ICON Foundation to Participate in ICONSENSUS as a P-Rep

The ICON Foundation is excited for the upcoming decentralization in September. As the election approaches, many potential P-Rep candidates and community members have asked about how ICON will be participating in the ICONSENSUS Election.

In order to continue ICON’s work long into the future, and given the non-profit nature of the foundation, ICON will be using up to 3% of the total supply to vote for its own node upon the decentralization of the network. This amount will be carefully controlled because this amount should not affect the decentralization of the network.

This is in line with what some other protocols have done. For example, at the time of writing, ZCash takes a “Founder’s Reward” from every block and the Tezos Foundation runs 8 “bakers”, accounting for ~30% of block production, on the Tezos network.

This decision was made after thorough consideration with the goal of aligning the interests of the Foundation and the community, ensuring a smooth transition to decentralization and supporting the growth and development of the ecosystem.

Over the course of time, this will result in the dilution of ICON’s ownership percentage, leading to greater decentralization as the network matures.

The ICON Foundation has submitted its Delegate Proposal to icon.community. The details can be found below:

>>>ICON Foundation’s Delegate Proposal

We look forward to the election in September and hope to see strong voter participation when the time comes.

Thank you,

Vote, Spread, Disrupt

ICON

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