The Icon Foundation, the group behind the Icon blockchain community, is gifting away three million ICX tokens — value ~$570,000 — in anticipation of its upcoming Public Representative (P-Rep) elections. The giveaway will final from Aug. 26 to Sept. 24 for IXC token holders who decide to take part in P-Rep voting.
Icon shared information of the giveaway in a press release on Aug. 13. According to the announcement, the giveaway is an effort to promote neighborhood involvement in the so-dubbed P-Rep elections, and to advance decentralized management of the community.
As per the announcement, ICX holders should take part in voting and staking in the upcoming P-Rep in order to obtain tokens from the giveaway, so the giveaway acts immediately as a participation incentive.
ICON Foundation founder Min Kim elaborated:
“With the giveaway, we expect not just to re-distribute 3 million ICX for better decentralization and voting capabilities, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to ICONex wallet, so they can properly stake and participate in the upcoming P-Rep elections.”
Becoming extra decentralized
The basis is reportedly actively wanting to reduce their very own share of the community, and is additional encouraging voters to unfold out their delegation among the many P-Reps. The objective, as they are saying, is to ensure that the community stays decentralized, by ensuring that neither the inspiration nor preliminary representatives have an excessive amount of management.
As defined in a report by Decrypt, the Icon Foundation at present controls numerous its cash, however not for lengthy. The basis is shifting to launch a governance mechanism, dubbed Iconsensus, which shifts the community’s governance mannequin to one thing like a proof-of-stake system. However, which means token holders have to elect third events to run the community. This is the place the giveaway incentives come in, which Decrypt experiences to be value $570,000 in whole.
Per the press launch, Icon is a blockchain community that goals to join blockchain initiatives collectively. This contains decentralized utility (DApp) improvement for public blockchain sectors by way of partnerships.
As reported by Cointelegraph in May 2018, Icon partnered with the Japanese messaging app Line by way of joint blockchain initiative Unchain. According to the report, Line aimed to carry its blockchain mainnet nearer along with its DApps by way of Icon’s blockchain answer.