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ICON commits $200M to interoperability incentive fund

The ICON Foundation announced its intention to launch an interoperability incentive program for 200 million ICX, or about $200 million at the time of release. The foundation supports the development of the network of icons, the largest chain of South Korean public aggregators. The foundation stated that it hopes this program will encourage the icon community and its partner networks to adopt the icon blockchain transmission protocol, or btp.

The objective of the incentive program is to distribute up to 200 million icx tokens over a five-year period, mainly funded by the icx reserve allocation from the 2017 token sale. Icon intends to attract development teams in other ecosystems to explore BBP's cross-chain communication opportunities.

Most of the revenue is earmarked for the development of new high-quality use cases for construction technology, while some of this funding will be used to encourage the long-term adoption of the bdp in existing protocols and communities, according to society.

Btp integration is currently ongoing with many blockchain, including BINANCE smart chain, polkadot, kusama, moonriver, astar network, edgeware, acala, proximity and harmony. 

related: $300m incentive program backs 100% rally in harmony (one) price

icon claimed that its incentive program is the first fund dedicated entirely to interoperability. Min kim, the founder of the iconic project, said in a statement that the aim is "not to fragment existing development communities", but rather to create opportunities for collaboration among them within the layer two ecosystem.

Scott Smiley, Strategy Manager for the ICON Foundation, told Cointelegraph that security and decentralization are not the only drivers of adoption:

“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.”

related: austrian gin makers to use blockchain to guarantee bottles' rarity

icon recently launched icon 2.0, introducing an upgraded core blockchain engine, support for java smart contracts, the interoperability technology btp and updated tokenomics.

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 1/14/2022

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