ICON Launches ICX Giveaway for Its Community Members Who Will Participate in Public Representatives Election

Libra Coin News
Tue, 08/13/2019 - 11:10
Alex Dovbnya
The high-stake election will determine who will preside over the ICON network
Cover image via www.123rf.com
Contents

According to a recent press release, the ICON Foundation, the organization behind the eponymous crypto startup wants to ‘hyperconnect’ the world, is launching a 3 mln giveaway of ICX tokens.

In such a way, it wants to reward those community members who will participate in the Public Representative (P-Rep) election that is slated for September.

An incentive model

All “ICONists” who have ICX tokens in their wallets can take part in the upcoming election and bag their share of the giveaway. ICON will update its wallet later this August, which will allow the ‘electorate’ to determine the percentage of tokens that will be used for staking during the overall vote.

After that, the participants will have to familiarize themselves with all candidates before deciding how much ICX they would want to delegate to each of them. ICON wants its members to vote for numerous representatives to ensure a sufficient level of decentralization.

Why it matters

The members of the ICON community will elect their ‘qualified representatives’ who will be responsible for producing and verifying blocks as well as making governance decisions.

There will be 22 main P-Reps and 78 sub P-Reps who will be responsible for maintaining the stability of the network.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.