# Interchain Redefined - Extended Decentralization - Henry Lee @ TOKEN2049

- Channel: [TOKEN2049](https://streameth.org/token2049)
- Date: 2018-10-09
- Watch: https://streameth.org/watch/yt-HNLCKfIo76o
- YouTube: https://www.youtube.com/watch?v=HNLCKfIo76o

## Transcript

[Music] hi everyone my name is Henry Lee I'm the head of coal business at ICON and I first just like to express my appreciation for the hosts of this event for organizing sister wonderful event and allowing me to allowing us to talk a little bit about what Ikon is doing so thank you for that so today I'm just gonna talk about few things where we're coming from why are we focusing on interoperability and what is Ikon and how we think the industry is going to move in the future so just a little bit about where we come from so I first entered this industry in 2016 and that's when I first met the co-founder and the founders of the icon so on June of 2016 we've established a company called the loop and the loop was aiming to provide private blockchains solutions to enterprises in Korea so we've managed to be the sole technic technology provider for four of the largest blockchain consortiums in Korea and just by running these businesses we understood that there will be a need for these private blockchains to communicate with each other so that's how I so that's how we got the idea that we need to focus on interoperability so just to share some of the work that we have done with these enterprises in Korea chain idea is is essentially a blockchain identity or blockchain authentication service allowing Korean citizens to conduct any types of financial transactions so in Korea in order to do online banking you will need to sign in and go through a cumbersome process of authenticating yourself through a certificate which is issued by a central ica or certificate authority so what chain ID offers to Korean citizens is a very hassle-free easy way of identification yourself and allowing you to be engaged in financial transactions and it also provided evidence it proved that these group of securities companies can come together to form a consensus about someone's identity or someone's data and without relying on centralized intermediaries Nexus automated insurance claiming service so a group of insurance companies medical IT companies health care providers hospitals and medical centers came together to find a way to use smart contract to automate the insurance claiming process so this was a government-run initiative with government grant and we've completed the pilot testings of the service as of last year and this year is more about gaining more industry participants into the consortium so that this could be this service could be provided to a larger populations in Korea last but not least Ukraine is actually a digital currency used by students in universities in Korea now you coin right now is packed to a Korean Fiat and it allows students to buy goods books and buy things in and out in and around University campus but the broader picture is what they're trying to do is build a block chain based campus where students can use digital currencies to pay for tuitions receive scholarships and even authenticate his credentials on our about certain credits that he took and during the exchange program so that these can be all realized in the future so running these private businesses we've definitely understands the benefit that private blockchain technology can provide but I think the industry as a whole is pretty much divided so I think this is kind of what's happening so obviously 2017 was a year of a public blockchain for the lack of better world world and Icahn actually did an icy Oh last year we've didn't I see you in September of 2017 so last year the focus was more on the public side and less on the private side those who are in the public side often makes claims about private blockchain that it is not a blockchain it is centralized at best distributed and that there are they're not adding any values or innovations to the table however on the other side those in the private blockchains or those who are those who are not fully comprehending or agree with the philosophy of a public blockchain often says you're too slow you're not scalable and you have no standards whatsoever for real-life applications so will this continue and icon I think the wall between these 2's will fall and I think we're already on the road to convergence and we're seeing more and more people understanding and embracing the possibility of these two technology working together so I think everyone is looking for the next platform the next protocol to change at all the next killer application for blockchain but it's very hard to find one these days and at some point someone is going to come up with a product and it will make all the sense for everyone but it's hard to realize that until you actually see the product and what we see or what we believe is that we'll be able to get closer and closer to everyday everyday lives of people when when we could connect real world into all the innovation that crypto world can provide so this is actually an excerpt from a writing that one of our supporters had speculated rationality did it means as blockchain technologies mature and gained widespread adoption a critical requirement will be the ability of various change to communicate with each other to allow greater integration utility and real-world applications so this very much this does a great job of summing up what kind of basic underlying philosophy we have an icon and I think by-by discovered by discovering ways of how these block chains can communicate will add a lot of value to the larger ecosystem so Icahn aims to build a icon essentially is as contract platform with interoperability built int from scratch so Ikon aims to build a global standards for interoperability so basically what Ikon is trying to do is facilitate certain innovations coming in from the public side whether it be an application whether it be a protocol to allow that to be used beyond its silo of the network and I think rather than imagine you're in a world where everyone and everything is built on top of a single blockchain network I think even even consolidation in mind I think there will be multiple block chains with multiple value propositions that could add value to the ecosystem so in coming few months will be really will be very aggressive in releasing our code bases to the developer communities for them to play around and to be engaged and contribute to building building icon but I just wanted to take a few moments to just highlight how we are actually structuring all this so the basic consensus structure that constitutes a blockchain is shared and each product develops products or additions or versions of a loop chain developed a customized feature under this base layer of consensus and we allow unique customizing and added functionalities while maintaining the same consensus models and our smart contract platform will support score EVM JVM and other types of virtual machines to allow different developers to be engaged in our ecosystem so on the right side of the slide it kind of highlights some of the features that we provide on icon maintenance and as I said before we'll be releasing a lot of code bases and the developers will be able to see what we have built so far but just to highlight some of the key strengths that icon provides is a smart contract platform score which is short for smart contract on reliable environment is a smart contract development environment which allows developer to easily and intuitively develop their decentralized applications as I mentioned before we'll be embracing EVM technologies in order to enable developers with solidity based apps to deploy and execute their applications on icon so our consensus model is a variation of pbft consistence model and we use 2.5 steps bf team consensus model that ensures one confirmation find out finality and right now our transaction speed throughput is around 1,000 TPS but obviously we're working at wearing a brain brain storming stage and planning stage to introduce a new type of consensus model where it could dramatically increase the transaction press speed for icon network and another interesting feature is that we can provide flexible fee structures by adjusting the ratio between the service provider and the users this could ensure different types of decentralized application to be built on top of icon I think the fee is a high fee is one of the problem that we face in the existing smart contract platform so this could be an interesting opportunity for deaf developers to try on new things innovative things on icon lastly our platform is designed with interoperability in mind through btp or blockchain transmission protocol we're working with other interoperability projects like a yawn and Wan chain to develop this protocol and we hope that this protocol will become the base layer of any type of communication that is happening between chains so whether it will be an asset exchange between chain to chain or whether it would be a simple exchange of consensus between change to change what we're developing hopefully will become the base layer of all those types of communications so our maintenance launched in January 2018 and now there are about seven projects seven DEP projects that are working to build on top of icon and these three projects on the slide are actually here with us at token 2049 and they'll be here in Hong Kong throughout this week so if you haven't had a chance to talk to them I highly recommend you try to find them I'm sure they will reach out to you but each project provides a unique value add to this industry a one-of-a-kind decentralized application that could be you know called closer to everyday lives of everyone in this room and we're actually in the middle of a pact for where take we're bringing our dab projects along to different cities around APEC region from Sydney now Hong Kong next Singapore Shanghai Hangzhou and to Tokyo and back to Seoul so we're doing to the best of our ability to ensure that these projects become successful to the best of their ability and I think expanding the developer ecosystem and community building is definitely one of the top priorities that we have at ICON at this time so I think this diagram kind of sums up what we have been doing since the inner days of the enterprise and now with the icon foundation we're obviously continuing to work with enterprises to expand the scope of the businesses and also a different types of industry that we can work with and I think 2018 will be a very interesting year typically in Korea because we are seeing evermore interest from all all market participants from government from public sectors from enterprises from IT Giants and unicorns to blockchain developers and even to the public in general they're trying to more understand what blockchain technology can provide and let's focus on cryptocurrencies so to speak so Icahn also has a very ambitious roadmap for this the things that are on the slide are very a few only few of the milestone that we have set for this year and I think as we introduce open up more sources to the opens open source developer communities I think we'll be able to achieve a lot more than what we have on this slide so I think generally speaking our industry as a whole is a very at a very early stage and there's definitely room for a lot of cooperations and I think a step back that type of mentality that allows a industry driven initiative like blockchain interoperability Alliance to happen so we're working with a on and one chain to develop this protocol and we're definitely not competing for market share at this point we're competing for market growth and and I think having having these types of Industry driven initiatives I think those are the key those will be one of the key factors that actually change our make change and add value to this industry so if I've given a brief overview about where we come from what Icahn is why we're focusing on the issue of interoperability and what kind of things we have planned for the future so if you share the vision if you understand what we're trying to do and if you think you can participate or contribute to building this larger ecosystem please reach out to us and we will definitely find a way to work together and I think when we start to see more people who share this vision who realized what we can do and the potential that this industry has we'll be able to get closer and closer to a truly hyper connected and decentralized society thank you [Applause] [Music]