The vision of the ICON Project is to introduce the new era of decentralization by redefining the meaning of communities and creating a new world by connecting such communities or to put it in their words: „With ICON, we now enter into a world of true hyperconnectivity“.
That sounds great but the team behind the project missed a lot of self-defined deadlines and made no substantial progress in the last year, which in combination with poor communication and couple of FUD posts on Reddit and Twitter caused a real doldrum in the community.
ICX team obviously took notice and reacted very professionally and reminded the holders why they chose to invest their money in this project in the first place.
Aside of admitting and apologizing for the lack of communication and a firm promise that will change, ICX revealed couple of technical updates around the project.
They partnered with a big white hackers hub, HackerOne to run a bug bounty program:
The ICON Foundation is pleased to announce a bug bounty program with HackerOne, a leading bug bounty platform with more than 100,000 registered hackers to improve the security of the ICON Network. A ‘Bug Bounty’ provides rewards to external researchers (white hackers) who find vulnerabilities in software and expose them to the companies. The ICON Foundation is working on this program to detect vulnerabilities in the ICON Project and quickly apply security patches to build effective and reliable blockchain platforms.
This is always great – stress test the code and make sure it is resistant to malicious hackers.
Additionally, the team published an explainer article about the way ICON will connect & scale Private ICONLOOP Networks. The article aims to explain the connection of ICX token and the private chains that IconLoop, the company behind the Icon project, builds:
ICONLOOP private networks with strong use cases on the public chain have been carefully selected with the eventual goal of connecting with the ICON network via the ICON Nexus and every transaction will require ICX for transaction fees.
Private ICONLOOP networks are safer options for many corporations due to the regulatory uncertainties surrounding public blockchains. Many companies in Korea are interested in blockchain and issuing digital assets on the blockchain, but have chosen to initially work with ICONLOOP in implementing private solutions with plans to move on to the public blockchain once regulatory uncertainty settles.
The article goes into more details about the engine behind the whole project and elucidates the concepts and technical solutions they are working on.