ICONLOOP Unveils PARAMETA, Its Own Blockchain Framework
June 16, 2022, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, today unveiled PARAMETA, its own blockchain framework.
Like Cosmos SDK from Cosmos or Substrate from Polkadot, ICONLOOP's PARAMETA is a blockchain framework that makes it straightforward to build a blockchain mainnet tailored to a range of business requirements. The name carries two meanings at once: "parallel blockchains for metaverse," and a framework that lets you build a blockchain easily through parameter configuration.
PARAMETA is built on loopchain, ICONLOOP's independently developed engine containing all of the company's core blockchain technology. Through validated modules, a range of tools for mainnet construction, and interoperability solutions for connecting blockchains, it lets any business build a customized blockchain optimized for its needs. As a full-package blockchain toolkit supporting development across every layer from L0 to L4, it makes both public and private blockchains fast and straightforward to build, and its interchain technology and BTP (Blockchain Transmission Protocol), both developed in-house by ICONLOOP, allow businesses to interconnect with a variety of blockchains.
PARAMETA also provides all the technology needed for Web3 business along with comprehensive support for more efficient blockchain operations. It supports smart contracts tailored to a range of business requirements — FT, NFT, DEX, AMM — as well as the various supplementary technologies needed to build real services, including BFS, PDS, and Vault, while guaranteeing fast processing and block finality through a proven consensus algorithm. It further provides readily customizable token economics and fee systems, node management and operations on your behalf, and support in responding to network conflicts and incidents.
Behind ICONLOOP's ability to provide this full-stack blockchain technology lies technology already validated for stability across numerous public and private blockchains, together with the expertise of having successfully driven global blockchain projects. The flagship example, the global blockchain project ICON, is an interchain-focused network built on loopchain, ICONLOOP's independently developed blockchain engine; its stability has been proven through uninterrupted operation even after full decentralization across more than 150 teams in some 70 countries.
Forking an existing mainnet can make initial rollout straightforward, but once modifications to the fee structure, token economics, or governance begin, development difficulty rises to the level of building a new mainnet, and stability can suffer. Depending on an existing blockchain also means that any incident affecting it can cause uncontrollable damage to the business being pursued. Avoiding these risks ultimately requires building a business-specific blockchain mainnet, and ICONLOOP intends to actively support that through PARAMETA.
The first mainnet to be built with ICONLOOP's PARAMETA is the HAVAH project. HAVAH — an interchain NFT entertainment platform connecting NFTs issued on chains across gaming, social, finance, and other domains — chose to adopt PARAMETA precisely to head off the risks that can arise from forking an existing mainnet. Through PARAMETA, HAVAH applies the full range of modern blockchain technology, from blockchain platform and interchain to blockchain wallet, governance and token economics, NFTs, and DEX, with launch scheduled for the second half of this year. The project is being carried out in collaboration between ICONLOOP, the ICON Foundation, and Korean game company 2bytes.
"Through PARAMETA, which brings together our proprietary core blockchain technology, ICONLOOP aims to provide comprehensive technical and operational support so that operators looking to transition existing Web2 services and businesses to Web3, or to offer new Web3-based platforms and services, can build and efficiently run a customized blockchain mainnet optimized for their business," said ICONLOOP CEO JH Kim. "We plan to develop this business as a form of joint cooperation — building the ecosystem together, from consulting through token economics — as a collaborative partner rather than a mere technology supplier."
* Reference: PARAMETA introduction page on the ICONLOOP website — https://www.iconloop.com/parameta/
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