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Token Standard Launched by ICON (ICX) With Full Regulation Compliance to Tokenize Assets

The creation of new tokens and tokenized physical assets has been an integral part of the growth of the crypto industry. ICON has made some changes involving token specifications that apply to market participants, which makes it possible for DLT-focuses securities and tokenized physical assets to be developed.

The new IRC16 token standard creates a transparent method of creation of developers, and was announced by ICON over Twitter, where they reposted the link to their Medium blog on the addition.


Within the IRC16 coding, the developers at ICON has made a modular architecture that makes it possible to tokenize physical assets.

Once the IRC16 is deployed, it will be fully compliant with the rules that regulators have already established involving both the ownership of digital assets and blockchain transactions.

The tokenization of physical assets allows the owner of the assets to split up ownership and also prove it. The physical assets can be broken down into token portions, which makes them liquid. It also helps to increase the number of investors, overall. Smart contracts can be used here as well, and it ensures that the deals agreed upon between buyers and sellers of assets will be completed properly.

In doing so, the charges that would normally be assessed in this type of brokerage are reduced.

As far as compliance, the IRC16 standard was created with specific attention to the regulatory rules and can be used in several distinct functions. For instance, “Check for Token Transfer” verified that KYC and AML control measures have been validated for senders and receivers. In doing so, the investors with these capabilities are reduced.

Another feature, “Token Control by Operator,” focuses on compliance with fraud-related regulations and the loss of private keys that control digital assets.

The other two functions of the IRC16 include Document Management and Partition. Document Management is used to store and manage legal documents, which prove the rights and obligations already applied to the token issuers and investors. Partially fungible tokens are allowed with the Partition function, letting the user attach metadata to be included in the building of a “certain portion” of the tokens.

To view what is ahead for ICON, browse the website and view the whitepaper at https://icon.foundation/. The source code for the IRC16 is available for developers at https://github.com/icon-project/IIPs.

CryptoCurve Blockchain Project Integrates ICON and AION Before Upcoming ICO Launch

CryptoCurve has gone ahead to announce that it will be expanding the integration protocol that they have in place, to ensure all the members who are within the blockchain interoperability alliance. All this is to ensure they effectively connect the CryptoCurve ecosystem with the ICON and the Aion, together with the existing integration that has taken place with the Wanchain.

Once the integration is in place it should be able to allow the users on the CryptoCurve application to benefit from the scalability of the platform plus the interconnectivity that has been provided within the Blockchain Interoperability Alliance. The Wanchain, ICON, and Aion has backed the Alliance and all share the same goal of ensuring they effectively promote the interconnectivity that is between the different isolated networks on the blockchain.

According to the CEO and founder of CryptoCurve, Joshua Halferty, the concept of Interoperability is within the company’s DNA.

He goes on to say that they have a very long-standing relationship with Wanchain, which has helped them in building the different applications, which they have to ensure that each is natively interoperable. With the new integration, they are getting into with Aion and ICON will help in opening new doors for the company, this is in terms of expanding and scaling their current ecosystem.

He also says that the new integration will make the company ecosystem to be the common denominator that is used among the members in the Blockchain Interoperability Alliance. The company as a whole is very excited to bring this new concept in technology to the community.

More on the ICON and AION Integration

It is said that the integration will offer several benefits in all the aspects surrounding the CryptoCurve ecosystem.

As a curve wallet user, you will be able to have access to different transactions that are done on the Aion and ICON blockchains. And for the developers that are using the CurveSDK will be able to easily build new applications with the use of the standardization and the interconnectivity that is present in the Blockchain Interoperability Alliance.

The Founder of Aion Network, Matt Spoke, says that the move will be another way for the ICON and the Aion to bring together new applications to the existing user base on the platform. He goes on to say that they are really looking forward on the quest of partnering with CryptoCurve in the set integration.

According to Matt Spoke, the integration of wallets will be an essential part in the goal of increasing the adoption of the blockchain technology, and with this, the CryptoCurve is bringing along new and innovative technology to this ecosystem.

Jack Lu, who is the founder and CEO of Wanchain also states that CryptoCurve is a very important entry point to the existing Wanchain ecosystem. When he looks at the internet world he clearly knows how important it is to have some front-end applications for mass adoption, and the same concept is still true within the blockchain technology.

The integration that was taking place between Aion and the CryptoCurve is currently completed, and thus expect to see it available with the latest updates to the Curve Wallet that has been scheduled for some time in October.

The next thing to look out for is the integration with ICON. At the moment the Curve wallet is available in the beta version to the investors, and soon it will be made available to the public sometime this year. The token sale of the CryptoCurve will take place on 30th October, something to mark on your calendars.

The Mystery of Icon (ICX) Cryptocurrency's Sudden Supply Surge Raises Token Investors Eyebrows

If you’re an active Reddit user and have been following ICX recently, you must have noticed a sudden spike in the circulating supply of ICON. Several weeks ago, the coin’s circulation was around 400 million, but it jumped a whopping 18% to over 473 million within a day, without any explanation from the company.

Just like everyone else studding ICX, Reddit users were curious about what happened, with some coming up with conspiracy theories. Some were asking, was it unplanned airdrop? Was the spike fuelled by a token swap? Did anyone from ICON free up a huge number of tokens?

As per the ICON white paper, the allocation of the ICX token was 50% (token sale), 14% (foundation), 10% (community groups and strategic partners), 10% (team, advisors and early contributors), and 16% (reserve).

Debunking The Mystery

Looking to debunk the mystery of sudden spike in the circulating supply of ICX, theicon.ist reached out to their inside source at ICONLOOP, determining that the abrupt surge was attributed to distribution of tokens to groups (2, 3 and 4).

According to an email sent to theicon.ist, ICONLOOP explained that:

“Number 3 and 4 were allocated individually on a contractual basis. This explains why there seemed to be sporadic increases in circulation supply. Number 2 was allocated to cover operational costs, etc”.

Reddit Users Demand Transparency From ICON Team

The news about the sudden spike of ICX circulating supply didn’t go well with Reddit users, as most of them questioned the company, asking them to address a number of queries. One particular user went ahead to question contributors listed as promoters and advisors on the platform, claiming that they don’t have any track record.

The user also posed several questions, looking to learn about what happened to the $45 million that ICONLOOP raised during it’s ICO, how they would go ahead and dump the coins circulating without killing the prices of ICX, and where the $5 million buy back that was earlier announced by the company went.

Despite Sluggish Market Conditions, Korea's ICON Blockchain Crypto Project Continues to Prosper

Even though the altcoin sector at large has been ravaged by extreme bearish conditions over the past 2-3 weeks, a goodbye note from Markus Jun, ICONs Head of Research, has revealed that the project has continued to make amazing technological strides all through this year.

In the note, Markus commented that despite the market being extremely dry and sluggish at the moment, the ICON project had showcased “significant accomplishments” over the past 12 months or so.

In relation to the matter, Jun was noted as saying:

“In spite of the poor market conditions, I can say that the ICON team has made incredible progress. I’ve seen ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government as well as launching demonstrations and several projects in conjunction with the Seoul Metropolitan Government. I’ve seen several hires in every ICON department, including senior positions, most of which weren’t made public and the team is still actively hiring to this day.”

In addition to all this, Markus also sought to draw attention to ICON’s various international expansion moves. For example, a couple of months back the firm launched its global accelerator program ‘ICONLOOP’ in partnership with the Singapore government. This high profile event was followed by another similar partnership with the local authorities in major cities such as Tokyo and San Francisco.

Lastly, it is also worth noting that in the recent past, ICON has garnered amazing support from many mainstream multinational companies such as LINE, Smilegate, Kyobo Insurance, and Jeju Island so as to develop novel blockchain solutions for them.

More On The Case

For those who may not remember, when ICON launched its ICO last year, the firm was able to raise an impressive 75,000 ETH (which was at the time touted to be worth more than $50 million). However, following the post-ETH crash adjustments, it now appears as though the folks over at ICON possess only around $5 million worth of ETH.

“Sooner or later, this would have led to a contraction anyway. The crypto crash acted as both catalyst and wake-up call,” said Forrester Research’s chief analyst Martha Bennett in relation to the recent market crash.

Final Take

As reported by BitcoinExchangeGuide earlier this week, it has recently come to light that big startup companies such as Coinbase and ConsenSys have had to lay-off a lot of their employees over the past month or so (which basically indicates that the market at large seems to be drying up).

In this regard, ICON makes use of a provable business model that has not only flourished in recent times but has also assisted in the creation of quality use-cases among well-known organizations.


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