ICON Basis Introduces 50,000 ICX Token or Over $1 Million Sensible Contract Auditing Fund for Blockchain Platforms

The ICON Basis has confirmed that blockchain-enabled platform ICON, one of many largest DLT initiatives in South Korea, has launched a devoted audit fund.

The initiative has been launched so as to help the safe improvement for ICON’s evolving ecosystem.

The ICON Basis famous that they’re happy to verify that they’ll be committing 500,000 ICX (appr. $1.16 million at time of writing) to cowl the prices of sensible contract audits for accredited initiatives inside the ICON Ecosystem.

As talked about within the announcement, there have been quite a few sensible contract vulnerabilities which were exploited in different blockchain or distributed ledger tech (DLT) ecosystems, and this fund “represents a dedication by the ICON Basis to foster an environment of each safety and innovation.”

The replace additionally talked about that the ICON builders goal to “be sure that innovation will not be stifled and safety will not be sacrificed due to expensive sensible contract audits.”

The announcement clarified:

“As a way to apply for a grant from this fund, please submit your mission on the discussion board. This fund is for initiatives which might be close to completion, not within the ideation stage.” 

Functions should embrace a hyperlink to the mission or firm web site, hyperlink to the initiative’s  white paper, a hyperlink to your Github, the mission’s audit agency of alternative, a duplicate of the audit contract with estimate, together with contact data in your staff members.

After handing over supplies through the discussion board, the ICON staff might be reviewing the candidates’ requests and will contact them to proceed with the subsequent steps within the course of.

As acknowledged in a weblog put up printed by the ICON Basis (on February 18, 2021):

“We stay up for seeing increasingly more initiatives construct on prime of the upcoming decentralized finance (DeFi) infrastructure, and we’re joyful to help the sensible contract audits of such initiatives.”

In a separate announcement (made on February 8, 2021), the ICON Basis and group revealed that the Reliant Node P-Rep staff is “enhancing MyIconWallet with the help of the ICON Basis.”

MyIconWallet might be “the advisable pockets for the ICON Group.” ICONex will nonetheless be out there for obtain, nonetheless, “because of the duplicate objective with ICONex, [the development team] determined to part out help.”

The announcement additional famous:

“That is yet one more step towards group empowerment and decentralization. Finally, we consider deeper involvement by varied groups in sustaining key items of the ICON Ecosystem will make our community extra precious.”

The Reliant Node staff has been an “superb” asset to the ICON Group. The staff views this collaboration as “a superb solution to reward onerous work, dedication and skillful improvement to one in every of our longest standing group improvement groups.”

Reliant Node has been actively concerned with ICON from the start and so they’re trying ahead to supporting their continued improvement of MyIconWallet.

The replace confirmed:

“As step one of this collaboration, Reliant Node might be growing a MyIconWallet Chrome Extension, which can be utilized with any ICON app. It’s going to embrace all the present options of ICONex, plus some extra options and enhancements that the group has been asking for. The ICON Community will proceed to develop and add new options, and MyIconWallet will develop with it.”