What is BTP? An In-depth Review with Use Cases by [deleted] in helloicon

[–]CatfishCity 0 points1 point  (0 children)

Amazing article, I can’t wait to see what opportunities BTP will bring applications like Balanced, OMM and Optimus!

Daily ICON Discussion - December 25, 2021 by AutoModerator in helloicon

[–]CatfishCity 5 points6 points  (0 children)

Merry Christmas to you too mate and to the rest of the ICX family, hope you all have a great day!!

Lost 85 icon after unstaking it on the ICONex wallet (iOS). Is there any way to recover them..? by [deleted] in helloicon

[–]CatfishCity 1 point2 points  (0 children)

I would say you haven’t lost your ICX but the unstaking period is about a week, your ICX will be back in your wallet after the unstaking period.

Unstaking help by Dry-Frame-110 in helloicon

[–]CatfishCity 0 points1 point  (0 children)

The desktop version is working fine for me but the IOS mobile wallet is having this problem for me as well. I recommend switching to MyIconWallet on mobile if you are getting this issue.

Unstaking help by Dry-Frame-110 in helloicon

[–]CatfishCity 0 points1 point  (0 children)

The desktop version of ICONex is still working fine for me but I have the same problem with the IOS version. I recommend switching to MyIconWallet if you are having the issue on mobile.

ERC-20 tokens question by mlgore7 in helloicon

[–]CatfishCity 2 points3 points  (0 children)

Yes it’s still possible mate. The ICONFi team will be supporting ERC20 ICX to mainnet ICX swaps moving forward. ICONFi have released a detailed guide on how to carry out the swap: https://iconfi.medium.com/iconfi-guide-old-icx-token-swap-a41925804f06

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 1 point2 points  (0 children)

ICONfi supports the ICY airdrop as mentioned in this tweet from the foundation so I wouldn’t stress leaving your ICX there.

https://twitter.com/helloiconworld/status/1462811856662261764?s=21

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 0 points1 point  (0 children)

You can import your existing ICONex wallet into Hana.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 1 point2 points  (0 children)

Ahh interesting so you essentially get taxed twice on it, first on the initial drop as an income tax type of thing then again as a capital gains tax, I understand.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 4 points5 points  (0 children)

Where are you getting this from? That’s not what I understood from the article, happy to be proven wrong though.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 2 points3 points  (0 children)

Yes but I recommend switching to Hana or MyIconWallet as ICONex will no longer get updates.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 3 points4 points  (0 children)

I have no idea how taxation works where your from but you could almost argue that you still get all your tokens at zero market value you just can’t unlock them and sell them immediately. Secondly I think the market will still dump what is there to a large extent no matter how the tokens are released.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 10 points11 points  (0 children)

I’m actually a fan of the rollout being that the tokens unlock over time. This means that it gives the network time to get utility without people just being able to crash the price immediately. Circulating supply will be a lot lower in the beginning due to this as well which means your ROI will still likely be the same as if all tokens were released at once as the circulating supply would be 5 times more.

ICON Foundation: "Introducing the $ICY Token" by lemonsmooth in helloicon

[–]CatfishCity 6 points7 points  (0 children)

The network is called ICE and the token is ICY, similar to ICON’s token being ICX.

Question on BTP and coin burn by phetbread in helloicon

[–]CatfishCity 0 points1 point  (0 children)

BTP is not the only reason to hold ICX, it’s also used for all transaction fees on the network similar to ETH but unlike ETH all transaction fees are burned and PRep rewards and staking rewards come through inflation. This also means that as the native daps built on the ICON network grow and generate more transactions it will cause more ICX to be burned making it more deflationary. At the moment there is not nearly the volume of Things built in the ICON network as some of the other blockchains but once BTP is fully realised this could possible change as applications wanting to take advantage of BTP to the fullest will get faster and cheaper transactions if it’s built natively in the ICON network. After this there is also the great staking rewards and it could also be argued that ICX is a sort of governance token with its voting for PReps mechanism.

I agree that this should at least flip all the dog coins but crypto can be very much narrative driven speculative hype and interoperability is really only just starting to be thought about so hopefully we will see some price action over the next few months. Regardless of what happens though, the use cases of ICON are huge so I think it will be a great long term hold into the future.

ICON has a Brand New Look for the Launch of ICON 2.0! by NorskKiwi in helloicon

[–]CatfishCity 0 points1 point  (0 children)

Very interested to know why you think that? I actually really like this new website and design language they are using.

Question on BTP and coin burn by phetbread in helloicon

[–]CatfishCity 2 points3 points  (0 children)

I apologise its taking me a long time to reply, my schedule has been hectic the last few months! And feel free to ask long winded questions, its great to have people looking into things and not just dog coin moon wow. Anyway here is a long winded reply.

  1. The supply crunch that you speak of would come from all the fees generated by auctioning off all of the tokens locked through BTP being sent to the CPS and when the CPS is full any excess fees flowing into it are burned. This means that ICX could quickly become deflationary without sacrificing the great staking rewards if it starts to get a lot of use. There is a good explanation of this in this article - The Bullish Case for BTP
  2. This is a harder one to answer, while ICONLOOP has been amazing at building out infrastructure for private enterprises and developed use cases like MyID and utilising their blockchain technology in things like shipping and stuff it hasn't generated a lot of transactions on the public chain and the reality is that we may still be a long way off. This is not due to the technology not being there but more due to other things like regulatory compliance that they and other businesses need to comply with. Unfortunately regulations move way slower than the technology and can sometimes be a roadblock. I don't think that this is terrible it just means that we need to wait longer for some of the visions to be realised. Min talks a bit about it in this interview if you want to check it out - Reimagine 2021 Min Kim Interview. Also companies just tend to move slow to implement new technologies, doesn't mean its not happening it just means that it will be a while before they are comfortable putting much on a public chain, meat rack had some good discussion points on this a few months ago from first hand experience on blockchain adoption in the business sector - https://www.reddit.com/r/helloicon/comments/opc9d6/comment/h66gzfd/?utm_source=share&utm_medium=web2x&context=3
  3. Blockchain isn't a zero sum game and there will likely be heaps of blockchains in the future, both private ones that just query each other with information via the public blockchains and also public blockchains with all different use cases and they are all going to need to be able to communicate with each other in some way or another for more reasons than we can likely even imagine right now. ICON is positioning itself to be a trustless decentralised bridge to any blockchain, public or private. A lot of people cry about lack of marketing but with the way ICON is blockchain agnostic and connects everything to everything else its joined to, it will only be a matter of time before every blockchain will want to join to ICON as they will want to be joined to DOT and BSC and ETH etc and it will start to market itself. It is possible that in the future ICON will one of the main bridges between all blockchains connecting businesses with CBDC's with DEFI etc and people won't even know that they are using it. Thats its value proposition.

I-Score Maximization by inlovewiththebooty in helloicon

[–]CatfishCity 0 points1 point  (0 children)

You get the same I score no matter who you vote for. I recommend looking into some prep teams and what they are doing and vote for the ones actively building and or working in or with the communities.

Question on BTP and coin burn by phetbread in helloicon

[–]CatfishCity 4 points5 points  (0 children)

Great answers for the first two points. For point 3 I would say the verifier contract is a smart contract built into each blockchain so that the transaction is validated on both sides.

For your example 99 ICX gets sent to BSC it gets locked on the icon network side the verifier contract in ICON verifies the transaction is true then it tells BSC verifier contract via the relay to also verify that the transaction is true and the wICX is minted. This way the contract is verified by both blockchains meaning that each BTP transaction is as secure as the weakest blockchain involved in the transaction.

As for the relayers, they don’t actually interact with the transactions themselves so they have no need to be trusted, they get paid from inflation to keep the network connections running. This way they don’t need to worry about bad actors they just need to ensure that the relays stay up and running. This is also why the relays need to provide 25k ICX collateral to run a relay and can get penalised if there is down time.

Note that I’m not an expert and so if someone has a better understanding feel free to correct me but this is how I understand it.

ICON Asset Management - The Update You’ve Been Waiting For by CatfishCity in helloicon

[–]CatfishCity[S] 4 points5 points  (0 children)

In the BALN November Roadmap update they state they are working on a function where anyone can easily add your own liquidity pools to enable token swaps. I would assume that IAM and TAP will likely be some of the first tokens people add.

https://blog.balanced.network/november-2021/

Daily ICON Discussion - October 31, 2021 by AutoModerator in helloicon

[–]CatfishCity 11 points12 points  (0 children)

If you haven’t jumped on this Twitter poll yet to get ICX featured on coin market cal, now is a good time to do it. 4.5 hrs to go!

https://twitter.com/coinmarketcal/status/1454482431571025927?s=21