ICON (ICX) and KyberNetwork (KNC) sign strategic partnership
The new strategic partnership is focused on bridging the gaps between different blockchains.
ICON (ICX) and Kyber Network (KNC) have signed a strategic partnership with the goal of bringing together separate blockchains, using a scalable protocol of KyberNetwork's token exchange service.
If it all goes to plan, both systems will get a useful way of stepping across disparate blockchains.
"Even though we only exist on the Ethereum blockchain at the moment, it is important to have footprints in other protocols." KyberNetwork CEO Loi Luu said. "The partnership with ICON enables us to attain this aspiration of supporting cross-chain transactions, thereby delivering utilities of different decentralized applications across chains."
What is KyberNetwork?
KyberNetwork is a decentralised and trustless exchange that aims to facilitate instant conversions of cryptocurrencies with guaranteed liquidity provided via the KNC token. It also aims to promote widespread acceptance of cryptocurrencies as a tradeable asset by improving functionality.
For example, it might offer a transaction and price hedging service to someone who needs to transact between the bitcoin and Ethereum blockchain. This kind of functionality can improve people's ability to use cryptocurrencies as an actual currency, while still taking advantage of aspects like smart contracts or other unique cryptocurrency features.
It's also an essential part of ICON's long-term plans, which depend on a high degree of cross-chain functionality.
“The token exchange system is a key component of inter blockchain ecosystem; exchanges of tokens between independent blockchains is one of our ongoing business goals," says JH Kim of the ICON Foundation Council. "Our partnership with KyberNetwork brings us one step closer to interchain token exchange. Down the road, we hope to connect and support additional blockchains and tokens, eventually taking the place of today’s centralizsd exchange regime."
ICON aims to create an entire cryptocurrency-based ecosystem, building a system that can bring together disparate blockchains and allow for as-needed functionality between them. It's built to be usable as a flexible blockchain solution for individuals, businesses and governments, all of which can be connected to the broader ICON ecosystem.