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ICON Network Extends ICX Giveaway and Modifies Its Decentralization Plan

ICON has announced a giveaway of 3 million ICX in the form of rewards for participation in P-Rep pre-voting. This giveaway will be executed for 30 days from August 26, 2019 to September 24, 2019, during the pre-voting period. Now, according to the recent news, this giveaway period has extended to October 29, 2019.

This pre-voting is good for the ICON community to be involved in the complete process of upcoming P-Rep elections which includes staking and voting. The ICX giveaway will help in distributing voting power across the ICON network. This will promote decentralization. But ICX giveaway is extended and the ICON network is also updating with changes in the decentralization plan.

The following are the updates to achieve successful decentralization and improving the reliability of the ICON network.

Modification in the Schedule of Decentralization

ICON Foundation has extended the testing period. The team of core developers of the ICON project will test the software in different ways to stabilize it. It is important to release the stabilized software so that the ICON network can be operated by P-Reps after the decentralization process. The decentralization schedule of the ICON network has been updated from September 24, 2019 to October 29, 2019.

Extension of Pre-Voting Period

The original schedule of the Pre-Voting period was from August 26, 2019 to September 24, 2019. Now, it will also extend to October 29, 2019. During the extended period, the ICON Foundation will provide necessary ICX for the delegation rewards.

Slashing will be Available after a Month of Post Decentralization

One month after decentralization, the slashing function that is a 6% penalty burning of the delegated ICX representatives will be available. This decision by ICON Foundation took place to get a month buffer period for P-Reps to achieve an experience that is operating in the early stages of decentralization. This also helps in preventing any harm to the people of ICON during the stage where there is limited productivity history. Hence, other existing systems of penalty will also be available.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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