“ICONSENSUS, the Journey Toward Mass Adoption”
ICONSENSUS is a journey toward mass adoption of blockchain consisting of four key items: the election of P-Reps(Public Representatives) to decentralize the network, the election of C-Reps (Community Representatives) to support interchain communication, ongoing DBPs (DApp Booster Programs) to fund and promote quality decentralized applications, and ongoing EEPs (Ecosystem Expansion Projects) to incentivize activities that grow the ICON Ecosystem. All of this is only possible through the continued support, enthusiasm, and growth of the ICON community.
The election of P-Reps is the first milestone of ICONSENSUS. Pre-registration for ICON P-Rep candidacy starts on January 17th, 2019. We look forward to seeing which members of the ICON community register for a chance to become one of the first P-Reps on the ICON Network.
1. Vote, Spread, Disrupt
Decentralization is one of the core principles of ICON’s governance, and it can only be achieved with the help of the community. 22 P-Reps elected by all participating ICONists will have the distributed responsibility of preserving the ICON Network, producing and verifying blocks, validating transactions, proposing and voting on network policy changes, and driving the growth of the ICON Ecosystem. As a result of stake delegation from ICONists, P-Reps gain economic benefits and voting weight.
ICONists delegate their stake to P-Reps through voting. Voting for a P-Rep is a critical action all ICONists are strongly encouraged to take. Every P-Rep may propose different policies in regards to transaction fees, decision-making processes, reward amounts, etc., all of which significantly impact the ICON Network. ICONists who vote will be rewarded with the right to a certain portion of block rewards.
ICONSENSUS, driven by the active participation of ICONists, does not end with the P-Rep election. It spreads with various other projects and campaigns pushing toward mass adoption. ICONists will have additional opportunities to help nurture the ICON Ecosystem through voting on ‘Ecosystem Expansion Projects’ (EEP), which any ICONist can propose for network growth, ‘Community Representatives’ (C-Rep), who will connect ICON and other heterogeneous blockchain networks, and ‘DApp Booster Programs’ (DBP), which would allocate a portion of block rewards to a specific decentralized application.
In the spirit of open source and decentralization, the expansion of the blockchain ecosystem comes down to the community that supports it. ICONSENSUS will lead to disruptive innovation through organic ecosystem expansion driven by EEPs, diversified DApp business models and the connection of different blockchain platforms through C-Reps.
ICONists will play a pivotal role in propagating the disruptive potential of blockchain. Vote, Spread, and Disrupt, this is how ICONists can help push the vision of a hyperconnected world. Get involved in ICONSENSUS and be a part of this disruptive innovation.
2. Reward System in Election
ICONists participating in this election will be rewarded for delegating their stake to P-Reps. Given the importance of this milestone, ICONists should be rewarded accordingly for participating. Voting for P-Rep candidates that determine and implement the right policy is paramount for the long-term development and success of the ICON network.
ICONists who delegate their stake will receive the ‘Representative delegation reward’ according to the amount of delegated stake. This reward is paid in the form of I-Score, which is convertible through the Public Treasury for ICX. The exchange rate is fixed at ICX : I-Score = 1 : 1000. When an ICONist claims their ICX, their I-Score is extinguished and the corresponding ICX is paid to their account from the Public Treasury.
Additionally, the representatives receiving delegated stake will receive a Representative reward. For more information, please reference the ICON yellow paper part 3 — IISS.
Since the P-Rep election is run by the community and for the community, the overall process is powered by icon.community, the community-run election website. ICONists can register as a candidate, browse the candidate list by region, enjoy the latest news, and be connected on Telegram, so join icon.community now!
Vote, Spread, Disrupt