1/ Today, we are excited to announce our next significant technical advancement - ICON 2.0: BATANG, a new blockchain software architecture based on Go $ICX
medium.com/helloiconworld…
2/ The word “Batang” means “base” or “foundation” in 🇰🇷 and we see ICON 2.0 as the foundation that will support the future growth of the #ICONNetwork
3/ ICON 2.0 is a brand new software; a faster, more stable, and scalable high-performance blockchain that inherits the current network. ICON 2.0 will come standard with interoperability features to support and power cross-chain DeFi solutions 🚀
4/ At launch, the Foundation will deploy all necessary smart contracts on high-profile blockchains and will also run the relayers, however, any individual or group may run a private relayer with their own fee system 💸💸💸
5/ $ICX holders will have the opportunity to pre-register a relayer in preparation for a decentralized relayer network. There will be a minimum $ICX stake requirement to pre-register, and pre-registered relayers will earn any inflation allocated to relayers
6/ Another feature is vote spreading. This is a novel solution for systematically decentralizing a DPoS network, where inactive voters have their $ICX spread to all top 100 P-Reps. This will solve the issue of vote stagnancy and allow active holders to have the greatest impact
7/ ICON 2.0 gives us more freedom to design a cleaner and more easily understood economic design. The basic structure of IISS 3.1 follows the structure of IISS 3.0 already discussed in the community
8/ However, the IISS 3.1 design simply divides inflation into a few different predefined categories. For example:
P-Reps: 17.5%
Relayers: 2.5%
Contribution Proposal Fund: 10%
Voters: 70%
9/ Another key feature is multi channel technology to improve scalability where each DApp on #ICONNetwork could instead be an application specific channel (see Band Protocol and Kava for examples of application specific chains using the Cosmos SDK).
10/ With this strategy in mind, we would like to turn the ICON Nexus (the primary network operated by P-Reps) into the security, immutability, and governance layer of the ICON Republic and encourage future DApps to launch application specific channels
11/ Additionally, 2.0 will include Python and Java SCORE Executors, a new P2P protocol, fast sync, and other performance enhancements.
Lastly, this is a fully open source development process. github.com/icon-project/g…
12/ We are confident that this development direction will be helpful to the community to understand the structure of ICON 2.0 in the long term. You can see the source code of the next generation loopchain based on Go, called “Goloop”, which we’ve developed for over a year
13/ This is a step-change advancement in our ecosystem and a huge milestone for the $ICX Community as it sets up the #ICONNetwork to power the next generation of decentralized applications and services
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