ICON has made some big announcements that has its price coming close to $1 mark while registering 24-hour gains of over 7%. The Rebranding of theloop into ICONLOOP, repurchase of $5 million ICX by ICON Foundation and releasing the open source codes soon has the community in elation.
ICON’s big plans, ICONLOOP & repurchasing $5M ICX
ICON has made a series of big announcements today that has its community extremely excited as the ICON team shared,
“Thank you for your continued support for the ICON project. We have some exciting news to share with our contributor community.”
The first part of this key announcement is the rebranding of theloop into ICONLOOP. theloop is the main technology partner of ICON Foundation that has “agreed to rebrand itself to ICONLOOP.” It will go into effect immediately that will improve its brand positioning in Korea and the global market.
ICONLOOP’s CEO JH Kim shared:
“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea. Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation.”
The $5 million ICX repurchase program is another key development that is unanimously approved by its council members. This will basically authorize the foundation to repurchase up to $5 million of the ICX tokens currently circulating in the market.
Min Kim, an ICON Foundation Council Member stated:
“ICX repurchase program is a great way to give back to our community as well as reinforce confidence in our own project. In these times of uncertainty, we want to make it clear that our interests are fully aligned with our community for the long term.”
Open Source Release & an Excited Community
The third big announcement was related to the open source release on GitHub that will take place in the next two months. ICON shares,
“The most important updates will provide DAPP projects the ability to run a full-scale token sale with ICX and develop basic smart contracts. In addition, we will provide smart contract versioning capabilities, a special feature that differentiates our service from others.”
In the coming two months, the official blog states, the release will include wallet for chrome browser, Android, and iOS that will also involve Nano S integration. Java-based SDK that works with ICON network, Python-based CLI tool, Python SDK V2, and Python SDK V3.
For services, T-Bears: Python-based SCORE Development and Emulation Tool, whereas for ICON Core Module supporting ICON main functions, linked with blockchain core. Also, loopchain: Blockchain engine that supports LFT-based consensus and Citizen Node: a Full node that does not participate in consensus but supports all functions are part of the upcoming releases.
The ICON community is extremely excited as one Redditor share,
“Yes to reduce the circulating supply by about 5.5 million coins. Thereby pushing the value of your coins higher.”
Another Redditor shared,
“Repurchase is great news. But I am also very excited about this:
Nano S Integration: ICONex Desktop and Ledger Nano S HW wallet support module Feature. BOLOS Application. I think this means we get Ledger live integration.”
And another one said,
“Great news, great development. Three of the most important questions answered in one instance. Rebrand of the loop is significant to say the least. Open source will take this project truly public, introducing it to the more professional investors, make it less speculative. The repurchase is just cherry on top. Kudos to ICON team.”
Positioned at 31 ranks, at the time of writing ICON has been trading at $0.969 with a gain of 7.42 percent.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.