ICON (ICX) Announces Rebranding, Repurchase Program, and Open Source Release Schedule

ICON (ICX) Announces Rebranding, Repurchase Program, and Open Source Release Schedule

It was a big morning for ICON earlier today as the ICON Foundation announced a number of important things – including a rebranding of theloop, an ICX repurchase program, and an open source release schedule.

the ICON Foundation made the announcement on August 7 in a blog post. Founded in August 2017, the ICON Foundation oversees the ICON project’s core activities, including the promotion and development of the ICON protocol.

theloop is Rebranding to ICONLOOP

First, let’s talk about the rebranding. theloop, which is the ICON Foundation’s main technology partner, will rebrand itself to ICONLOOP. That change will take place immediately and will be fully reflected across all online properties and marketing materials in the near future.

“This change demonstrates a strong and long-term commitment to the ICON project by our technology partner,” explained the ICON Foundation in the announcement. “In addition, the new brand is expected to unify and improve ICON’s brand positioning in Korea and the global market.”

The rebranding indicates just how connected theloop is to the ICON Foundation and the ICON project. It suggests that they will continue to focus 100% on the ICON project moving forward.

The ICON Foundation Approves $5 Million ICX Repurchase Program

The ICON Foundation also announced a repurchasing program. Last week, the ICON Foundation’s council members unanimously approved the first ICX repurchase program. The new program authorizes the foundation to repurchase up to $5 million of currently circulating ICX tokens from the market.

The purpose of the repurchase program is to give back to the community while also reinforcing confidence in the ICON project.

The $5 million purchase will be made in open market “or privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors,” explained the ICON Foundation in its blog post.

Open Source Release Schedule Announced

The final major announcement from the ICON team was the announcement of their open source release schedule.

Over the next two months, starting this week, the ICON Foundation will release source codes and documents to the ICON GitHub page here: https://github.com/icon-project

The Foundation is planning several releases. Some of the most notable releases will include updates providing decentralized app (DApp) projects with the ability to run a full-scale token sale using the ICX platform while also developing basic smart contracts. Additionally, the ICON Foundation will provide smart contract versioning capabilities – something we don’t see on other blockchain platforms.

More Updates From the ICON Foundation

Here are all of the materials the ICON Foundation team plans to release over the next two months, in order of their planned release:

ICONex Desktop (Desktop Wallet for Chrome Browser Plugin):

This will allow third parties to develop various ICON wallets for desktops. Smart contracts within web apps are also supported by this wallet, as are core wallet functions like import/export, wallet creation and deletion, ICX transfer, ETH transfer, and Ledger Nano S support.

ICONex Android (Wallet App for Android):

Allows for ICON wallet creation, import/export, deletion, ICX transfer, ETH transfer, etc. By releasing this, the ICON Foundation is allowing third parties to develop various ICON wallets for Android.

ICONex iOS (Wallet App for iOS):

The ICON Foundation is releasing the wallet app for iOS, allowing third parties to develop various ICON wallets for iOS.

Nano S Integration:

The Foundation will also release Nano S integration, including its ICONex desktop and Ledger Nano S Hardware wallet support module, featuring a BOLOS application and a JS library.

SDK Releases:

The ICON Foundation plans to release multiple SDKs, including a Java SDK V3, Python CLI, Python SDK V2, and Python SDK V3, all of which are designed to make it easier to develop on the ICON network in a Java or Python-based environment.

T-Bears, an ICON Service:

The Foundation is releasing a Python-based SCORE development and emulation tool called T-Bears. Core features of the tool include SCORE download and execution emulation, ICX transfer emulation, step emulation, and ICX transfer within the ICON network.

ICON Core:

The Foundation is releasing an ICON service module supporting ICON’s main functions. Core features include linked with loopchain, SCORE download and execution, ICX transfer processing, and step processing.

Loopchain:

Loopchain is a blockchain engine supporting LFT-based consensus. It’s linked with ICON and can prevalidate, validate, vote on, and commit transactions.

Citizen Node:

A Citizen Node is a full node that does not participate in consensus but supports all functions, and the ICON Foundation is releasing the source code for its Citizen Nodes.

Other Planned Releases:

In addition to the releases, above, the ICON Foundation is planning to release to GitHub IIP/IRC (standard protocol and token standard of the ICON network), AWS marketplace registration (infrastructure for SCORE development), a yellow paper on fee system, a yellow paper on IISS, and a yellow paper on ICON governance.

In response to the good news, ICON (ICX) has surged over the last 24 hours, currently up 4.21% over a 24 hour period. ICX initially surged over $1 yesterday before retreating to the $0.94 range where it currently sits.

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