ICON Released Blockchain Interoperability Protocol

ICON has been making headlines a lot lately after more crypto analysts highlighted reasons for which ICX is becoming one of the crypto lovers’ darling these days.

In a recent newsletter, the ICON team addressed the i_rep score and its importance.

Also, they released a blog post called Path to Sustainable Economics: P-Rep Commission, “which is a MUST READ for every ICONist because it directly affects your ICX rewards,” as the ICON team itself notes.

ICON releases its Blockchain Transmission Protocol

Now, according to the latest reports, ICON released its Blockchain Transmission Protocol which will allow blockchain to interact and communicate with one another.

The BTP enables interoperability between individual blockchains and facilitates value transfer, data exchange, and service invocation.

Cointelegraph addresses the fact that the blockchain tech has been evolving a lot and the multitude of networks that are popping up have been content to isolate themselves, and they’ve been looking at others for inspiration. But they did not interact with one another fully.

This is about to change thanks to ICON which has the main goal of interconnecting the world.

Use cases

The online publication mentioned above notes that the “killer app for this kind of interoperability is to be able to transfer tokens between different blockchains.”

ICON team stated the following:

“BTP facilitates such transfer directly through smart contracts, from one chain to another without using a central trading platform, at the protocol level.”

Cointelegraph notes that there are also other potential uses that include the verifying of data, including decentralized identity, cross-chain communication, the automation of services.

It’s also worth noting the fact that back in April, ICON revealed its brand new consensus algorithm which aims at improving scalability and bandwidth while at the same time making sure to maintain security.

In terms of pricing, ICON (ICX) is currently trading in the red. At the moment of writing this article, ICX is priced at $0.341741.


Companies Mentioned

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An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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