The ICON Network’s Enterprise Partnerships


Mar 19, 2020

4 min read

The ICON Network’s Enterprise Partnerships

Hi Iconists👩‍💻,

Today we’d like to talk you through some of the most exciting ICON Network partnerships to date.

🧑‍🚀 Established Partnerships

In early January, the ICON Foundation announced its plans to build an integration with Oracle Solution Chainlink. The goal: “Bringing Real-World Data to ICON’s Public Blockchain.”

So, what is Chainlink? Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. With Chainlink, developers can customize how their intelligent contracts communicate with anything off-chain using multiple levels of decentralization, data aggregation, and oracle selection; this means that smart contracts become more secure and reliable.

With the completion of this integration, anybody building on the ICON Public Blockchain should be able to bring off-chain data into their blockchain-based business without having to fear for the security and while using a decentralized network.

👉 Chainlink, being one of the leading oracle solutions in the blockchain industry, is an excellent collaboration for ICON. I believe that it can bring a lot of endless possibilities for the DApp developers to create and explore. Also, it correlates with ICON’s tagline, which is to “Hyperconnect the world.” Thus, I expect that the slogan will come to fruition sooner or later.

The second partnership announced at the beginning of February was the agreement signed by Iconloop to build a Blockchain-based Human Resource Recruitment Ecosystem for Saramin HR.

Saramin HR is a similar platform to, the purpose of the MoU is to increase Saramin’s customer experience and value through ICONLOOP’s blockchain certificate issuance, ‘Broof’ and its digital identity platform ‘MyID.’ It will be based on the collaboration with Pohan University of Science and Technology, a Korean University, and Korea Productivity Center who are both already using ‘Broof.’

👉 Since Broof is already running on the public chain, this can significantly affect the network. Especially if there’s a heavy usage from the Saramin HR users. The fees spent on the transactions will be burned. Therefore, the burning of ICX can be higher than the amount of newly minted tokens. Say goodbye to inflation and say hello to deflation 💪

Furthermore, a partnership with leading Japanese blockchain consulting company LayerX was established in January 2019. The signed MOU with LayerX aims at growing and securing the ICON Network in Japan. To do so, hackathons, demo days, and conferences will be organized. LayerX is a joint venture between news curation app Gunosy and advisory service AnyPay; the company provides blockchain-related services such as integrations for enterprises and smart contract audits.

A strategic partnership with VELIC, a comprehensive solution for crypto-asset management with native VELT token, was announced on the 10th of January 2019. VELIC aims to unify disparate services into a single “digital asset financial service.” Before partnering with ICON, the financial DApp was searching for a suitable smart contract platform to develop upon, which they have found now.

Other established partners for the ICON Network are:

  • BIA — Blockchain Interoperability Alliance works as a link between different blockchain networks.
  • Pantera — An investment firm focused exclusively on projects related to blockchain tech, currencies, and assets.
  • MME — A professional business advisory firm for Swiss legal and tax issues.
  • Kenetic Capital — An investor in blockchain ecosystems.
  • Coinsilium — A venture builder, investor, and advisor, supporting early-stage blockchain technology companies and the digital token economy.
  • CMCC — Provider of seed capital to blockchain technology and fintech businesses.
  • Mind Fund — Supports and investments for blockchain companies from Start-up to an Initial Public Offering.
  • Portal Network — builds Blockchain Name Service (BNS) standards governed by smart contracts, to simplify the UX on all smart contract supported chains.
  • Hashed — Network of South Korean blockchain industry professionals.
  • Cryptobazar — Russian blockchain community.
  • Certik — Smart contract editing firm.

🇰🇷 Seoul Metropolitan Government Partnership

One of the most revolutionary partnerships that have recently been announced is that of the Seoul Metropolitan Government. On March 1st, 2020, they introduced Blockchain-based voting on its LOOPCHAIN, ICONLOOP’s self-developed blockchain engine. Furthermore, LOOPCHAIN is also connected and activated with the ‘Seoul Automotive Industry Integrated Information System’ since March 12th, 2020.

Seoul Metropolitan Government said blockchain had been added to the M-Voting system to make it more reliably, transparent, prevent tampering with any data, and increase convenience for users. Furthermore, in October 2018, the Seoul Metropolitan Government announced plans to apply more blockchain technology to administrative services in 14 fields, an exciting announcement for ICONLOOP and the ICON Network.

👉 Having the government recognize & use the works of ICONLOOP gives the whole ecosystem a hugely positive reputation. Although this will be running on the private chain, I believe that the ICONLOOP team will connect it to the public network to increase the demand of ICX as well as the tx volume (for burning).

💻 MyID Alliance

ICONLOOP service, MyID, the blockchain-based digital ID-ecosystem that aims at making digital identification easier for users, has multiple different collaborations set for the future. They aim to obtain at least a hundred various enterprises by the end of 2020, to partner with. As for now, the number of enterprises connected is 54. The last enterprises added to the alliance are Industrial Bank of Korea, P2P Financial Firm Funda, blockchain and security solution Quantstamp, Mobile Pass MOCAsystem, and Korea Smart Clothing. All of whom are expected to be fully implemented by the second half of 2020.

👉 With the increasing number of enterprises joining in to utilize the works of ICONLOOP, products that are innovative and tackles heavy problems will surely launch soon.

More Information & Sources

DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.

Subscribe to Stakin Newsletter

Stay informed about the latest trends in the blockchain ecosystem and gain expert insights from a leading Web3 operator.