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ICON IISS Yellow Paper Update: New Incentives and Penalties for ICONists

  •  Denis Sinyavskiy
    📰 News

    ICON Yellow Paper brings many changes to the system on the path to true decentralization. Incentives and penalties have been changed

ICON IISS Yellow Paper Update: New Incentives and Penalties for ICONists
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ICON continues to move towards genuine decentralization, so the IISS (ICON Incentives Scoring System) Yellow Paper has been updated. The main changes were network governance, as well as incentives.

One of the main tasks of any decentralized network is the consistency of incentives among all participants, and most importantly, the motivation not to harm the network, as it was in the situation with EOS.

Who is the most worthy?

In September, one of the most important events in the network will be held — the election of 22 P-Reps. These public representatives will operate the complete nodes in the ICON network. Elections will be the first milestone of ICONSENSUS. Preparing ICONists for the upcoming elections, familiarizing them with incentives and penalties — this is the Yellow Paper task.

Here are some key ideas from the document:

  1. Penalties for malicious actions of P-Reps are subject to penalties. Such actions include the offer of an invalid block, low performance or inactivity for a long period of time. For ICONists, penalties also apply.

  2. The owners of the ICX will receive awards for participating in elections, however, there is also a downside. If to vote for the evil representative, you can get a penalty for his subsequent actions.

  3. The system of distribution of ICX will undergo changes. A new system will reward network contributors from transaction fees first, and only then by creating new coins. This algorithm will reduce inflation.

Last but not least, Delegated Proof of Contribution (DPoC). Consensus protocol incentivizes network participants in accordance with their input. P-Reps are considered “most contributing”, for which they receive the maximum reward, the rest of the distribution and all innovations can be found directly in the ICON Yellow Paper.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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