Why P-Rep Rewards Redistribution does not support ICON

Gilga Capital

Recently, there has been a lot of discussion on Reddit and Twitter about certain P-Rep candidates and their campaign focus on redistributing the bulk share of their rewards back to the voters who staked ICX to them. Min Kim himself commented on the issue with his own perspective — which is that reward sharing is a form of vote buying, and it does nothing to contribute to the furthering of the ICON network.

Min Kim’s Tweet Aug 30, 2019

Even so, I’m sure many people will still wonder — why is it such a big deal? Why is it wrong to ask for short term gains in the form of reward redistribution? Well in some ways, it’s perfectly fine. If you consider that the primary purpose of a P-rep is to hold a decentralized position in the network and to carry on with their own perspectives and goals, it seems perfectly reasonable for some P-reps to use this tactic to attract more votes and provide objective value to their voters.

But what if the resulting effect of this strategy was counterproductive in its essence?

One thing we can all agree on is that…

There’s no point of P-reps in a worthless network.

The only way to ensure the future of the network and the continuous flow of rewards into perpetuity is to focus on growing and developing the ICON network.

The irony in the short term perspective of rewards redistribution is that it will not last if there is no collective focus on progress. Progress towards ICON becoming a global network with lots of transactions, lots of real value.

What if no P-Reps focused on providing tangible value in helping to grow the ICON network? Without a committed community and committed focused effort towards growth, we can’t guarantee that P-Reps will continue to exist. If all P-Reps held a short term perspective — how long would they be able to continue to extract value from ICON, without returning anything?

We must put away our own selfish desires.

It will not last. Unless we are able to do our part in growing the network through tangible efforts, tangible appreciation and dedication for the opportunity that is in front of us… tangible community, tangible investment, development on the network, creating the possibility for more transactions on the network… What could we possibly expect from the future of ICON?

That is why it is more important now than ever to focus on growth. Focus on providing value. That is why we at Gilga Capital prioritize our campaign on these exact principles:

  • Finding talent and fostering the development of new DApps on the network.
  • Providing resources, investment and support to passionate developers, to help their projects create value for the ICON community, which will in turn result in more transactions on the network — and value for investors.
  • Raising awareness for the benefits of building on the ICON network
  • Creating and fostering a community that will support current initiatives and continue to push development and growth into the future.

I truly believe that we have something special in front of us. We have the opportunity to make a significant impact on the ICON network, the community of passionate ICON investors, and the huge pools of talented developers who are passionate about blockchain and who are ready to begin building applications that can benefit the world.

If you support our cause, we greatly appreciate any support through staking your ICX to us at Gilga Capital. It is our duty and responsibility to make an impact if we get elected and we promise not to disappoint our community.

Authors: Stan Y. (@DPL766) and Rodney Y. (@One2two1)

Gilga Capital

Written by

Toronto-based VC / Accelerator

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