ICONLOOP Wants To Strengthen MYID Via Government-Led Project
It’s been already revealed not too long ago that ICONLOOP will be a part of a government-led project that aims to develop DID and security tech to protect the 5G environment.
The Icon.ist addresses the fact that a part of a larger ICT and broadcasting R&D project that’s supported by the Ministry of Science and ICT and Institute of Information & Communications Technology Planning & Evaluation (IITP), the initiative targets “the development of selective disclosure credentials and delegation-based privacy protection technology, security technology for digital ID wallets for backing up and restoring private keys, and core technology for managing digital IDs on multiple domains.”
ICONLOOP will work with four otheer organizations and companies
It’s also worth noting the fact that ICONLOOP will work with four other organizations and companies, including the Electronics and Telecommunications Research Institute.
All these moves are amidst a massive need to secure common security tech between the blockchain platforms, connect services, and get the original tech to protect the privacy and boost the ID wallet security.
If you’re wondering what exactly ICONLOOP will have to do, the team has been tasked with developing tech for an integrated interface for sharing digital IDs between blockchain platforms and creating a prototype for issuing and using credentials.
ICONLOOP is a tech firm that’s based in Seoul, and the company is specialized in the design and implementation of the blockchain technology.
The company made headlines the other day in relation to a great move that just took place.
South Korea gave electronic documents the very same legal status as the paper ones. This is a really important move because this opens up a new market of KRW 600 billion or nearly USD 495 million.
It’s been revealed that this could turn out to be a great thing for ICONLOOP and also for ICX holders.
Speaking of ICX, at the moment of writing this article, the coin is trading in the green and it’s priced at $0.359322 – it’s up by more than 6% in the past 24 hours.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.