ICONSENSUS: Announcing P-Rep Pre-Voting
The ICON Ecosystem has witnessed the community-driven movement and international participation as we approach a monumental moment of decentralizing the ICON Network. Prior to the on-chain election, the ICON is pleased to announce the P-Rep Pre-Voting event from August 26th to September 24th for 30 days, allowing ICONists and P-Rep candidates to experience and understand the voting process to delegate their stake to the right candidate to become a public representative.
During the Pre-Voting Period, ICON will be giving away up to 3 million ICX as a reward for early adopters of staking and voting. The P-Rep candidates can register on-chain and start accumulating delegated stakes, while all the participating ICX holders will receive the voting reward. Anybody holding ICX during the Pre-Voting Period has the opportunity to stake and delegate their tokens to earn their share of the giveaway.
1. Pre-Voting Period
- Begin: Block height: 7,560,000 (2019 August 26th UTC 05:00)
- End: Block height: 8,856,000 (2019 September 24th UTC 05:00)
2. Guidelines for ICONists
- ICONists will be able to vote directly through their ICONex wallet via an updated UI/UX to support staking and delegation.
- ICONists who participated in the Pre-Voting are eligible to receive a voting reward calculated every day, which will be distributed from a total of approximately 3 million ICX reward pool.
- How to Participate: Check out the ICONex Wallet Tutorial on the Pre-Voting event page
3. Guidelines for P-Rep Candidates
- Any individual or team who wishes to be a P-Rep candidate during the Pre-Voting period can pre-register as a P-Rep candidate on the ICON Network on-chain.
- On-chain registration will require a 2,000 ICX registration fee, which will be burned effective immediately.
- Delegated stakes through Pre-Voting will be accumulated until the on-chain elections in September. The P-Rep rewards, including delegation reward and the block production reward, will be available only after the implementation of decentralization and the election of P-Rep candidates. Please note that during the Pre-Voting, there will be no representative reward as P-Rep candidates will not produce nor verify any blocks as P-Reps.
- Early Registration is highly recommended.P-Rep candidates can register when the block height is 7,560,000.
- ICON Network decentralization will be activated at the block height of 8,856,000 assuming all of the top 22 P-Rep candidates have received at least 1,600,920 ICX in delegation.
- How to Participate: Check out the Pre-Voting Guide for P-Rep candidates for how to install nodes and related documents
The purpose of the Pre-Voting period is two folds. Firstly, in the spirit of decentralization, ICON will be giving away 3 million ICX to further dilute ICON’s percentage ownership of the network and give more power to individual ICONists that participate in this early adopter program. During the Pre-Voting Period, ICON will be diluting itself in order to give more power to the individual ICONist.
Secondly, this is an opportunity to stabilize the network prior to launch by allowing votes to balance out between all P-Rep candidates. ICONists are strongly encouraged to spread their delegation across multiple P-Reps to prevent the centralization of power.
The ICON Foundation is excited to see how close we are to achieving a decentralized network and look forward to seeing how ICONists vote.
Vote, Spread, Disrupt
Join ICON Community
The ICONSENSUS Election Campaign is led by the ICON community. Currently, the icon.community telegram group has been actively discussing not only information about the elections, but also discussions with P-Rep candidates and about the future of the ICON.
If you have questions about Pre-Voting or Election, contact Community Manager for help.