January 18th, 2022 - The Algorand Foundation today announces our grant partnership with ICON. ICON has been awarded an Algorand Foundation Bridges SupaGrant to integrate Algorand into ICON's BTP Interoperability Ecosystem, helping support the growth of a vibrant, diverse and thriving Algorand ecosystem. The BTP integration for Algorand will also receive a security audit by an external partner, with potential support for future maintenance and upgrades to the bridging integration. This BTP integration sees Algorand join the growing web of interoperable connections within the BTP Working Group.
BTP is ICON’s flagship interoperability solution, technology that is both decentralized and trustless, and is secured entirely through cryptography. With the addition of Algorand, the BTP ecosystem now comprises the Algorand, ICON, Binance Smart Chain, Polkadot and Kusama ecosystems, Harmony, Near, upcoming sister-chain ICE, and canary network SNOW. All existing integrations will be directly connected to Algorand, while Algorand’s integration will connect them to all of the BTP partners. As ICON continues to expand this interconnected web of public blockchains, it becomes increasingly attractive for additional projects to join our ecosystem.
Applied Blockchain will partner with ICON to deliver the Algorand BTP integration, developing all the necessary smart contracts for the BTP integration, as they are highly knowledgeable and experienced with the Algorand blockchain and smart contract architecture. Applied Blockchain is a development company that builds production-grade blockchain applications ranging anywhere from bridges to NFT marketplaces to DeFi protocols.
Integration with Algorand opens a door of new possibilities for the ICON ecosystem and ICX holders. ICX holders will now be able to bridge to the Algorand blockchain and utilize their protocols. The same can be said for Algo holders coming to the ICON blockchain. Assets from the Algorand ecosystem such as Algo and/or YLDY can now be wrapped and brought to ICON native protocols, where you can utilize them by trading on Balanced, lending/borrowing on Omm, generating additional yield on Optimus, etc.
ICON was awarded this grant as their proposal supports the creation of critical DeFi infrastructure. ICON operates in South Korea and our partnership also expands our relationship and reach in East Asian markets. The ICON blockchain will allow Algorand users to transact with other blockchains and vice versa, providing opportunities for the development of complex DeFi use cases or value chains.
The “usability” of our bridging solution and the technicalities include;
- Priority chains for Algorand such as BSC and Polkadot, but also connect them to additional chains
- ICON’s bridging solution is bidirectional
- BTP is secured entirely through cryptography, and our solution is both trustless and decentralized
- ICON has a team dedicated to building the highest-quality UX for our bridging solution
“We’re excited to partner with ICON and welcome them to the Algorand Ecosystem. The grant award to ICON will ensure the development of key DeFi infrastructure and opens up opportunities for further collaboration and innovation. We look forward to our partnership which will bring value to our respective communities.” - Addie Wagenknecht, Head of Global Ecosystems and Technical Operations
Founded in 2017 by the ICON Foundation, ICON is a next-generation blockchain protocol with smart contract functionality and interoperability. ICX is the native cryptocurrency of the ICON network. As an aggregator chain, ICON achieves interoperability— a web of interconnected networks aggregating all blockchain data into one layer. ICON’s “Blockchain Transmission Protocol” (BTP) is its novel interoperability solution, allowing all integrated blockchains to be interconnected to each other. Current BTP partners include Binance Smart Chain, Polkadot, NEAR Protocol and Harmony. ICON also has a growing DeFi ecosystem that includes projects such as Balanced DAO, Omm Finance, Optimus Protocol and Equality Exchange.
For more information about ICON, please visit https://icon.foundation
About Applied Blockchain
Founded in 2015, and head-quartered in London, England, Applied Blockchain is a leading blockchain development specialist. The company has designed, built, deployed and supports over a hundred blockchain solutions for clients including Shell (also an investor), Barclays, Vodafone, KLM, Toyota, the United Nations, Chainlink and others. Applications range from DeFi and NFT platforms, through to supply chain provenance, payment, identity and wallet solutions. The company has technical specializations in a range of blockchain platforms and technologies, and advanced privacy technologies such as zero knowledge proofs and hardware secure enclaves. For more information, visit https://www.appliedblockchain.com.
About Algorand Foundation
The Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists. With core beliefs in the establishment of an open, public, and permissionless blockchain, the Algorand Foundation has a vision for an inclusive ecosystem that provides an opportunity for everyone to harness the potential of an equitable and truly borderless economy.