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

The ICON Foundation has confirmed that blockchain-enabled platform ICON, one of the largest DLT initiatives in South Korea, has introduced a dedicated audit fund.

The initiative has been launched in order to support the secure development for ICON’s evolving ecosystem.

The ICON Foundation noted that they’re pleased to confirm that they’ll be committing 500,000 ICX (appr. $1.16 million at time of writing) to cover the costs of smart contract audits for approved initiatives within the ICON Ecosystem.

As mentioned in the announcement, there have been numerous smart contract vulnerabilities that have been exploited in other blockchain or distributed ledger tech (DLT) ecosystems, and this fund “represents a commitment by the ICON Foundation to foster an atmosphere of both security and innovation.”

The update also mentioned that the ICON developers aim to “ensure that innovation is not stifled and security is not sacrificed because of costly smart contract audits.”

The announcement clarified:

“In order to apply for a grant from this fund, please submit your project on the forum. This fund is for projects that are near completion, not in the ideation stage.” 

Applications must include a link to the project or company website, link to the initiative’s  white paper, a link to your Github, the project’s audit firm of choice, a copy of the audit contract with estimate, along with contact information for your team members.

After turning in materials via the forum, the ICON team will be reviewing the applicants’ requests and may contact them to proceed with the next steps in the process.

As stated in a blog post published by the ICON Foundation (on February 18, 2021):

“We look forward to seeing more and more projects build on top of the upcoming decentralized finance (DeFi) infrastructure, and we are happy to support the smart contract audits of such projects.”

In a separate announcement (made on February 8, 2021), the ICON Foundation and community revealed that the Reliant Node P-Rep team is “enhancing MyIconWallet with the support of the ICON Foundation.”

MyIconWallet will be “the recommended wallet for the ICON Community.” ICONex will still be available for download, however, “due to the duplicate purpose with ICONex, [the development team] decided to phase out support.”

The announcement further noted:

“This is one more step toward community empowerment and decentralization. Ultimately, we believe deeper involvement by various teams in maintaining key pieces of the ICON Ecosystem will make our network more valuable.”

The Reliant Node team has been an “amazing” asset to the ICON Community. The team views this collaboration as “an excellent way to reward hard work, determination and skillful development to one of our longest standing community development teams.”

Reliant Node has been actively involved with ICON from the beginning and they’re looking forward to supporting their continued development of MyIconWallet.

The update confirmed:

“As the first step of this collaboration, Reliant Node will be developing a MyIconWallet Chrome Extension, which can be used with any ICON app. It will include all the current features of ICONex, plus some additional features and enhancements that the community has been asking for. The ICON Network will continue to grow and add new features, and MyIconWallet will grow with it.”

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