Popularly known as the Ethereum of South Korea, ICON Network aims to connect all blockchains around the world. With its ICON 2.0 Batang announcement, the project has taken a big leap towards building a hyperconnected world. According to the official blog, the team is planning a smooth migration to the new network. Interestingly, it comes with core features to support and power cross-chain DeFi solutions.
Over the last year, the core development team has been working behind the scenes to build ICON 2.0. As stated in the official blog, the base modules of the new network are ready to ship. In line with this, its enterprise client, the Seoul Metropolitan Government, is ready to experience the enhanced blockchain engine.
— ICON – Connecting Blockchains 🌐 (@helloiconworld) September 17, 2020
Why ICON 2.0?
It is interesting to note that ICON 2.0 will inherit the current ICON network. However, unlike the existing network, the new blockchain software architecture of ICON 2.0 is based on Go. This will be known as Goloop. Moreover, it promises to provide an enhanced blockchain experience over the existing engine.
The network also plans to give ICX holders an opportunity to pre-register a relayer. With this relayer registration, ICX holders can prepare for the decentralized relayer network. Furthermore, pre-registration participation will have a minimum ICX staking requirement.
Solving the vote stagnancy issue
With its enhanced core features, ICON 2.0 will enable higher decentralization of a DPoS network. The network will use its vote spreading feature. Moreover, this will allow active holders to have a greater impact on governance.
Higher scalability with a multi-channel approach
Like Band Protocol and Kava, the newer version of ICON will employ multi-channel technology. Meaning that it will be able to achieve higher scalability. Each dApp on ICON would be an application-specific channel that will act as its own blockchain. It is an important milestone that the network is ready with multi-chain technology, but the team is still working on building the final product.
Maintaining complete transparency
The source code of the next-generation loopchain based on Go is accessible on the Goloop Github Repository. According to this, the team will be sharing all the development processes with the community. Moreover, this will ensure that the community can verify the code and technology.
For regular updates on more cryptocurrency projects, follow the Altcoin Buzz YouTube channel.