Copyright iBriz.AI, 2019
A Public Representative (P-Rep) is a block validator on the ICON Network that participates in consensus and governance. P-Reps consists of the top 22 main P-Reps and 78 Sub P-Reps, and are elected by ICONists(ICX Token holders). One ICX token is worth one vote. These P-Reps will earn rewards and have the following responsibilities within the ICON ecosystem :
Citizen Node is a component of ICON Republic. Anyone can participate as Citizen Node by DAPPs created on loopchain. However, Citizen Node does not have voting rights for the governance of ICON Republic but has only the right to generate a transaction.
It is the responsibility of ICONists to take part in decentralizing the network and elect the P-Reps who can uplift the entire ICON community. You can also receive rewards for voting the P-Reps. You can receive rewards varying from 2% to 12% for voting to P-Reps, DApps, and EEPs which results in 6% to 36% annual rewards for staking/voting if participating in all three categories.
ICON blockchain is currently at its initial stage. It has more than 7 million blocks in its blockchain and about 70 million transactions in its mainnet as of August 2019.
You can read about P-Reps and what they want to do for the network from
From a development point of view only, We believe EOS is ahead and more mature than ICON, naturally as it is older.We are personally biaised as we prefer C++ than Python, but we also believe chosing C++ for smart contract coding may not be the best idea, considering C++ is arguably one of the most complex programming language in the world, whereas Python is one of the easiest.
There are various risks while you are staking :
The number of C-reps can be modified through the consensus between C-reps
Loopchain was developed by Theloop, but theloop was rebranded as iconloop, theloop was running commercially (loopchain) for about 2 years before ICON.
A tutorial is provided at https://icon.community/iconsensus/prevoting/ . You need to use ICONex wallet. So send your ICX from exchanges to ICON official wallet.
The P-Reps are the ones that represent the whole community and the C-reps represent each individual private chain. The P-Reps also handle the nodes that process each transaction.
To make sure vote is not centralized over big teams, and network gets decentralized, minimize the risk (if a P-Rep recieves a low productivity penalty or disqualification penalty, 6% of its delegation will be burned). It is wise to divide delegations to several representatives to reduce the risks.
According to the simulation conducted by ICON, it is between 6% to 8%. It depends what P Reps are requesting and how many people participate in vote.
We need 22 P-Reps to achieve at least 0.2% of the total supply in delegation (about 1.6M ICX). If we do not achieve this, then the network will not decentralize and will wait until this is achieved. Likely, it is estimated that ICON would vote with their reserves to help achieve this if necessary. There are over 70 candidates. ICON wants to continue their involvement in Governance and also run a node.
We are retaining enough to cover our operations and returning the rest to the community. We believe decentralisation and adoption will drive ICX value and if we help ICON achieve this then all the ICONists can benefit from this.
You can continue voting for any P-Rep candidate you think is worthy, even if they don’t become a P-Rep. They will still be able to serve as a sub P-Rep, meaning if one of the elected P-Reps gets voted out, your preferred candidate could be next in line to take their place. If everyone who voted for a candidate that didn’t win was forced to only vote for those that did, those 22 P-Reps would remain that way forever.
Staking is a mechanism by which a Proof-of-Stake (PoS) cryptocurrency holder locks their cryptocurrency for a period of time to validate transactions. Users can delegate their cryptocurrency to teams that operate validating nodes (P-Reps). These validation nodes then use the cryptocurrency that is delegated to them to vote and validate transactions. In return, those who choose to stake are typically rewarded with cryptocurrency rewards at a specified percentage rate.
The first phase begins on August 26th. This phase consists of a pre-voting period, in which ICONists can stake their ICX through the ICONex wallet and vote for P-Rep candidates. During this period, a pool of ~3 million ICX will be released by ICON Foundation for pre-voting rewards (actual rewards are based on the percentage of the total supply of ICX that is staked).
The second phase begins a month later, on September 26th. This phase marks the decentralization of the ICON network as the top 22 P-Reps (in terms of votes) with taking their positions as block producing P-Reps. These P-Reps will be elected on-chain and will run ICON nodes and participate in ICON Governance. These top 22 P-Reps must have a minimum of 0.2% of the total supply of ICX in votes in order to be elected. If there are not 22 P-Reps who meet this criteria, then decentralization of the network will wait until this criteria is met.
Voters will receive annual rewards of 6% to 36%, depending on the total amount of ICX that is staked in the network. The less icon staked to the network, the greater the rate of reward, and vice versa. Staking rewards are paid in I-Score, which can be immediately converted from the Public Treasury to ICX.
(NOTE: EEP and DApp delegation processes are still in work and expected to go live in late 2019 or early 2020. Once these delegation processes are completed, ICONists will need to delegate to P-Reps, EEPs, and DApps in parallel to receive the full 6% to 36% rewards, as each category will provide 2% to 12% in annual rewards).
You can find the P-Reps candidates list here: https://icon.community/iconsensus/candidates/ Get in touch with P-Reps candidates to ask them questions and learn more about their teams here: https://forum.icon.community/
You can choose a specific P-Rep based on many reasons. You should choose the P-Reps you think will help ICON the most. Some reasons to vote for P-Reps can include: community involvement, using rewards to improve icon network / applications, involvement in ICON projects, node security and configuration, team makeup and team background, TestNet 1 & TestNet 2 Participation, and own stake size.
If the node you have chosen is down then you will not receive rewards during that time as that P-Rep will not be active and 6% of the delegation toward that node will be burned if the total downtime drops below 85% (over the total lifetime of the P-Rep node).
yes you can.
Yes, the iconex wallet will update itself before August 26. Just make sure you have a back-up of the private key & keystore if you don’t use ledger.
Yes. To be safe and sure, use it with a hardware wallet.
We think ICON will succeed because it connects different heterogeneous blockchains. Its like internet of blockchains. We are creating DApps in ICON environment and organizing trainings for writing DApps in ICON creating workforce for ICON blockchain.
All the votes are logged in public ledger that could be viewed by anyone. The address which is used to vote can be seen but the ownership of the wallet is anonymous in nature in blockchain platform
iBriz has been involved with ICON ecosystem from the early development phases and we have come to this stage from group efforts of the team. We are working on multiple areas like development, training, consulting, marketing of the ICON platform and intend to contribute more for the development of the ICON ecosystem in days to come. You can vote for iBriz to ensure that your vote has gone to the right P-Rep candidate who faces the challenge and work on it than bail at the sight of another crazy bull run
We assure you that we will be using the P-Rep rewards for different purposes. We will be consuming some reward for the continuity of the High Availblity(HA) servers. Other than that, we would be using the rewards in Research and Development of Dapps and DAO in the ICON platform. Also, we plan to allocate some rewards for the marketing purposes. If we get choosen P-Rep, we would be able to continue our training program that we have been conducting to more enthusiastic developers.
We plan to market the technical strength of the ICON platform like its LFT algorithm for consensus which resolves the issue of performace and scalibility on other consesus like PoS and PoW. We have ongoing developer training program that trains enthusiast on blockchain which have been running sucessfully to produce the blockchain developers. One of the area we plan to use the rewards as P-Rep is to incentivize the DApps developer in the ICON platform which we hope will increase more development of DApps in the system. These programs will help to build meaningful applications without spending huge funds on inefficient business developments.
We iBriz have been working closely with ICON platform since its formation. We believe that this blockchain platform will be one of the competent blockchain in future. While we cannot vision the network for it’s the actions of ICON Foundation itself, we are working hard for the stability of network. After the platform becomes stable we will be working on different ideas on blockchain to make it a rich and useful ecosystem.
No, they will act like citizen nodes (save the state of the blockchain) but do not produce blocks or participate in the governance. p-reps can vote to increase the number of p-reps though (beyond 22) if they believe it’s necessary to further decentralize the network.
ICON was designed to reward all voters equally, regardless of who they vote for.
A diverse set of teams contributing to the success of ICON with their talents, successfully operating ICON nodes, and coming together to form a larger body that is the ICON network. The diversity of skillsets enables the strengths of teams to cover all necessary areas for ICON success while also providing avenues for ICON to reach out to communities all over the world in order to accomplish their mission of hyperconnecting the world. We believe every centralized system is destined to fail — it is just a matter of when. The power of decentralization comes from the power of diversity, where every ICONist has a vote in the future success of the ICON network.
You can stake through the ICONex wallet and is recommended to use it in combination with Ledger Nano S. You can stake a minimum of 1 ICX.
No, as long as you are the owner of the private key to unlock the wallet, your ICX tokens will always belong to you. There is only a small chance that your ICX staked with a P-Rep will be lost, which is when and if that P-Rep gets a penalty (in case you vote for one single P-Rep 6% will be burned as penalty. The risk percentage decreased if your vote is distributed to multiple P-Reps at a time).
We believe in collaborative efforts for growth of ecosystem. We are happy to collaborate with other P-Reps with same ideas that we have.
it’s based on how much you stake/vote and how much of the total network % is staked/voted
You need to add new wallet. Each wallet address have one private key. If you want new wallet address you need new private key and to do this you make new wallet
There are multiple reasons to choose a P-Rep. First it would be important to read their proposal and find out if it really brings a value to the ICON ecosystem. Then it would be important to see if they already have shown devotement and skin in the game. This could be by already accomplishing a part of their proposal, creating extra value – more act than talk, participating in Testnet 1 and Testnet 2, being active in the community by discussing certain topics and answering questions. It is also recommended to check the video panels as they offer a lot of information about the P-Rep candidates: https://medium.com/helloiconworld/iconsensus-update-p-rep-panel-discussion-478f246c25b2
ICON has started to decentralize the mainnet with 22 P-reps. There will be other peer nodes like C-Reps totaling to 100 nodes.
DID = Decentralized ID(unique identifier and realted docs)
CHAIN ID, the world’s first blockchain joint authentication service by ICON the main difference is the way ID is stored. D-ID is stored in centralized system while CHAIN-ID utilizes the blockchain
You need to remove your vote to unstake the ICX first. It means that the voted ICX can’t be unstaked unless you remove the vote.
You can vote for upto 10 candidates and you can always change your vote.
We can prevent this by selecting P-Reps from different geographical area and different background with different interests.
It has the ability to connect different blockchains making internet of blockchain.
Blockchain technology maintains transparency while maintaining anomity. Your votes will be availble to public view, but it will be associated to your adress. Since the owner of the address cannot be checked easily it will remain as anonymous vote.
Till date, ICON has boasted of this technological strength. Blockchain is secure by development. It’s the end user who are vulnerable to exploits like social engineering and fraud that poses the concern of the security in the system. The decentralization of the network is one of the steps taken for the security of the data.
It is the percentage of delegators that has staked within one ecosystem. These ecosystems are the following: P-reps, DApps, EEPs.
C-Rep (Community Representative) is a representative unit of Community and a unit that comprises ICON Republic governance at the same time. It has the right to vote on transaction verifications and its governance in ICON Republic. C-Rep is selected according to the decision of each community, and CRep can be changed from one node to another. In other words, C-Reps are subject to change depending on the situation and purpose of each governance. Furthermore, C-Rep will receive incentives for its maintenance and activation of ICON Republic.
P-Rep produces and validates blocks for which they get rewards as economic incentive. Other than that P-Reps will have right to vote on the governance policies. Ultimately it will get eligibility to join the ICONgress.
Blockchain is decentralized anonymous network that is not on the scope of GDPR policy, but it complies with the anonymous data processing and decentralized entity. Icon being a blockchain will protect the personal data protection act
This is a necessary step to be able to access the voting page.
Not necessarily, you can vote and stake while using it.
Sure, you have the ledger wallet already.
Yup, you have to manually stake it and vote again.
– Try to update your ICON app in ledger manager
– Make sure the firmware version of ledger is the latest one
– Use another browser (I recommend brave)
– Sync the time clock – Restart your unit
– Use another USB cable
Remove a certain amount of vote power from your preferred P-rep. It will be then automatically be available for unstakin in the adjust button. It will take a couple of days to unlock your ICX tokens.
Sure, you can do it anytime. There is no restriction.
It is needed for you to unstake it at some point.
Copyright iBriz.AI, 2019