ICON – the 2017 blockchain project that raised $40 million in its 2017 ICO, aims to build “one of the largest decentralized networks in the world”.
The underlying ICON blockchain aims to bridge the gap between public blockchains such as Bitcoin and Ethereum. In doing so, it will allow independent blockchains to connect with one another without requiring a third party intermediary. This enabling of isolated blockchain interoperability will also be useful in the private blockchain space, whereby ICON is already applying the technology across universities, banks, hospitals, and other real-world sectors.
However, in order to take its journey of decentralized governance to the next level, the project will soon be launching its much anticipated ICONSENSUS event.
What is ICONSENSUS?
Starting in September, ICONSENSUS is the first step towards achieving a truly decentralized blockchain community. ICX users, otherwise referred to as ‘ICONists’, will have the chance to vote on who they believe should be entrusted to manage the project’s blockchain.
Public Representatives, or simply ‘P-Reps’, will be elected to perform key roles, such as keeping the network safe and secure, validating transaction blocks, and initiating important network upgrades. In total, voters will be required to elect a total of 22 P-Reps, alongside 78 sub-P-Reps. At the time of writing, 37 candidates have already submitted their application to be considered as a P-Rep, with registrations accepted until September.
However, in order to achieve the overarching aim of a truly decentralized network, the role of an ICONist is equally as important.
Why you should consider voting
Regardless of the real-world setting, if you have a vested interest in something, then it is crucial that you make full use of your vote. This is no different from a conventional political campaign or utilizing your vote as a company shareholder.
Therefore, if you hold one or more ICX tokens, then you should have your voice heard by voting in the ICONSENSUS event. In fact, by holding just a single ICX token, you are officially classified as an ICONist, and thus, each token is worth one vote.
On top of having your say on who you think should you be entrusted to perform the role of a P-Rep, voting in the node election campaign also comes with its own rewards.
Rewards for using your vote in the ICON node election campaign
The main crust of the reward structure available to voters is based on the project’s Incentives Scoring System (IISS), or simply I-Score. In its most basic form, by staking your ICX tokens, and thus, voting for your chosen P-Rep candidate, you will increase your I-Score. Your I-Score can be exchanged for ICX tokens at any given time.
As your I-Score accumulates in size, you will have access to a greater quantity of ICX tokens. The ICX tokens will be paid from the project’s Foundation Treasury as and when you see fit. After the September elections have concluded, the project will instead facilitate I-Score exchanges from newly created ICX tokens.
When does voting take place?
Although the election campaign does not officially kick off until September, there will be a pre-election event in August. While the pre-voting stage is not compulsory, it will give ICONists the chance to test-drive how staking and voting works.
It is well worth considering taking part, as you will have the chance to start earning rewards before the main September vote. Rewards will be directly correlated to the amount of ICX tokens that are staked to your chosen P-Rep candidate.
Additional information on both the pre-election and main node election will be released very soon by ICON, so stay tuned.
In summary, ICON is clearly attempting to spearhead decentralized governance in the blockchain community in its purest form. Through its ICONSENSUS journey, it will take the first step towards achieving these aims by allowing ICX holders to vote on who they believe should be entrusted to manage the network, on behalf of its users. This is, however, just the very beginning of the project’s journey towards true decentralization.