FAQ

Frequently asked questions about ICON & P-Rep

  • 1. What is a P-Rep and what are its objectives?

    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 :

    •  Manage the ICON network – produce and validate blocks.
    •  Govern the ICON network – vote on monetary policy, network upgrades, governance changes etc.
    •  Protect the ICON network – keep the ICON network secure through maintaining high cyber security standards for your node.
    •  Grow the ICON network – spread the impact of the ICON network through on-chain and off-chain activities.
    Reference : https://m.icon.foundation/download/Introduction_for_Public_Representative_of_ICON_Network_EN_V1.0.pdf

  • 2. What is citizen node, can it be used for staking?

    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. Reference: ICON white  paper http://docs.icon.foundation/ICON-Whitepaper-EN-Draft.pdf

  • 3. As an ICONist, why should I vote for P-Reps?

    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. Reference: https://medium.com/ubikcapital/overview-of-staking-on-icon-network-1a1377977946

  • 4. How large is ICON blockchain currently?

    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. Reference: https://tracker.icon.foundation/

  • 5. Is there any platform where you can audit different P-Reps and what they want to do for the network?

    You can read about P-Reps and what they want to do for the network from Refrence: https://icon.community/iconsensus/candidates

  • 6. How would a devs compare ICX and EOS?

    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.

  • 7. Is there a native ICX Wallet?

    The  native ICX Wallet of ICON is called ‘ICONex’. Reference: https://icon.foundation/contents/products/iconex?lang=en

  • 8. Can I stake for multiple P-Reps?
  • 9. Are there any risks while staking?

    There are various risks while you are staking :

    •  You might not get your rewards if your chosen candidate is down due to maintenance or other factors.
    •  Although delegation enables you to earn rewards based on your ICX, you are still subject to price fluctuations in ICX/Fiat currencies, and may end up losing money when measured in some fiat currencies.
    •  You remain responsible for the security of your own funds, we recommend using cold storage solutions such as Ledger for added security. Make sure to backup your keys properly as well, or you may not recover your account. Reference: https://medium.com/@ubikcapital/icx-staking-faqs-frequently-asked-questions-a993db9be162

  • 10. How many C-Reps will there be?

    The number of C-Reps can be modified through the consensus between C-Reps.

  • 11. Was Loopchain developed before ICON?

    Loopchain was developed by Theloop, but theloop was rebranded as iconloop, theloop was running commercially (loopchain) for about 2 years before ICON. Refrence: https://theicon.ist/2019/01/10/iconloop-or-icon/

  • 12. Do you recommend learning python first before delving into ICON?

    ICON provides SDK for different languages like Java,Python,Javascript. So its required to learn any languages among these. Which language is obviously your choice.

  • 13. How can ICONists vote?

    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. Reference: https://icon.foundation/contents/products/iconex?lang=en

  • 14. What's the difference between C-Rep and P-Rep?

    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.

  • 15. Why you should consider voting for several P-Reps candidate?

    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.

  • 16. What is the estimated inflation rate projected for the year after decentralization in October?

    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.

  • 17. What if enough P-Reps are not voted?

    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.

  • 18. How do I know you have interest in ICON and not only money interest?

    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.

  • 19. After pre-staking period, if I want to continue long term staking do I have to pull out and move it since I want to stake 100% of my tokens?

    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.

  • 20. What is staking?

    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.

  • 21. When does ICX staking start?

    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.

  • 22. What is the reward for staking?

    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).

  • 23. Where can you find more info about P-Reps?

    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/

  • 24. Why should I choose a specific P-Rep?

    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.

  • 25. What happens is a P-Rep node you have chosen is down?

    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 towards that node will be burned if the downtime drops below 85% (over the total lifetime of the P-Rep node).

  • 26. Can you stake even with 1 ICX?

    Yes, you can.

  • 27. Will the Iconex wallet update itself?

    Yes, the Iconex wallet will update itself before August 26. Just make sure you have a back-up of the private key and keystore if you do not use ledger.

  • 28. Can ICX moved from binance to Iconex without a problem? Is ICX safe on Iconex?

    Yes. To be safe and sure, use it with a hardware wallet.

  • 29. Why do you think ICON will be succeed and what would be your role in making it successful?

    We think ICON will be succeed because it connects different heterogeneous blockchains.  It is like the internet of blockchains. We are creating DApps in ICON environment and organizing trainings for writing DApps in ICON creating workforce for ICON blockchain.

  • 30. Will my vote to P-Reps be anonymous and how will it be tallied?

    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.

  • 31. How long do you intend to be part of the ICON ecosystem? I have concern that some P-Reps might bail at the sight of another crazy bull run?

    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.

  • 32. What do you plan to do with your P-Rep rewards i.e how much are you intending on paying yourself, what about the rest? Also will you having public wallet addresses?

    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 Availability(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 chosen P-Rep, we would be able to continue our training program that we have been conducting to more enthusiastic developers.

  • 33. How are you going to attract more DApps and such in the short term? What is the right path to ensure we build meaningful applications without spending thousands of dollars on inefficient business development?

    We plan to market the technical strength of the ICON platform like its LFT algorithm for consensus which resolves the issue of performance and scalibility on other consensus like PoS and PoW. We have ongoing developer training program that trains enthusiast on blockchain which have been running successfully 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.

  • 34. How do you envision icon network in 1 year? And in 10 years? I would like to hear what's your immediate visions and goals are, but also hear how you think ICON will be in future?

    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.

  • 35. What about the P-Reps outside top 22, will they be removed?

     

    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.
     

  • 36. Are the rewards I get with every P-Rep I vote the same?

    ICON was designed to reward all voters equally, regardless of who they vote for.

  • 37. How do you envision a decentralized icon network? Why is decentralization important?

    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 hyper connecting 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.

  • 38. How do you stake and how much ICX is required to stake?

    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.

  • 39. Do I lose control of my ICX tokens if I stake?

    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).

  • 40. Are you willing to collaborate with other P-Reps?

    We believe in collaborative efforts for growth of ecosystem. We are happy to collaborate with other P-Reps with same ideas that we have.

  • 41. How is I-score calculated?

    It is based on how much you stake/vote and how much of the total network percentage is staked/voted.

  • 42. How do I change my wallet address?

    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.

  • 43. How can I decide which P-Reps are good for me and for the future of the ICON network?

    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

  • 44. Why does ICX only have 22 P-Reps?

    ICON has started to decentralize the mainnet with 22 P-reps. There will be other peer nodes like C-Reps totaling to 100 nodes.

  • 45. Is there any info about the relationship between DID and CHAIN ID (is there any relationship at all)?

    DID = Decentralized ID(unique identifier and related 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.

  • 46. Of the staked ICX, the amount of voted ICX cannot be un-staked. What does it mean?

    You need to remove your vote to un-stake the ICX first. It means that the voted ICX can’t be un-staked unless you remove the vote.

  • 47. How many candidates can you vote for?

    You can vote for up to 10 candidates and you can always change your vote.

  • 48. How can we prevent P-Reps from having too much power and driving the network closer to centralization?

    We can prevent this by selecting P-Reps from different geographical area and different background with different interests.

  • 49. What do you think is ICONs biggest competitive advantage over competing platforms?

    It has the ability to connect different blockchains making internet of blockchain.

  • 50. And will my vote be anonymous? How will it be tallied?

    Blockchain technology maintains transparency while maintaining anonymity. Your votes will be available to public view, but it will be associated to your address. Since the owner of the address cannot be checked easily it will remain as anonymous vote.

  • 51. Does ICON have a serious vulnerability in the network security?

    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.

  • 52. What is Total Network Stake Percentage?

    It is the percentage of delegators that has staked within one ecosystem. These ecosystems are the following: P-reps, DApps, EEPs.

  • 53. What is C-Rep?

    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 verification and its governance in ICON Republic. C-Rep is selected according to the decision of each community, and C-Rep 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.

  • 54. What is the incentive for P-Rep node?

    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.

  • 55. How ICON handles the personal data protection act?

    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.

  • 56. Why do I need a hot wallet when I have ledger already?

    This is a necessary step to be able to access the voting page.

  • 57. Do I need to transfer my ICX from Ledger to hot wallet?

    Not necessarily, you can vote and stake while using it.

  • 58. Is it ok to lose the hot wallet?

    Sure, you have the ledger wallet already.

  • 59. Is it possible to add more if I staked already?

    Yup, you have to manually stake it and vote again.

  • 60. I get a time out error, what should I do?

    Possible fix: – 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

  • 61. How do I un-stake it?

    Remove a certain amount of vote power from your preferred P-rep. It will be then automatically be available for un-staking in the adjust button. It will take a couple of days to unlock your ICX tokens.

  • 62. Can I re-delegate my votes?

    Sure, you can do it anytime. There is no restriction.

  • 63. Why is there a need to leave atleast 3 ICX while staking?

    It is needed for you to un-stake it at some point.

  • 64. How do I know you have interest in developing ICON and not only interested in earning?

    We are involved in creating infrastructures for running node and we are also developing DApps. We are also running faucet for testnet to help the devs. We are retaining enough to cover our operations and returning the rest to the community. We believe decentralization and adoption will drive ICX value and if we help ICON achieve this then all the ICONists can benefit from this.

  • 65. When does staking/voting end?

    Staking/Voting does not end. It is a continuous process.

  • 66. What is the date of start of Decentralization?

    Decentralization started from 29th October 2019.

  • 67. What is DApps?

    Decentralized Applications (DApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the purview and control of a single authority.

  • 68. What is delegation?

    Delegation refers to the P-Rep candidates you have voted.

  • 69. What is total Network Stake Percentage?

    It is the percentage of delegators that has staked within one ecosystem. These ecosystems are the following: P-reps, DApps, EEPs. You can check the total network staked here: https://tracker.icon.foundation/governance

  • 70. How am I getting less I-Score?

    You get I-Score based on total network staked. The reward rate decreases if the total staked increases and vice versa. So you get different I-Scores based on the staked percentage.

  • 71. What is ICON?

    ICON is a blockchain technology and network framework designed to allow independent blockchains to interact with each other.

  • 72. Does loopchain follow UTXO model or account/balance model?

    It follows account/balance model.

  • 73. What is iBriz?

    iBriz AI is an early adopter and executor of AI and Blockchain Technology, bridging knowledge, services and individuals with technology and business.

  • 74. What is ICX?

    ICX is a cryptocurrency token of ICON.

  • 75. How is ICX issued and what are the future issuing plans?

    The amount of newly issued ICX is an increment function of the growth rate in the ICON Network activity. The annual issuance rate is approximately 5%~10%, however, the exact rate depends on the P-rep's node operating costs, compensation for DApp providing valuable services, compensation for developers who have a positive impact on the ICON ecosystem, and compensation for ICONists participating in various votes. The issuance rate will be minimized to prevent inflation, however, P-Reps/C-Reps can vote to adjust issuance to incentivize more development, vote participation, DApp production, etc.

  • 76. Are there preparations in case of any wrong-doings by C-Rep?

    Yes, there are some regulations for C-Reps too and that is where the role of governing body is significant. If one of C-Rep is responsible for some wrong doing, measures/actions can be taken by consensus of other C-Reps.

  • 77. What was the price of ICX during the ICO?

    0.1052 USD

  • 78. What is token swap?

    It is the alteration of digital tokens from one blockchain onto another blockchain.

  • 79. What wallet do you use for ICX?

    Generally ICONnex wallet is used for ICX.

  • 80. What is IISS?

    IISS is ICON Incentives Scoring System. It proposes the crypto economic system to measure various contributions and distribute Incentives for the growth of the ICON network.

  • 81. What is blockfolio?

    It is an app that offers a complete cryptocurrency management, with easy to use tools to keep track of all your cryptocurrency investments.

  • 82. What is staking?

    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. 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.

  • 83. Can staking and voting be done with ICX stored on a ledger?

    Yes, staking and voting can be done with ICX stored on ledger.

  • 84. Will there be an un-staking period?

    Yes, there will be a un-staking period for the protection of network. It depends on the amount of ICX staked in the network. You can check current un-staking period at: https://icxstakr.io

  • 85. How do I swap ERC20 Tokens for native ICX?

    Yes, you can still swap your tokens.

    Instructions to do so are below: https://docs.google.com/document/d/11xNnjZKuOENsBMYnFKHeEYXuV-30o2glwmXs0kUbBAg/edit

  • 86. Why should I get penalty of 6% instead of the rewards if P-Reps fails to produce blocks?

    This will make people to vote more carefully. In fact people have plenty of time to change their vote before getting penalized. Only ignorant holders will get penalized.

  • 87. What if enough P-Reps are not voted?

    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.

  • 88. Please provide some facts about why I should vote for iBriz-Iconosphere?

    1. Marketing and Business Growth

    -digital marketing -technology capabilities -wider promotion of ecosystem 2. Remittance and Financial Inclusion -deep connections with financial and humanitarian projects -government and non-governmental entities -building prototypes on ICON

  • 89. When did pre-voting end?

    Pre-voting ended on 29th October 2019.

  • Copyright iBriz.AI, 2019