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.
ICON is a digital republic with a comprehensive governance system which allows you to have a say in network operations while receiving rewards.
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.
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
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%
Annual P-rep rewards
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’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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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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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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