At this time, the new proposal is still being voted on, but I’m glad that the situation is on its way to being resolved. With that said, what happened today is very concerning and truly makes me question the technical competency of the ICON team. ICON has some explaining to do, but let me explain my perspective first. Decentralized oracle networks utilize multiple price feeds, and those price feeds are typiclly backed by different people with different interests. He’s passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. To aid this swap, Binance has announced that all ICX deposits and withdraws will halt on June 20th, ensuring that this swap is as smooth as possible.
A couple of weeks ago, Tezos announced that it would join with decentralized finance platform EQIFI to offer asset loan services on the ecosystem. Earlier this week, ICON announced a new partnership with Band Protocol, a newcomer in the decentralized oracle space. Band is the second oracle project that ICON has announced an integration with. Back in February, ICON revealed that it was working with Chainlink, the undisputed leader in the decentralized oracle space, to add oracle support to ICON. As far as I know, there is still no publicly-available Chainlink integration for ICON dApps and services. Icon is a blockchain technology featuring smart contract capabilities and interoperability that was launched in 2017. When combined with other chains, Icon creates an aggregator chain that aggregates all blockchain data into a single layer. A new interoperability solution developed by Icon, the “Blockchain Transmission Protocol” , allows the interconnection of all integrated blockchains.
However, it seems that Binance will not cease ICX trading during this transition period, similar to what happened with the EOS mainnet release. Binance has finally announced that it will be swapping the ICX ERC-20 tokens for the official mainnet coins, five months after the official release of the mainnet. The ICON team needs to get more familiar with their own codebase. He noted that “there is a maximum increase in Step Price of 30% so it will take some time to reach the goal of 10x growth”.
— Brian Li (@bwhli) August 16, 2021
The network’s revised roadmap indicates that the launch will occur shortly. One of the initiative’s goals, which was announced on August 30, 2021, was to make it easier for small investors, especially those in underdeveloped nations, to join the DeFi ecosystem. According to CoinMarketCap, ICX tokens are currently sitting at $2.08 U.S. and are up 9% over the past 24 hours. Icon price prediction 2018 has been calculated with the historic chart and live ICON coin price analysis.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. Last week, I wrote about deploying RHIZOME’s new citizen node endpoint to reduce load on ICON’s ctz.solidwallet.io endpoint. I spent the weekend finalizing the configuration and performing some load testing. In the original post, I mentioned we had node clusters in Iowa, Amsterdam, and Singapore. Over the coinmarketcap icx last few days, I was able to streamline and optimize the configuration even further. As a result, I was able to expand add additional nodes without increasing our monthly server bill significantly. After today’s ordeal, I would not be surprised to see more P-Reps and dApps exit the ICON ecosystem. In fact, Pocket/Figment just left today, and we recently lost Somesing (ICON’s largest source of transactions) as well. Now is the time for ICON to step up its game and improve technical protocols and developer relations – before it’s too late.
Coin Market Cap is a centralized entity, which means it can easily manipulate the price of ICX for its own financial gain – I’m not saying CMC would do this, I’m just saying it’s possible. With a decentralized price feed, this kind of manipulation is much more difficult because of two major reasons. In this edition of ICON Weekly, ICON partners with Band Protocol, ICX fees go through the roof, and RHIZOME deploys a new citizen node endpoint for ICON dApps and services. A proof-of-stake blockchain, Harmony, claims to execute transactions in two seconds at a minimal cost. On September 9, the blockchain company announced that $300 million in Harmony’s ONE tokens would be allocated in four years. The token swap is a key part of Icon’s ambitious goals, with the swap allowing for users to obtain tokens on the mainnet chain where extensive development will occur. ICX is currently working to connect a variety of top cryptocurrencies projects, including Bitcoin, Ethereum, and Qtum. By allowing different chains to communicate with each other, Icon’s team hopes to allow for decentralized coin swaps and for the increased efficiency and use-cases of existing blockchains. Icon has suffered along with the cryptocurrency market, dropping over 80% since its early January all-time high. Despite the price decline, ICX’s price saw a nice bump when Binance released the aforementioned announcement, beating Bitcoin by over 9% on the day.
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On a related note, Min is good at business development , which is very much needed for closing partnership deals. However, I think ICON needs a dedicated “technical lead” to find success in the long term. Over the past few years, Min Kim has consistently pushed ICON’s ICONLOOP’s enterprise connections as a positive development for the ICON public chain. Imagine what would’ve happened if large-scale enterprises had actually been using ICON’s public chain today. They’d probably be looking at migrating to another chain already. The fact that this “bug” was allowed to happen tells me that ICON is not an enterprise-ready project – not even close.
I truly believe that it’s not the community’s responsibility to transform ICON into a more developer-friendly platform – at least not at this time. In crypto, we’re always talking about 100x, but most of us are not referring to transaction fees going up 100x. Unfortunately, that’s exactly what happened earlier today following ICON Foundation’s network proposal to increase fees. During the last 24 hours, the entire crypto market volume was $135.37 billion, which is a 21.59% decline from the previous day. Currently DeFi’s 24-hour volume is $22.40 billion, or 16.55% of the entire crypto market 24-hour volume. Meanwhile, Axelar, the internet of blockchain and decentralized application platform on Cosmos,teamed forceswith Pangolin, a decentralized exchange, on September 8. Through the move, it will be possible to access assets from the Cosmos blockchain and others. Prior, the network has already extended to include DeFi ecosystems and cross-chain bridge-building across blockchains. At the time of publication, Celo is leading the 24-hour gains with 35.56% growth in 24 hours, is now trading at $6.17, and is just under a $2 billion market cap.
Thankfully, that’s not the case with Band – ICON’s press release included a link to documentation on how to use Band oracles to link real-world data to ICON dApps. According to ICON, “using Band Protocol, ICON developers are able to tap into various built-in price feeds or create a customized oracle script fine-tuned to their needs”. Let’s talk about why decentralized oracles for price feeds are important for blockchain networks and decentralized applications. Band is still a very new project – it’s ICO took place just two months ago. Having access to multiple decentralized oracles ultimately makes ICON into a safer and more reliable blockchain platform. As we enter into the next phase of blockchain adoption where smart contract logic will execute in response to real-world data, decentralized oracles will play a very important role. With around 135 projects and decentralized applications under development on its network, Tezos is quickly gaining ground to Ethereum’s supremacy.
- On a related note, Min is good at business development , which is very much needed for closing partnership deals.
- In addition to supporting the token swap, Binance has also announced that they have just opened a USDT/ICX trading pair, much to the surprise of some.
- The ICON team needs to get more familiar with their own codebase.
- Thankfully, that’s not the case with Band – ICON’s press release included a link to documentation on how to use Band oracles to link real-world data to ICON dApps.
To this day, we still haven’t had the opportunity to do a proper load test in a testnet environment that reflects mainnet conditions. I hope today’s events will encourage ICON to take testnet more seriously. We need an incentivized testnet (especially after ICON’s campaign to lower P-Rep rewards) that simulates mainnet. Deploying to mainnet and hoping for the best is not a viable solution for a healthy ecosystem. The ICON team needs to review internal technical protocols. From the outside, it really looks like the Governance SCORE that required a hex-encoded input was never tested. This is unacceptable for a project that prides itself as an “enterprise solution”.
The topic of interoperability has been a key theme in the industry, with many believing that this characteristic will be essential in future blockchains. One of the world’s largest exchanges, Binance, has just revealed that it will be supporting Icon’s mainnet within the upcoming week. My thesis is, when the coins finally flood in, price will crash down, then it should gradually. It hit $3, then dropped to $1.80 after the recent correction and now trading at $4.22. In addition, cryptocurrency businesses in Switzerland have collaborated with Tezos to deploy tokenized assets on its blockchain. In addition to https://www.yahoo.com/now/beaxy-taps-blockdaemon-node-infrastructure-143700052.html supporting the token swap, Binance has also announced that they have just opened a USDT/ICX trading pair, much to the surprise of some. Hopefully it contains acknowledgements of the points highlighted above, and presents an actionable plan on how we can improve the network moving forward. Lastly, and this is really the most important point here, changes should always be tested on a testnet first. As history as shown us, the ICON team has never taken testnet seriously. For a good example on what ICON could be doing to improve the developer experience, just take a look at Apple’s recent sessions from WWDC.