ICON is preparing to launch a blockchain compatible with EVM and eWASM: ICE
ICON, an independent blockchain network, today announced the launch of a brand new blockchain project to ICON. This new blockchain called ICE will bring a new application center to the ICON ecosystem.
Upon completion, ICE will provide developers with better tools, EVM and eWASM compatibility, and immediate access to the growing ecosystem of ETH and Polkadot.
“ICE also represents a change in the direction of the ICON project by separating functions, product goals, and the purpose of each network. ICE will become the application center of the ecosystem, and we will redouble our efforts to make ICON an industry-leading cross-chain and interoperability Sexual agreement. Using ICON, users will be able to package assets, use the underlying security of each respective network to exchange assets locally, query data between networks, etc. The opportunities are endless, and our goal is to continue research and Develop and promote the use of centralized integration to break these boundaries. ICON is not a competitor, but a promoter. It is unknowable, and with the development of encryption technology, so is ICON.”
– Icon team
By cooperating with Parastate, the Substrate development team focused on building complex virtual machine trays, ICON Network will achieve compatibility between EVM and eWASM through a customized and novel Substrate-based side chain.
Although many people use Substrate SDK to build applications or feature-specific parachains for Polkadot; ICON is the first team to use Substrate SDK to extend the existing layer 1 blockchain protocol feature set.
In addition, the purpose of this new blockchain is to add EVM compatibility to the ICON ecosystem. EVM compatibility enables developers to iterate and innovate faster using existing tools and code from the Ethereum ecosystem. Given that the application is easier to port, it can also increase ICON’s growth prospects. In addition, with this new chain, ICON is adding eWASM support; it prepares ICON for ETH 2.0 compatibility.
In addition to Parastate, there are many other teams working on the ICE blockchain, with the goal of expanding the developer base, leading integration and promoting activities.
Segmentation: ICON Ecosystem
The ICON ecosystem will now be divided into two networks with different goals:
- first of all, ICE blockchain will focus on the application layer, because it is easier for existing blockchain developers to utilize EVM-compatible network tools and code bases. In addition, the application will be able to quickly port its services to take advantage of ICON’s dedicated user base.
- second, The current ICON network will continue to be optimized for BTP and begin to focus exclusively on interoperability and low-latency cross-chain applications. The core focus is to increase the integration of other networks and drive transaction volume through BTP. Therefore, the narrative of the ICON network has changed from “build DApp on our network, we also have BTP” to “use BTP as your interoperability solution because it is the most secure and decentralized in the market”. We believe that we are in a good position to promote this activity and provide the necessary incentives to promote growth.
Impact on ICX token holders
ICE, the native token of the ICE blockchain, will be airdropped to all ICX holders at a ratio of 1:1. At the time of the snapshot, all ICX holders will receive ICE tokens equal to the amount of ICX they hold.
By using BTP, ICX will become the governance token of the ICE network. ICX will be used to vote for validators because it is used for validators (P-Reps) in our current network. ICX holders will transfer ICX to the ICE network through BTP, pledge their ICX, vote for validators, and receive ICE tokens as rewards. ICX will be the governance token, and ICE will be the gas (network fee) token of the ICE blockchain.
In addition, this provides a good early use case for BTP. When users send ICE and ICX between the ICE network and the ICON network, the ICON network will earn a fee to establish further economic links with ICX tokens.As mentioned in an article Previous post, All fees earned from BTP transactions are sent to the contribution proposal system or burned.
ICE blockchain architecture
The ICE blockchain will start as an authoritative proof network, with trusted verifiers operating the chain. After the network is stable, it will migrate to NPoS, which is a common consensus mechanism for other Substrate SDK networks. NPoS is a variant of DPoS (the current consensus mechanism of the ICON network), in which token holders vote to elect validators to produce blocks and manage the network.
Smart contracts on the ICE network will be written in Solidity, Rust and C++. The cost of smart contract interaction, smart contract deployment and token transfer will be paid in ICE tokens. As part of leveraging its technology, 20% of online transaction fees will go to Parastate.
The initial supply of ICE tokens will be 25% higher than that of ICX, and the additional 25% will be used to incentivize future core contributors to the ICE blockchain. Similar to the ICON network, incentive voting and block production will lead to inflation. After further research on the Substrate SDK, inflation rates and more detailed economics will be provided, however, we will set the maximum inflation rate to 5% or 6% at the time of release.
The current plan is to make the ICE network fully operational through BTP connections by the fourth quarter of 2021. The initial validation of the concept network will go live in the third quarter of 2021, allowing DApp developers to start building EVM and/or eWASM applications before they are fully completed.