameworks, issuance trends, and the latest compliance.
Contribution proposal fund paper
ICON Network also announced the release of the next version of the contribution proposal system (CPS) paper. According to the newsletter, this new iteration of the paper suggests the establishment of the contribution proposal fund as well as the new concept involved in the sponsor P-Rep. The paper also sheds light on the mechanism of reward earning from direct contributions.
Notably, this paper went under many considerations, and ICON believes that they have balanced the issue of security and accessibility. Moreover, the network was looking forward to launching the IISS 3.0 together with the CPS. The network also gave a detailed outline of the process for the contribution proposal fund in the newsletter.
Previously, ICON announced its partnership with Chainlink. They plan to break the existing silos inside the blockchain ecosystem by building the largest decentralized network.