It’s been over 5 months because the pre-registration for the primary leg of ICONSENSUS started. The variety of candidates continues to develop. Specifically, the nominees (there are currently 43 of them) have been registering to change into Public Representatives, or “P-Reps”.
While below the radar for some time, ICON is a South Korea-based blockchain venture designed to interconnect impartial chains together with their communities.
ICONSENSUS, is described as “a journey toward mass adoption of blockchain”, with a roadmap comprised of 4 totally different milestones. Currently, the ICON neighborhood is making ready for the primary stage: the election of “P-Reps”.
P-Rep Elections: What Makes It Special?
P-Reps resemble Proof-of-Stake (PoS) validators within the sense that also they are accountable for verifying transactions and submitting blocks on the blockchain.
However, P-Reps’ obligations are broader: profitable candidates shall be anticipated to contribute to the community via collaborating in consensus and governance.
According to the community’s builders, ICON’s governance mannequin is totally different in comparison with most DPoS initiatives, within the sense that it delegates rewards based on a variety of contributing factors as an alternative of merely taking validators’ stake under consideration.
Moreover, ICON’s upcoming elections will reportedly differ from these of TRON and EOS — two giant PoS networks, who’ve been recruiting giant, well-known operations to participate of their governance system. ICON, in flip, has been betting on the neighborhood at giant, because the entry necessities appear inclusive.
By ICON’s design, each facet is meant to have its lower: P-Reps will get to decide on their very own advantages that are then reviewed and confirmed by ICX holders in the course of the election stage, whereas the voters are given redeemable tokens for delegating their stake. Additionally, profitable P-Rep delegates will acquire transaction charges and annual consultant awards.
Therefore, whereas decentralization has been perceived as a considerably utopian idea (the overall consensus is that no venture is 100% decentralized), ICON’s incentives seem to fall inside that course as a result of their inclusive, democratic mannequin — which appears to be a primary for the house.
Notably, the mannequin has already attracted two candidates from South Korea, who had beforehand labored as validators on the EOS chain. Disappointed in reduced revenues, lack of power, and the monopoly of Chinese block producers, they’re now planning to change to the ICON community.
The precise P-Reps election is scheduled to launch in September this 12 months. Unlike the pre-registration part, which is being carried out off-chain, the principle leg shall be launched on the ICON blockchain.
Meanwhile, some candidates waste no time: plenty of P-Rep candidates have already began in search of votes amongst ICONists on social media, introducing them to their concepts whereas studying what the general public desires.
Although the election is quick approaching, the overall ambiance among the many candidates stays collegial: “I’m really enjoying being a part of something where many teams win, it’s a very inclusive competition that promotes cooperation over controversy,” one of many candidates wrote on Reddit.