governance cover
governance cover

A Digital Republic

Governance

ICON is a digital republic with a comprehensive governance system which allows you to have a say in network operations while receiving rewards.

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ICONists

ICONists refer to all the users, stakers and delegators of the ICON network.

As an ICONist you can stake and delegate your ICX to a Public Representative (P-Rep). ICON currently boasts one of the highest rewards for blockchain staking.

ICX staking means locking up the ICX in your wallet for a set period of time in return for daily ICX rewards. You must delegate the staked ICX to a P-Rep in order to receive these rewards.

This doesn’t mean that your ICX is sent to the P-Rep as it remains locked up in your wallet and control. The lock up period varies as network activity changes, but is currently at around 8 days.

Guide to Staking
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The more you stake, the more you earn

10.60% per 1 ICX staked

Annual reward rate

It is important to delegate to P-Reps that add value to the ICON ecosystem to ensure the growth of the network and your staked ICX.

Learn About Governance
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Public Representatives

Who are P-Reps?

Public Representatives (P-Reps) are organizations or individuals that set up a validator node on the ICON ecosystem.

Their primary activities include creating and voting on network proposals that determine network variables and producing blocks for the network while also actively adding value to the ICON ecosystem through projects involving development, acceleration, or marketing.

The 22 P-Reps with the most votes become Main P-Reps that participate in on chain governance while those with less votes become Sub P-Reps who fill in for Main P-reps when their nodes go down.

2.3%


per 1 ICX vote

Annual P-rep rewards

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preps
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Staking & Voting Wallets

ICONex is the official ICON wallet developed and maintained by the ICON Foundation. For desktop, it is available as a Google chrome extension and for mobile, it is available as an android application and an ios application. You can also use other wallets created by 3rd parties if you prefer. ICX can be stored safely for staking and delegation in these wallets.

ICON Incentives Scoring System (IISS)

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Delegated Proof of Contribution

ICON’s Delegated Proof of Contribution (DPoC) protocol was designed to create optimal incentives for ICONists and P-Reps to maiximize productivity on the ICON network. ICONists are incentivized to vote for P-Reps that contribute most to the ICON network, while P-Reps receive delegations based on these contributions.

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ICON Contribution Proposal System

The CPS is a liquid 1 million ICX fund that will fund projects that look to enhance the ICON ecosystem. This is a program run in conjunction with the ICON Grant.

The top 22 Main P-Reps will decide which projects to fund by a majority vote. Main P-Reps will have to sponsor individuals and teams that look to get funding via a sponsor bond. This ensures skin in the game for P-Reps, and enables filtering to take place, to ensure that quality projects apply.

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ICON Foundation Grant

The ICON Grant is a grant program run by the ICON Foundation which provides funding of up to 6 month for projects that add value to the ICON ecosystem. These projects can range from development to marketing.

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