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ICON (ICX) Partners Portal Network To Build ICON Name Service

ICON (ICX) Foundation has announced it partnered with Portal Network, a platform that aims to provide users with an unprecedented suite of blockchain-based domain name services so as to be able to access all smart contract supported chains with greater ease and simplicity.

The partnership will enable the two platforms to build ICONick (ICON Name Service), the domain name service on top of the ICON blockchain.

According to the announcement, “ICONick is governed by smart contracts that transform human-comprehensible decentralized website names, such as ‘yourwebsite.icon’, into addresses that can be understood by decentralized network machines.”

Talking about Portal Network, the blockchain firm has been building Blockchain Name Service (BNS) standards managed by smart contracts to be able to make user experience on all smart contract supported chains simple and effective.

The two platforms will work together on building features for ICONick along with product suites including a Marketplace, browser extension, and more, the announcement indicated.

“The ICON Foundation is excited to collaborate on ICONick with Portal Network to enhance the user experience of the ICON platform by replacing complex wallet addresses with human-comprehensible names and allow both technical and non-technical users to easily deploy and use blockchain-related services. We believe that by implementing ICONick with the ICON platform, everyone within the ICON network will be able to easily interact with IPFS hashes, smart contracts, and wallet address, all of which enhance the growth of the ICON ecosystem.”

Few days back, The ICON Foundation announced the release of the new ICONLOOP’s Corporate Identity (“CI”).

The announcement succeeds the declaration that its technology partner theloop had accepted that it be rebranded to ICONLOOP.

ICON Foundation said:

“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea,” said JH Kim, CEO of ICONLOOP. “Our team is fully committed to contributing to the ICON project and servicing the ICON Foundation.”

The announcement attested to the rebranding mission of theloop to ICONLOOP. Both ICONLOOP and ICON are planning to achieve a couple of district markets.

ICONLOOP focuses on innovating private blockchain networks for institutions and government’s network.

While theloop is working on developing decentralized applications (dApps) targeted towards the public blockchain infrastructure.

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ICX, AION, ARK, LSK and 4 More Double Digit Gainers

Ever since news broke on the 23rd of August that the SEC were reviewing all 9 Bitcoin ETF denials, there has been a rejuvenation in the crypto markets that is self evident with a stable BTC. Since then, the King of Crypto has been slowly climbing from levels of $6,300 seen earlier on that day of the 23rd, to current levels of $6,700. Many crypto traders are enthusiastic that we might see Bitcoin levels of around $7,000 by mid next week.

Resurgence of Alts

In the mean time, the alternative coins have taken this opportunity of a stable Bitcoin and a general good feeling in the markets, to post impressive gains. Eight of these top 100 coins according to coinmarketcap.com, are leading the pack with double digit gains in the last 24 hours. A better visual of the market action can be seen in the screenshot below.

Double digit gainers, 25th August 2018. Source, coinmarketcap.com

Further analyzing the list, we find that Lisk (LSK) is up 10.51% in 24 hours to current levels of $5.30. LSK was also a victim of the recent market decline due to the SEC postponing the CBOE sponsored Bitcoin ETF. At its recent low on the 14th of August, LSK was valued at $2.73.

NANO is doing well with 16.81% in gains in the last 24 hours. On the 14th of August, the digital asset was valued at $0.81 indicating a growth of over 200% since then. ICON (ICX) is experiencing over 11% in gains and is currently valued at $0.726. At its lowest on the 14th, ICX was valued at $0.50. Bytom (BTM) is currently valued at $0.195 and up 11.15%.

Aion (AION) is also doing well with 18.11% gains in the last 24 hours. The digital asset is currently valued at $0.61 at the moment of writing this. Wanchain (WAN) has not been left behind and is currently up 19% and trading at $1.07. ARK is also experiencing double digit gains at 17.24% and currently valued at $0.856. Substratum (SUB) is also up 23.34% in the last 24 hours and trading at $0.178.

Signs of A Good Week Ahead?

With the total market capitalization maintaining levels above $200 Billion in the last one week, this stability might be taken as a sign that we are no longer on a downward trend. There is also the theory that Summer time in the Northern Hemisphere had resulted in many crypto traders taking vacations and cashing out on their crypto to fund activities such as travelling. Their absence could be the reason we were experiencing low volumes in the markets since late May. With the Summer season over, we could see a slow increment in volume as we head into the Holiday season.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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NANO and XVG Lead a Pack of 14 Alt-Coins Rebounding With a Vengeance

The crypto-markets have regained some much needed volumes with the total crypto-market capitalization going back to levels above $200 Billion and currently at $205 Billion. Bitcoin’s (BTC) dominance is still much above half this value and at 53.6%.The King of Crypto is up 4.32% in the last 24 hours and is currently trading at $6,383.

With a stable Bitcoin above levels of $6,000, comes the resurgence of Alt-coins in the markets that has been led by a pack of 14 coins and tokens showing impressive gains. A better visual of the situation can be found below:

14 Alt-coins showing impressive gains in an unsure market recovery. Source, Coinmarketcap.com

NANO and XVG Lead the pack

Further analyzing the list of 14 coins, we find that a few stand out by showcasing impressive gains. NANO has increased in value by over 25% in 24 hours to current levels of $1.11. Verge (XVG) has also increased in value by close to 14% and is currently valued at $0.011884. Basic Attention Token (BAT) also stands out with 14.5% in gains in the last 24 hours. It is currently valued at $0.19866.

Coin Values Still Too Low

However, these prices are still low when we observe that the total market capitalization stood at $255 Billion before the SEC announced they’d be delaying their decision as to whether they will accept the rule change proposed by the CBOE sponsored Bitcoin ETF. Since then, the total crypto market capitalization dropped to its lowest yesterday, August 14th when it was valued momentarily at $189.8 Billion. At that moment, the crypto markets had contracted by 25.5% since the SEC’s announcement to delay the ETF.

This then explains why we are seeing some of our favorite coins doing double digit gains as they try to recover to levels witnessed before the SEC announcement that has been described by some as a small ‘Extinction Level Event’.

Ted Rogers, the president of the cryptocurrency infrastructure firm Xapo, was the first to point this out via twitter when he stated the following:

We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin.

Mr. Rogers’ comments might not go down well with a few alt-coin believes given that the crypto-markets have shown to function using different variables as those seen in traditional markets. A drop by 90% in less than a year could be an indicator of an incoming Bull run.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Breaking: Binance Completes Tron (TRX) and ICON (ICX) Token Swaps

In a brief announcement only a few hours ago, the team at Binance announced that the exchange has simultaneously completed the Tron (TRX) and ICON (ICX) MainNet token swaps on its trading platform. The full announcement stated that:

Fellow Binancians,

Binance has completed the TRX and ICX mainnet swaps. Deposits and withdrawals for TRX and ICX are now open.

Thanks for your support!

Binance Team

Justin Sun would also announce the development in the following tweet.

With respect to Tron (TRX), the list of crypto exchanges that have completed the token migration and are allowing for the deposits and withdrawal of TRX, is currently as follows:

  • Binance
  • Bjex
  • BitForex
  • Cobo
  • CoinFalcon
  • CoinEgg
  • Gate.io
  • Huobi
  • OKEx
  • Upbit

Ethereum World News had earlier indicated that the Tron (TRX) token migration on Binance would be complete sometime this week.

Now that the deposits and withdrawals of TRX and ICX have resumed on Binance, crypto traders can now retrieve their digital assets and put them back in cold storage as is the plan with many HODLers. What this will inadvertently accomplish, is the reduction of the available tradable supply of both coins in the exchanges as each HODLer stashes their investments in wallets and hardware devices. The amount of TRX and ICX available for trading will reduce creating an increase in the price of both digital assets as traders continue creating a demand for them.

The resumption of deposits and withdrawals of both TRX and ICX on Binance is welcome news given that the current crypto-market conditions continue to be that of volatility. The total crypto market capitalization has dropped by $20 Billion in 24 hours to the current levels of $254 Billion.

As a result of the current market environment, both TRX and ICX have dropped by 8.60% and 10.97% respectively in the last 24 hours. TRX is trading at $0.033 at the moment of writing this and ICX at $1.50. With Binance completing the token migration of both assets, the now available liquidity will assist in the upward mobility of the value of both cryptocurrencies.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Are You Ready for The Binance 4 Hour System Upgrade On the 26th of June?

In an announcement not more than 4 hours old, the popular Cryptocurrency exchange known as Binance, has notified its users its intentions of carrying out a system upgrade in 2 days. The scheduled upgrade will be carried out on the 26th of June and will take 4 hours beginning 2 AM, UTC time.

The announcement was as follows:

Fellow Binancians,

Binance will perform a scheduled system upgrade shortly after 2018/06/26 2:00 AM (UTC). The upgrade will take approximately 4 hours. Binance will suspend withdrawals and trading during this period. We apologize for any inconvenience caused, and thank you for your patience.

Thank you for your support.

Binance Team

2018/06/24

Crypto traders are requested to be patient with the exchange during the system upgrade.

The exchange is ranked second in terms of daily trading volume and at the moment of writing this. Binance is currently handling $1,022 Billion in daily trade volume according to coinmarketcap.com. Also to note, is that only a few months ago, the same exchange was handling in excess of $2 Billion in daily trade volume. This observable decline in daily trade volume corresponds to the ongoing general crypto market decline that has been further accelerated by a loss of total market capitalization of close to $20 Billion this Sunday morning.

Binance has been the preferred exchange for not only crypto-traders, but also crypto projects such as ICON (ICX), EOS (EOS), VeChain (VEN) and Tron (TRX). With respect to the first two projects of EOS and ICON, Binance has flawlessly facilitated token migration from the ERC20 platforms to each of the MainNet blockchains. The exchange is currently handling the ongoing TRX token swap that ends later on today with the Tron Independence Day. Binance will also support the VeChain (VEN) token migration that is to occur at an undisclosed date in July.

The exchange has come a long way from its ICO days only a year ago to date. Binance has evolved to being the most preferred and trusted platform for a lot of traders across the globe. With the new upgrade, the exchange is surely to implement stronger cyber security measures as well as other upgrades that will enable the exchange to continue being the preferred choice of many traders.

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Breaking News: Bug Discovered in ICON Smart Contract – Token Transfers Disabled

Reports have emerged that there is a bug in the ICON smart contract code. This programming error is being exploited by spammers to disable token transfer transactions. With the ICX token swap only four days away, this is yet another setback for the much-maligned cryptocurrency project.

Details of the Bug

According to a Reddit post, there is a critical error in the ICX ERC-20 token smart contract. Despite the ICON development team characterizing it as a minor error, users report that hundreds of thousands of transactions have been canceled. The reportedly allows anyone except the contract creator to disable or enable ICX token transfer on a network-wide level. A Redditor by the name of “NotYourMothersDildo” claims that someone has been spamming the ICON blockchain, disabling transactions in the process. According to the Reddit poster, the bug is the same one found in the Yggdrash cryptocurrency project.

An examination of the smart contract code shows the fragment where the error resides. It seems like a typographical error in the “onlyFromWallet” modifier. This particular modifier controls the ICON token transfer function via the “enable” and “disable” command gates.

The modifier with the incorrect code controls the fragment in the image below A Redditor with the username “firesquidwao” explains the problem thus:

This part of the code is a modifier. The modifier uses the thing in the require() to see if it is allowed, when called, to run the code in the {} in the two functions to enable/disable. However, instead of saying the message sender must be ==(equal) to the wallet address of the creator of ICON. It means that the message sender must !=(not equal) to the wallet address of the creator of ICON. So, everybody except for the creator of ICON then fits the requirement to use the modifier, and therefore everybody but him can enable/disable Token Transfer.

Another Setback for ICON

The news of the bug is the latest setback for the ICON project. For months, delays over the ICX token swaps kept investors apprehensive until Binance announced its support a few days ago. Binance even reportedly disabled all ICX token transfers but has since reversed the decision even though the problem appears to exist still.

Min Kim, a co-founder of ICON acknowledged the bug in a tweet. Kim said the bug was a minor issue and that steps were already being taken to rectify the problem permanently. However, even if the mistake appears small, the problem that it causes isn’t insignificant. Fixing code errors in a public blockchain can sometimes be a challenging endeavor. Thus, the question now is whether the development team can obtain a solution before the token swap on June 20.

While the story unfolds, the consensus on social media is that such a thing shouldn’t have occurred in the first place. Many believe that the development ought to have audited and tested the smart contract code before rolling it out to the public.

How big of an indictment do you think this latest setback is on the viability of the ICON project? Will this bug cause a delay in the ICX token swap? Keep the conversation going in the comment section below.

Image courtesy of Reddit and Twitter (@minhokim)

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Binance To Support the ICON (ICX) Token Swap and USDT Pairing, Clearing Confusion By HODLers

The Icon (ICX) MainNet 1.0 was launched back on January 24th after successful maintenance checks by the team at ICON were completed. The team had been testing the platform from the previous month of December. The Genesis block was then generated on the 24th of January at 18:25 UTC and all ICX coins needed on the new blockchain were minted.

The team had promised further communication during the MainNet launch on how the token swap will be carried out, but this did not happen for quite some time. The team would delay further communication about the token swap up until the 4th of April.

In the announcement via medium, the team apologized for their silence in the matter. They offered two methods of going about the token swap. The first was through the ICONex wallet and the second through yet to be announced exchanges.

The delay in communicating led many ICX HODLers to turn to Reddit to express their concerns. One Reddit user, Bentcan had this to say:

I bought ICX in January as a long term Hold and just checked in and am confused by all of this token swap/ airdrop talk.. Do I need to swap my ERC20 tokens ASAP or do I risk losing them?

It is with this background that Binance has announced that it will be supporting the ICX token migration. In the announcement, the team at Binance had this to say:

Fellow Binancians,

Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.

We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.

Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).

Therefore, and following the instructions by Binance, all an ICX HODLer needs to do, is to transfer their tokens to the exchange before the 20th of this month. The exchange will do the back-end technical requirements for all the users. Deposits and withdrawals will resume once the MainNet is stable.

In the meantime, traders can enjoy ICX/USDT pairing beginning today, 13th June, 8:00 UTC. The token is currently valued at $1.89 at the moment of writing this and down 10% in the last 24 hours.

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After Trive And Samsung, ICON (ICX) Partners Deloitte On Empowering Blockchain Projects

ICON (ICX) and Deloitte Startup Advisory Group have signed a Memorandum of Understanding to advance blockchain projects in the world, ensuring the empowerment and commercialization of blockchain based projects.

The partnership extends to Deloitte Blockchain Lab, a blockchain incubation firm that has developed and commercialized over 30 blockchain projects.

ICON, in the partnership will see to the strengthening of the two in the blockchain world, thereby increasing the use cases of blockchain technology.

The Deloitte Startup Advisory Group is a body that renders professional services for the commercialization of blockchain based projects, offering accounting/financial consulting, tax advisory, risk consulting, investment sourcing and overseas advancement support.

Through the partnership, more startups would be empowered by proffering incentives to promising ideas.

“We expect to expand our blockchain network and activities with the collaboration of Deloitte’s global network and partners,” JH Kim, ICON council member stated.

Why rendering his voice, YH Kim, Managing director of Deloitte Startup Advisory Group, stated: “Collaboration between leading companies in the blockchain business is essential. By working with ICON we look forward to creating best practices for applying blockchain technology in the real world and expand our strength in the blockchain industry.”

Trive Parners ICON

ICON has been gaining massive recognitions over the month, recently it partnered with TRIVE, formally referred to as “TRi5 Ventures”, a Singapore-based venture capital industry. The two will be developing an ICON-centred blockchain courses. The courses are to be taught using TRIVE’s programming schools, Upcode Academy Singapore, and Coder School Vietnam.

Samsung Pass Service To Use CHAIN ID

CHAIN ID, developed using loopchain, a technology invented by ICON, is signaled to be used in “Samsung Pass” service.

CHAIN ID is regarded as the world’s first blockchain joint authentication service devised using theloop’s proprietary ‘loopchain’ engine.

ICON Partners Line Plus, To Invent Unchain

ICON has partnered with LINE PLUS, a social platform with more than 200 million monthly average users worldwide, to invent ‘Unchain’, a technology centered on developing many DApp services.

Owing to the numerous chain of partnerships that ICON has been gaining over the years, it is enough to say the ICON technology is the next revolution in the blockchain space.