ICON – the blockchain network that raised $40 million in its 2017 ICO, is looking to democratize its entire ecosystem through its public representative (P-Reps) program. This community-based approach to blockchain management will allow each and every ICX holder to vote on who they want to elect as a full ICON node.
By embracing a governance system that utilizes the benefits of a Delegated Proof of Stake system, this is decentralization in its purest form.
What is ICONSENSUS?
Being held in September 2019, ICONSENSUS is the event that will allow ICX holders to vote in a key election, whereby 100 P-Reps will be chosen by the ICON community. This consists of 22 main P-Reps and 78 sub-P-Reps.
However, the voting process is just the beginning of the ICONSENSUS journey, as the overarching end-game is to achieve a truly decentralized network run for the people, by the people. This includes innovative initiates surrounding EEP (Ecosystem Expansion Project), DBP (DApp Booster Program) and C-Reps (elected officials responsible for their respective community).
Nevertheless, the 22 P-Reps will be entrusted to engage in a number of key roles, such as managing the ICON network by producing and verifying transaction blocks and making governance decisions concerning potential network upgrades or blockchain policies.
The P-Reps will also be tasked with keeping the ICON network safe, subsequently ensuring that ICX holders can make full use of the ICON ecosystem in a safe and secure manner. In this sense, the ICONSENSUS operates as a modern-day decentralized governance event. In other words, the 22 main P-Reps are not only elected to serve the ICON network but ICON users, too.
It is important to note that governance systems can only work if elected officials are accountable to the people they serve. In order to keep elected P-Reps in-check, ICX holders essentially have the capacity to remove a P-Rep from office, should this mirror the general consensus across the ICON community. This is something that the real-world political spectrum would benefit from greatly.
So what’s in it for the P-Reps themselves?
As a full node tasked with keeping the ICON network fully operational, elected P-Reps are incentivized through a transparent reward system. This centers on a block validation reward for producing and verifying blocks, as well as representative rewards for other tasks expected of P-Reps.
The reward system takes into account the proportion of votes that a particular P-Rep gets via a stake-weighted average. In other words, the more votes that a P-Rep gets, the higher the earning potential.
While the figures provided by the team at ICON are at this stage based on estimated costs and profit, P-Reps with server and HR costs of $1,400 and $10,600 per month, respectively, have the potential to generate $15,000 per month in revenues. This is based on an ICX price of $0.40 per token, which of course will fluctuate as per market forces.
On top of the economic benefits of becoming a full ICON node, P-Reps are afforded a range of other perks too. This includes a credible reputable within the ICON community, as well as the right to vote on key governance policies. Regarding the former, ICON current has more than 330,000 members on platforms such as Twitter, Black folio Signal, and Telegram, which offers great exposure for P-Reps.
For those interested in putting themselves forward for the P-Rep election campaign, there is still time. You’ll be joining election candidates from every corner of the world – including France, Germany, the U.S., Canada, Singapore, Hong Kong, and South Africa.
How do I participate in the ICON P-Rep election?
For those interested in becoming a P-Rep, ICONSENSUS is accepting pre-registrations until September 2019. As part of the application, P-Rep candidates will be required to submit a delegate proposal. This will need to include metrics such as the motivating reason for your application, how you plan to carry out your proposal, and an outline regarding the expected roadmap of your proposal.
Moreover, you will also need to provide details regarding your team members, the location of your server(s), and an explanation of any technical proposals.
Think of this like a real-world election candidate that explains in their manifesto why they should be elected. Once you have submitted your P-Rep delegate proposal, this will then be shared with the ICON community. As a P-Rep candidate, you will also have a dedicated Telegram channel provided to you where you can discuss your proposal with potential voters.
Here come the ICONists
Those participating in the ICON P-Rep election as a voter are known as ICONists. In order to qualify as an ICONist, all you need to do is hold a single ICX token. In-line with the underlying concept of the Delegated Proof of Stake model, one ICX token amounts to one vote.
By making their vote count, not only are ICONists helping to preserve the integrity of the ICON network by ensuring that the right P-Reps are elected, but they are also incentivized via a reward system.
More specifically, by delegating their stake to their chosen P-Rep, ICONists will receive an I-Score reward. As the I-Score accumulates in size, the ICONist can exchange it for ICX tokens.
The road to decentralization
While leading blockchain projects such as Bitcoin and Ethereum are often commended for their devotion to decentralization, the underlying framework does not go far enough. In fact, such governance systems are merely based on who has the greatest resources, and thus, the greatest hashing power.
However, the ICON framework allows a truly decentralized government structure in its purest form. Not only are ICX token holders accustomed to a transparent and accountable blockchain ecosystem, but the Delegated Proof of Stake structure also allows holders to earn dividend-style payouts in return for delegating their tokens to their chosen P-Rep. In this sense, everyone involved in the ICON community is incentivized to engage.