The ICON Foundation, the non-profit entity in charge of the development of the ICON blockchain ecosystem, has announced that the second phase of the P-Rep TestNet, which began on June 5th, will continue until July 30th. The first phase ended on May 17th.
Those interested in taking part in the 2nd phase of the TestNet are supposed to send in the application through a provided online form.
The TestNet process is meant to induct and take individuals as well as companies that want to play the critical role of maintaining the ecosystem, through how the core protocols work. More importantly, it is another opportunity to test the systems and catch software bugs before they are used to transact critical data and high-value digital assets on the MainNet.
On the ICON ecosystem, P-Reps (a shortened form of public representatives) will perform the critical functions of overseeing the governance structure. They will vote on changes that may need to be done on the core protocol. On day to day basis, they form a consensus on the status of the shared ledger in real-time through a form of delegated Proof of Stake (dPoS) consensus algorithm.
Once the ICON Loopchain network is up and running, the P-Reps will be elected. Every community that joins the ecosystem has the opportunity to elect their own P-Reps to represent them in the more extensive Loopchain Network.
ICON is a third generation blockchain project that seeks to solve the significant challenges that have come apparent from the implementation of early blockchains. In particular, the project is designed to provide immense transactional throughput.
Using the Loopchain protocol, communities can build customized blockchains that meet their specific needs, including running decentralized applications (dApps) and smart contracts. Meanwhile, each of these different blockchains can connect and transact with others in a federated structure.
The system includes decentralized exchanges (DEX), through which different communities can exchange digital assets of various kinds domiciled on the blockchains in the larger network.
ICON launched in 2017 on the Ethereum blockchainand managed to raise close to $50 million USD through an ICO. The project has already made several critical steps towards achieving its objectives. Doing a successful 2nd phase TestNet with P-Reps will be another milestone on the roadmap.
In recent months, the dev team has released multiple code implementations. The project has also formed critical partnerships with entities from around the globe. On June 5th, the ICON Foundation announced the latest such collaboration with Chain Partners, a company driving innovation in financial technology.