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

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

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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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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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