Kyber Network and ICON have announced that they have signed a strategic deal through which they will work towards ICON’s goal of creating one major network that joins all blockchains.
The newly announced partnership is expected to speed up the development of the solutions aimed at unifying the blockchain landscape. ICON was created in 2017 with the idea of creating a single network or ecosystem that will connect all blockchains allowing for even more flexibility in the cryptocurrency world as well as other systems that use blockchain technology.For example, hospital, banks, universities and other businesses using blockchain technology will be able to interact on the same network regardless of the blockchain which they are based on. This will make transactions easier through smart contracts.
ICON is currently one of the leading blockchain-related firms in South Korea despite the fact that it is based in Switzerland. It is powered by loopchain and it boasts of various features such as atiered system of differential access rights, the loopchain Fault Tolerance (LFT) algorithm, Smart Contract on Reliable Environment (SCORE) technology and the DAVinCI domestic artificial intelligence.
The Kyber Network will play a key role in the development as part of the new strategic partnership by providing its token conversion services which will be connected to the ICON network. J.H. Kim who is one of the members of the ICON council believes that a token exchange system will be a key aspect of the inter-blockchain system.
“Our partnership with Kyber Network brings us one step closer to inter-chain token exchange. Down the road, we hope to connect and support additional blockchains and tokens, eventually taking the place of today’s centralized exchange regime,” statedMr. Kim.
The new partnership with ICON marks the first deal of its kind for Kyber Network. Its co-founder and CEO Loi Luu pointed out that blockchain technology involves a lot of protocols. He also added that it is important for his company to contribute to the protocols of other blockchains despite the fact that it is based on the Ethereum blockchain. The new partnership brings the company closer to supporting cross-platform transactions.
