December ICON Development Update 2020

2021 Transformation, Revision 12 and Contribution Proposal System

As 2020 comes to a close, we would like to wish everyone a joyous and happy new year! Despite the difficult circumstances of 2020, it was a great year of development and maturation for the ICON project and our growing ecosystem. We want to thank the community for its continued contributions and support.

As we look ahead, there are many things to be excited about in 2021. First and foremost is the expected migration to ICON 2.0 BATANG, a new Go-based blockchain that will support interoperability and inherits the current ICON Network. At launch, it will support cross-chain DeFi and offer scalability and stability improvements over the current version. In tandem with the ICON 2.0 migration, we also plan to submit a proposal to update the token economics of the ICON Network to reflect the additional relayer design of the blockchain transmission protocol (BTP) and hope to present those details in the coming months.

We expect 2021 to be a big year for the adoption and growth of the network. We saw many improvements in 2020, but we expect step-change growth in 2021 as many new applications launch, and better tooling exists in our ecosystem. These are just a few of the highlights heading into the new year. Be sure to sign up for our newsletter if you haven’t to stay up to date with bi-weekly ecosystem developments! Also, check out our latest newsletter to catch up on all the exciting things that happened in 2020! There are many more announcements to come, but until then we wish you a safe and happy new year!

1. Revision 12 Update on Testnets

Revision 12 was released to Euljiro and Pagoda testnets on December 30th. We are set to release it on the Mainnet in mid- Jan 2021 assuming no issues are found after the testing period. This update is focusing on increasing security and stability of ICON Network. The new update includes the below features:

  • Burn address: The System SCORE (cx000..) will have the ability to burn the ICX that is sent to the address. Anyone who wishes to burn ICX on the ICON Network is able to send their ICX to this address.
  • ICX balance verification logic: In order to check all the changes on the ICX supply, the blockchain verifies each account’s balance when it processes and generates a transaction.
  • Recovery mode: A solution to recover a P-Rep node from a network pause situation. Nodes with this feature enabled are automatically rebooted simultaneously to restore the network.
  • Minor bug fixes: fixed bugs on container DB, transaction processing logic, etc.

You can find more details regarding this release in the note below: https://www.icondev.io/changelog/2020-01-14-icon-node-release

2. Contribution Proposal System (CPS)

The Contribution Proposal System is now in its testing phase. It will rotate between Voting Periods and Application Periods on a 24 hour cycle, so please keep this in mind during testing. The smart contract code is being refactored to streamline efficiencies and we’re collecting feedback from users on this google form. We look forward to launching the mainnet version of this product in January of 2021 assuming no major issues with the smart contract code.

Thank you,

ICON

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