The latest episode of The RHIZOME Report is live. In this episode, we discuss ICON’s office reopening in South Korea, IISS 3.0 approval, Min Kim’s interview with Alex Saunders, the ICON DApp Alliance, and a MetrICX update.
Welcome to another episode of the RHIZOME Report today. Me and Brian are going to get some updates within the icon ecosystem, such as the recent passing of IISS 3.0 men. Kim’s recent interview with Alex Saunders of Nugget News and some more updates. So, Brian, are you today? How’s everything?
I’m good today. It’s really sunny out here today and very warm. So this is actually the second time we tried to record this podcast. And I think the day that we originally recorded it, it was pretty rainy over here and it was nice where you were.
So bit of a tradeoff, I guess. I mean, it’s pretty good. You know, still still staying home.
How about you? I saw you were doing some yard work or something.
Yeah, I am actually working on setting up our pool. You know, there’s really nothing else you could be doing in these times. So that’s going to be a bit of a project that’s be cleaned out. Yeah, I say we’re also going to paint it, too.
Are you going to swim laps?
Well, probably. I mean, there’s not a whole lot of activities to do, so mice will make the best use of it and boost your immune system by exercise. Right. I guess we can go and start this off by talking about the elephant in the room. You know that coronavirus. And I can’t actually returning back to work amidst all of this turmoil. Brian, would you like to talk about that?
Sure. Yeah. There was a recent article from Cryptoslate. The title of the post was This top crypto company is returning to work as South Korea. Outbreak slows. I don’t know why they said top crypto company. They should have just said icon or public blockchain project. This top crypto company. It just seems like sometimes the headlines of a bitcoin, right? It’s always. Bitcoin is in the headline. Right.
But when these websites are writing about ICON, it’s always like this South Korean top blockchain company. Seems weird. Should have just written iconic thing. But anyway, yeah, it was just an article talking about how the virus has pretty much been controlled in South Korea and the icon team looks like it’s going back to work.
So I think that’s that’s pretty good because based on what me and said, you know, they had a pretty smooth transition to work from home. But still, you know, it’s a it’s a change in in the workflow and how things get done. So now the team is is going back to work, at least the team based in Korea. And just as a secondary point, crypto slate also mentioned that the virus is actually affecting a lot of other firms in the industry. So they were saying that consensus, which is the development studio focused on Ethereum, they recently laid off approximately 14 percent of its workforce.
So, wow. Yeah. So it’s quite different than what ICON is going through.
But life is going back to normal and people go into work. So, yeah, that’s great for the icon project. I think yeah, I think it really shows ICON’s resilience. We’ve been in crypto winter for quite some time. And, you know, the fact that ICON is getting back to work and actually, you know, expanding, like you said a little bit while other projects, you know, we’re seeing them pretty much fade away. It really shows not only how well funded ICON is still. Yeah. But just its resilience going beyond ICON.
I think it also shows the forward thinking mentality of the country. And that’s a great environment to be working in as a company that is exploring new technologies.
They responded really quickly to this and through technology, you know, contact tracing, testing, just basically being on top of things that allowed them to get back to normal. And I think that’s also the mentality that’s going to push the adoption of blockchain within the country.
Absolutely. So I guess we’ll just go and go to our next topic recently, or anyone who has not been living under a rock, IISS 3.0 was approved by seventeen out of the twenty two main p’raps, IISS 3.0 approval.
I don’t think this was really a surprise to anyone.
Right. Initially when the proposal came out, there was a lot of pushback from some teams, including ours.
And since then, the foundation has really taken a lot of that feedback and made some really important changes to the economic structure of this new proposal.
So whether that’s reducing the bond requirement using.
Three through instead of square root to calculate the contribution proposal fund. You know, it just really shows that the foundation was listening and as a result, the proposal pretty much passed unanimously across the board. And yeah, we’re looking forward to the implementation of this new economic structure.
Last I heard, the estimates were somewhere around September, October.
So closer to the end of this year.
And there was some community flooding about teams who didn’t participate in the vote. That’s not because they didn’t want to or they didn’t care. It’s just because the way that the system is currently setup, the voting basically shuts down after the 17th team has voted. So.
Right. I think that’s important for listeners and people to distinguish. There’s no need to go and attack some of these teams, like you said earlier.
I don’t think the passing of this proposal was really any surprise.
I’m personally glad that the foundation was quite receptive to not only some of our feedback, but no feedback from other I contest and other p’r’aps. So I guess we can go ahead and move on to our next topic, which was Min Kim’s interview with Alex Saunders of Nugget News. Just to give a little bit of background, like many kemba’s been really on a tear lately with the maze interviews and just really being super active within the community.
Yeah, he’s been doing a lot. Yeah, yeah.
It’s something that I think personally is really great to see.
And I’m sure some longtime icon us who’ve been around for a while would really appreciate it too.
Yeah, lots of publicity lately. For sure.
I think this was a really good interview, though, that he had with Alex. You know, one thing for me that I’m glad Alex asked and Min actually touched on, because I always see this being asked within the icon community. And, you know, that’s icons, real yield. You know, when people new to the community join in, they see this figure of seven percent. And, you know, everyone seems to be confused by it. And, you know, when you refer to that figure actually being icons, real yield, it seems to kind of scratching their heads. As Ben pointed out. You know, it’s not really too complicated. And it’s important, in my opinion, to actually have an attractive yield. So icon’s real yield is currently about 7.1 percent. Real yield is simply just a nominal yield. For Brian, it’s about sixteen point three percent right now and that is subtracted from inflation, which is about 8 percent. I think those headline numbers are important.
Yeah. There’s a lot of networks out there and Min mentioned a few in in his interview that they advertised the staking number. You know how much cent that you get, but they might not necessarily factor in how much is lost because of inflation. Right. So yeah, it’s really important to have a real yield that is positive because if you don’t have that then you’re basically just relying on only the token price increasing in order to get some kind of return on your investment. So in this next section, let’s let’s go ahead and listen to a few clips of Min and then we can go ahead and discuss his thoughts. I think I have maybe five or six clips over here. So so Korea, you know, in terms of structured products, it’s one of the largest market and with a population of only 50 million people. You know, it is actually very surprising for me to understand, okay, why are Koreans actually putting a lot of money into these kind of risky, riskier assets? But, you know, I think in general, Koreans in Korea is like a very small country where you talk to your neighbors. You’ve also probably heard that, you know, something very high number about 50 or 80 or even 90 percent of Koreans are no doubt Bitcoin and cryptocurrency. So the word actually spread very quickly.
And through social media and through mobile connectivity, people actually learn about these new assets really quickly. So once the word gets out that got that out at a coin in transit was the next big thing. People learned about it. And people really flock into investing into cryptocurrency. So I think the culture is that, you know, I think in a very dense city like so with a lot of population and you have a lot of educated people, very mobile connected people living there. It’s just everything picks up very, very quickly. Yeah. So it’s like Min made a lot of good points there. You know, it’s no surprise. And, you know, actually, South Korea is one of the most technologically advanced countries in the world. When we witness the crypto mania back then in twenty seventeen, you know, you have this highly connected city. And, you know, it’s no surprise that they were actually one of the leading countries in terms of trading volume. Yeah, I think they actually accounted for about 20 percent of all trading volume volume for crypto. You know, during late 2017, those good bulma was definitely good times.
But yeah, I was actually in Korea in twenty seventeen. I was I was there, I want to say in October or September and just going there for like a weekend trip because it’s just an hour or two flight from Japan. And yeah, I just remember being on the train and there were actually grandma and grandpa was trading crypto on their phone. And so they were just like on the subway. And they were in their seats. And I was like kind of peeking over. I don’t know why I was doing that. I think because I heard that grandma and grandpa like to trade crypto. So I was I was checking it out.
That’s really interesting that actually the older demographic is interesting. Do you think it just be a bunch of younger people?
Yeah, I’m sure the younger people were were as well. But, you know, that’s not really shocking. Right. But but, you know, you’ve had like 60 year olds or even older. You know, they’re on their phone watching charts.
Do they have any idea what they’re trading? I’m not sure. But there they are. No, I certainly did not. But since then, I’ve learned.
Yeah, I think trends picked up really quickly there. And you can see it. Right. Like if there’s a certain trend in fashion, it gets picked up like fire. You know, if there’s like a haircut trend, it gets picked up. People are always on the same social sites, you know, stuff that gets posted on there. It just just gets adopted very quick. So I’m sure back in the day and even now, people are probably still paying attention to crypto to some extent.
You know, like I said previously, things can just spread very easily there.
Yeah. So the next clip that we’re going to listen to is the comments on interoperability. Let’s go ahead and see what man has to say about that.
Interoperability is still our our goal. And our first virgin is going to be a public blockchain blockchain interoperability. So we’re actually about to release that version of very, very soon. That’s what our clients have been wanting to see. So we want to be able to show them what we’ve been able to achieve on that front. In the longer run, you know, of course, that we want to be connected to not just, you know, other public blockchain, but also other interoperability block things like Cosmo’s and polka-dot.
So we see a future where, you know, we hyperconnected world where we can successfully integrate with all the other possible blockchain is out there. But, you know, that’s you know, how when we wrote the white paper and when we envisioned that this is a long term vision and we’ve only been doing this for about two and a half years, we think it will take a multi-year project. And it’s quite surprising even today that we are able to show something on interoperability. And we think that in itself is a great success. But like I say, in the long run, we’re going to see interoperability between other interoperability projects, interchange projects. And I think that would be very exciting to see.
All right. Like, the most exciting point that he made in that sound clip is, is the fact that some of their enterprise private chain customers have have actively been seeking a solution to connect to other chains publicly.
I don’t think that’s ever been really confirmed or discussed so much. But the way that Min phrase that, you know, they’re focusing on private to public first because some of their clients are are requesting it. I think that’s a pretty big deal because we know that icon Lupe has had a lot of success, especially in the past year, you know, with their recent what was the eight million dollar round in funding. So it’s clear that on the enterprise side that they’re really expanding and onboarding more people on to Lupe chain based blockchain.
So for Min to comment on that and say that there is. You know, there is active discussions with these enterprises to connect via a public chain and not just because wants it, it’s, you know, they’re asking, right. That pretty much guarantees usage of the public chain at some point in the future if I’m not misunderstanding that. So what did you think about that? Well, it’s definitely good news. You know, that’s what everyone initially invested in icon for. We haven’t had a whole lot of confirmation on that. So it’s certainly nice to hear that there’s some actual interest from all these enterprises wishing to utilize the public shame in some way, shape or form.
Yeah, I’m looking forward to seeing what kind of things happen with the private to public connections. And and I think we’ll see that before the end of this year.
We have BTP on the horizon.
So, yeah, that’s that’s coming up soon.
So hopefully shortly after that, we’ll start seeing some juicy action.
Up next, we have Min Kim commenting on blockchain UI and you ex. This is something that really resonated with me just because it’s something that I think about a lot and I think it’s something that we’ve touched on in the past. It seems like the best way to adopt blockchain is to abstract out blockchain. You know, you don’t want people to have to interact with like H, X, blah. One, two, three, four, five. What the heck is this long string of numbers and words, so. Right. That’s something that we’ve we’ve discussed in the past.
And here are Min’s thoughts on blockchain user experience.
Sure. So with our enterprise applications, we are what we’ve learned is that it’s much better to try to have a token happening in the background. So although it uses a public blockchain from a user experience, why there wouldn’t be a token exchange, it would just be using the software. So this approach has been used by a few, I guess, applications or companies today. And I can def be working out well. I think a good example in South Korea has been a product called Tarrah where they have an application called Chai and you don’t see any tokens or any crypto in that process of sending payments. Similarly, when enterprises are clients, these are applications they would be paying a normal krien ones just just money that they’re used to buy in the back. Then they would be buying and using IE6 and logging transactions through IE6.
So we believe this is you know, I heard the phrase before, the best U.S. is no U.S., right. Or that’s new life, no UI. So what we’re trying to do is we’re trying to create a super easy for our enterprises to adopt the public blockchain without even realizing that they’re using blockchain.
I think they’re taking a very good path with that. You know, one of the key obstacles hindering adoption in general is there being so much friction, which I think, Brian, you actually wrote a post on your blog a while ago about that.
Oh, yeah. Yeah, I think you’re right. We should link to that in the show notes. This is really important. And I think it’s the way to go in order to achieve mainstream adoption. You really need to shape your product in a way that targets the mainstream. So, you know, you can put all of your code on GitHub. You can say here are the instructions where you can deploy your own blah, blah, blah. That’s really cool for for people who like to tinker with code, but that’s not going to appeal to the mainstream at a level that that can result in significant adoption of your product. So the fact that they’re trying to to abstract out blockchain, I think that’s really important. And that’s that’s actually what they’re doing with broof. And I think that’s part of the reason why broof has has been popular with several institutions in Korea. It’s if you haven’t checked out broof before, it’s basically you make an account and you actually don’t need to pay with icy X tokens. You know, you just pay with your credit card or bank account and you get a specific number of credits that you can use to issue these certificates on the blockchain. So if you were using, bruv, you may not even have to know that there’s anything on blockchain. You just know that this technology is guaranteed to not be able to be falsified or can’t be duplicated. You know, it’s recorded somewhere that’s permanent and true and. You don’t even have to know it’s decentralized. Now you just need to know that this is a new standard for issuing diplomas in a way that is safe and secure. So when you market the service like that to a school, I think that’s very powerful because just last week, actually, I was talking to one of my good friends, sister, and she works she works at a really notable private high school on the East Coast. And I was trying to explain this broof thing to her and she got it. You know, she’s like, oh, this is cool. Like, this might be something that people would use here. But she actually asked me for more information about the underlying technologies because she was just interested in learning about new things I was explaining like decentralization and how the transactions are processed by all these different nodes across the world. And, you know, you have to get two thirds of the nodes to agree on the same block in order to form consensus. When I got that deep, all of a sudden she just stopped paying attention because not a lot of people care about that.
And that’s something that people working in blockchain really have to understand. And I think icon really understands that. You know, between broof and visit me and other things that they’re working on, there’s no like right now it’s early. It may not be the best you X, but the direction is it is the correct one.
So they’re going in the mainstream direction and conscious like, hey, here’s all the code on GitHub. If you’re a dev, you can go ahead and download and spin it up. That may work for some things, but definitely not for mainstream blockchain adoption. Yeah.
Like you’re said, you know, I think somebody who’s not really involved in the blockchain space, you know, when they hear the word blockchain or they immediately think of a, you know, illegal silk road, what have you. So someone who’s involved like ourselves, like the most immediate saying that comes to mind is, you know, immutable, tamper broof. I think it’s definitely something that Ikon has taken note of. Yeah. And they’re focusing on. But yeah, just in general, like you’re pointing out, we’ve seen a lot of adoption of broof lately. And actually in our previous episode, Min had an A.M.A. with Beaky exchange. And we learned that thirteen other companies and institutions have been using, bruv.
Yeah, I think the most important thing for blockchain user experience, you know, you’re not. You don’t market the primary effects of it to the mainstream. You market, you know, the secondary the secondary effects that are derived from things like decentralization. So the things that are derived because of that are things like safety, security, tamper broof, broad broof, stuff like you said. So those are the terms that will appeal to people, you know, as you just say, oh, it’s secure and it’s going to save you time. You don’t say, oh, it’s gonna save you time because it’s executed on a smart contract on a bunch of different nodes across the whole world. So, yeah, let’s move on to the next clip. We just have two or three more here. And this one is about the new L.F. T2 consensus algorithm.
What’s very interesting is that, you know, when I explain it to people, I try to put it in the easiest term as possible. But simply put, a traditional p_d_f_ consensus algorithm requires a three step process or two step communication process.
So there’s a lot of messaging that is happening, going between different validators. It needs to be exchange in order to verify transactions. What we found is a way to modify this traditional PBF the algorithm by lowering the communication steps from three to two steps and doing just doing that. We’ve been able to significantly improve performance and reduce network load or latency and increase or put the algorithm has been audited by the one of the cop. Technically, university calls Kayce in South Korea and they gave a stamp of approval, which was just very cool. But you know, all in all, it’s you just have to think of it as we’ve reduced the messaging processes that it takes in order to validate a transaction.
Yeah. So L.F. T2 is a topic that we touched on in the last episode I believe or.
Yeah, the one it was. Yeah. So if you have more questions or you’re wondering about what the heck L.F. T2 is. You should definitely go ahead and check out that episode. But quickly, like what Min is saying, it’s reducing the number of messages from from three to do. So if you don’t know what the messages are, basically in order to form consensus, all of the 20 to P rep nodes that our main p’r’aps have to communicate with each other to to decide whether a block is valid. So think about like if each of those paths of communication required three steps in order to get to confirm. That’s a lot of messages and it scales up quite quickly. The more nodes you have. So from two to three messages, yes, it’s only one. It’s only a difference of one message. But you have to think of how many knows there are in the system. So in the case of ikon, there’s 22 nodes that form consensus. So so it turns out that moving from three messages to two does actually save quite a bit of time, also saves computational resources and increases the threshold of the transactions per second off of the network.
Yeah, and it’s definitely something that we’ve been seeing get on getting a lot of coverage. I think Mineable recently made a video as well and we’ve seen a lot of press outlets pick up on it.
I could be completely making this up, but some Austrian news Web site or something made made a post about Lefty, too.
Did you see that? Yeah, I don’t remember the exact length, but yeah, I think someone share that and telegram.
Yeah, that was just a bit surprising because historically huge ikon news has never made it to let alone crypto sites.
Right. Right. I’m not sure if this this particular website was was a crypto website. I’ll have to take a look into that.
But but yeah, just in general, we saw quite a bit of coverage of L.F. T2. Let’s go ahead and listen to these last two clips here. This one’s kind of long at three minutes. It’s a beaut brief.
And my idea to. So there’s some. Today, I would say we’ve actually created some very meaningful, decentralized I’d be suite of products. There’s a product called Roof. It is a digital certificate system currently used by twenty fifteen enterprises. This includes Post Tech University, which is one of the top technical universities in Korea where they gave out university degrees or diplomas using ah ah icon. A system where we have a company costs Harman. It is the largest job placement platform in Korea using broof. So broof allows enterprise clients to issue, manage and use certificates. And like I said, it’s been getting a lot of press attention recently, especially with coronavirus, where, you know, the all the graduation ceremony has been canceled. So universities like post-attack have been using broof in order to issue diplomas to their students. And this all uses the icy X or the icon protocol at the moment. Another product is called Visit Me, Visit Me is a application that is for building access. Management is now being tested with 50 buildings in South Korea. And even it includes our own headquarters and it means simply reduces the building check in process or the time. And then we also have MyID MyID is the first bank grade or kill? I see great personal ID that’s supposed to replace physical ID such as driver’s license. So MyID has been approved by the Financial Services Commission, which is like the SCC of South Korea under the fintech regulatory sandbox. So this is a very unique license that only we’ve been able to get at least up to this point. So right now, I can do leads. We’ll be calling my IP alliance. It started out with thirty nine enterprise clients is the largest consortium that we know of globaly. And it’s, like I say, started with thirty nine. But now they have fifty seven members, including the names like, you know, like Samsung Electronics and some of the top things, including Shinheung Bank. So, you know, all in all, we’re not actually about the numbers game. We focus on actual meaningful use cases of these applications. And I don’t think a lot of those numbers are actually being captured by these stat review sites yet. But still, I mean, we’ve been doing great with just other public blockchain applications such as games. And, you know, we have a DEC’s decentralized exchange that’s been that’s being utilized. So, you know, there are other very interesting, community driven, decentralized applications. But, you know, we internally, we focus more on these enterprise applications.
I do have some general thoughts about what Min said, especially the part where he compared MyID to the driver’s license. So the driver’s license is pretty much across the world. A very important form of identity, at least here in the states, especially. You know, if you go try to buy some alcohol, they’ll ask you for your driver’s license or your ID. But normally people default to their driver’s license. And now they’re also moving to the Real ID here, which you’ll need in order to take flights.
If MyID is seeking to be a form of identity, that is equivalent to what a driver’s license represents. In today’s world, you can’t get more mainstream than that because everyone who can drive has a driver’s license. And there’s a lot of people who can drive for people who don’t drive.
You know, they also have the form of ID, which MyID would also be able to stand in for just a point about how slow things are with the driver’s license, because the driver’s license is a physical object.
Right. And it can’t really be used in a digital sense past the point of, you know, someone scans the barcode on your card. But I can’t really be integrated into complex, smart contracts that are triggered after your identity is verified. So I think the scale that MyID is, is targeting in South Korea means. Right. Like it’s not on any of these DAP sites because because it’s not a service that directly runs on the. Public chain, but the idea of having an identity method that is essentially in everyone’s phone that’s built on top of loop chain with future potential applications that use the public chain in mind.
No, that’s completely mind bogglingly huge for the icon public chain. So just in general, you know, you mentioned the DAP sites. Yet none of them are talking about it. I just think overall there should be some more awareness of how big the alliance itself really is.
Yeah, I think so.
And like something that Min said that really stuck with me was if you find one really good use case, the transactions that that that use case will bring to the public chain can completely outnumber, you know, all the stuff that is happening now. So so we talk about like, let’s build the next app, love up line.
You know, I’m not convinced that a DAP is going to be to be built that will supersede the amount of transactions that something like my idea would bring to the table, because the potential with that is really huge. Right.
They’ve every single person has MyID by default.
That’s millions of transactions that could potentially happen. Right.
Right. And also the timing to, you know, just looking at what’s going on in the world.
Yeah, it’s really great timing that my conspiracy theory is that Cauvin, 19, was developed by Ikon Loop.
I’m just kidding. Yeah, I’m seriously joking. I know that it’s really, really great timing, right? Because now they’re coming out with an ID that is approved by the FCC that will be equivalent to things like the driver’s license. And now we live in a world where everyone is trying to reduce the number of things that they touch.
So in terms of ID like maybe in a future world, you no longer have to put all of your germs on your passport and then hand it to someone when you’re trying to get flight or maybe you’re at the bank, you’re trying to prove your identity. You don’t have to hand them your driver’s license. And I’m just thinking about stuff like that. You know, you can see the practical advantages of something like MyID. So, yeah, you’re right. It’s a great time.
There seems to be a lot of interest in it, too, you know, not just from all the companies and institutions aboard the alliance, but just the fact that, as Ben pointed out in that clip you played, it’s been approved by the pretty much the S.E.C. of Korea. ICON is actually the only one who has really been allowed any sort of, you know, authorization to be able to use that technology under their fintech regulatory sandbox, which, you know, it’s actually kind of unique.
It’s not something it’s new. I guess I should say, yeah, it’s very significant that they’re the only entity that is allowed to do this and. Right. And maybe it makes sense because how many entities issue passports and licenses and that you know, it’s always I guess in the case of driver’s license, at least in the states, you know, it’s issued from the government of the state.
Now, it’s not a federal thing, I think. Well, yeah, I think it makes sense to at least in Korea, since this is a new technology, you know, to have one player who is clearly doing well in the space to to handle this this kind of thing. So on the plus side, if this gets going, then. Moon But on the opposite side, you know, if this doesn’t end up working out, then I might have been a huge sunk cost or something, right. For for the company. So but I’m pretty I’m pretty optimistic about the future of MyID. Like you said, all of these companies in the alliance are in the billions and pretty sure the people who are in charge of those companies.
No, no, that’s coming on. So, yeah, that’s it for for the Menkin clips. But we’ll definitely put the link to that video in YouTube in case you wanted to check out the rest of the video. I think there were maybe three or four more topics that that they discussed. So I would definitely recommend going ahead and giving Alex the subscribe. Giving him a light because it really was a great interview. So next, we want to move into the next topic and. Will’s going to give us a quick outlook on the Icon DAP Alliance.
Yes. So recently we learned that the icon DAP Alliance has been formed. The founding members were we block signal nine stage and some sing, you know, many I contest really recognize all of those entities. We Bloch’s actually a top peer up and stage and some saying have been generating large amounts of transactions on the iconic public chain through their daps. I think it was about two weeks or so ago, the icon DAP Alliance members we block stage and some sing and Saigo Nine. They basically had a zoo meeting and whenever discussions on various topics relating to the icon DAP Alliance, you know how to become a member. What what everything would entail and the purpose behind, you know, forming this alliance to keep it short. I think the reason the core reason behind this alliance is just the fact that we really don’t have a ton of daps in the icon ecosystem. And I think this alliance is really realize that. And, you know, it’s going to be good to be able to help Usher and create more daps through collaboration. Brian, did you have anything you’d like to add to that?
Yeah, I think collaborations like this are important for several reasons.
And I think the biggest reason and this is just an observation, it’s not meant to be a criticism. You know, there’s not a lot of developer support from Eichhorn, so.
Now, there are some some projects out there that of you basically have direct contact to the core devs, and that’s not the reality with Icon. And I’m not sure if that’s mis allocation of resources or whether the foundation feels that the documentation that we have is good enough. I pretty much frequent the Icon Dove Telegram group maybe a few times a week. You know, I’m not really a dove, so I might in there a lot. And the people who are always answering questions and there are people like spleen, geo from combat and even our very own Andrew Burns, as is often in there answering questions. So I think that in terms of developer support. That’s definitely one weakness I can think of at the moment. Just because I think it would really be great if that group was staffed by an icon of, you know, maybe one who works in a pack and then one who works in the U.S. time.
So anyone who has questions can can immediately ask and then get a quick response, because I don’t think anyone knows how things work more than the people who build the product. Right. So in so to have some kind of support presence would would be great.
So maybe that’s part of the reason why this DAP alliance is forming. You know, they’re trying to maintain the development and operation of daps. And I think the idea is to help people with good ideas achieve them, because I think we have a lot of improvement on that end that can happen.
So, yeah, I’m I’m happy that this kind of this kind of alliance is taking place because we block stage something and signal one. You know, they’re involved with building dops. They’re involved with auditing the smart contracts and et cetera. So between the teams, they have a lot of knowledge about how I can work. So they can definitely help out a lot of incoming devs. I think.
Yeah, and just going off what you said earlier in terms of poor documentation, you know, not having the actual icon team in that channel. Just not having that documentation. It would probably lead to, you know, some people knowing a few things and you know, you’ll be trying to figure that out.
But you know, there may be some solution that isn’t in the documentation that, you know, someone may know just from trial and error. That’s a really good point. And I think that documentation is like possible. And I feel like I’m actually in a good position to say that because I’m not a developer by trade. But I was able to read through to Infinities blog, which actually isn’t documentation, but I was able to read through his blog and then I was able to read through the SDK KS specifically the Python one.
And you know, I read through the SDK docs on Ikon Dev Dot Io and I was able to to build some stuff.
But in that time I actually did have to reach out to Andrew. I did reach out to spleen and I was able to get help from them. And I think it would be good to have someone from Ikon just, you know, their main job is developer relations, which a lot of big tech companies have, like a W.S. Google cloud.
You know, all of these infrastructure providers have people who specialize in talking to devs and seeing, you know, what issues they have, what things that they think can be improved. So I hope moving forward, maybe we’ll see some sort of staff in that kind of department.
So for a final topic, we actually have an announcements regarding the latest MetrICX upgrade.
So, Brian, would you like to talk about the upgrade?
Sure. MetrICX is rebranding to Tron now. I’m just kidding. Yeah. So we recently updated the notification system for MetrICX. So previously if you received a deposit or if it was time to claim your eyes score the the notification would actually be 1 to 5 minutes late. You know, a notification that’s 1 to 5 minutes late depending on the use cases. OK, and some other use cases. It’s not like imagine if you had a had a system that was suppose to notify you when a missile is coming and it was 1 to 5 minutes late. You know, it might come after the missile has exploded. So in that kind of use case, you know, you want immediate things. Metrix is not as crucial as a missile incoming. But at the same time, I think there’s definitely room for improvement. So we have actually improved the notification lag down to 1 to 2 seconds depending on exactly when the block is produced. So you can expect to see a notification 1 to 2 seconds after the production of a block.
We’re processing about 30 blocks a minute on the service right now, which is in line with ICON’s block time of 2 seconds. And we plan on releasing this as a service to anyone who wants.
To subscribe to an activity that’s on chain. So the notification system itself does not run on chain. But you can use it to subscribe to any activity that takes place on chain. So I think some people thought it was on chain and they were like, why isn’t it making any transactions? No, it’s a notification system for things that are happening on chain. So we hope to see this become a standard for any applications that need this kind of functionality. So, you know, if you’re building a payment DAP and you need a notification. Once the receiving party has has custody of the funds, you can just use this.
You know, you don’t have to build your own build your own system, which is just extra work. Like, why do that when you can just access this with a single API call?
So in the future, we plan on having a portal that will allow developers as well as people who just want to experiment with it to create a web hook for any on chain event that they want to subscribe to. And right now, those events are basically either normal token transfers or contract calls like claiming I score. So you can filter down to very specific things that you want to subscribe to.
So I think it’ll work for many use cases and hope to see some people adopt it in the future.
Yeah. Andrew has put in a ton of work on this upgrade. It’s actually been an effort that’s been going on for about a month or two, start to see it finally done. But also, Andrew asked me to clarify one other thing. I’ve had a lot of people reach out to me personally and also bring up in the public shop that’s, you know, every time they open the app MetrICX, when they input their address and hit save whenever they close the app, after doing that, they would have to manually reenter it upon opening it again. Andrew wanted me to say that he’s working on a new cloud storage solution. So here in the future, that should not be really a problem.
I think Andrew has put in an exceedingly high amount of work into this.
You know, this particular upgrade basically required rewriting the whole back end of of MetrICX. So, yeah, it’s it’s a great upgrade. And you know, right now we’re almost, I think, a one thousand five hundred devices for metric. So in our constantly growing and people are downloading it, people are using it. So icon community is growing strong.
Absolutely. Brian, is there anything else you’d like to get into before we wrap up now? I think that’s it for today. So if you enjoyed this episode, be sure to subscribe to all of the necessary things Apple, podcasts, YouTube, etc. and yeah, feel free to let us know if there’s anything you want us to cover in the future.