The ICON network is growing everyday! Public Representatives (P-Reps) on the ICON Network have a responsibility to run and manage the ICON network. Voters have an opportunity to elect their chosen P-Reps by voting for them. In return for fulfilling these actions, voters are rewarded (roughly 16% annually for voting at the time of this writing) and P-Reps are rewarded (varies based on votes, but rewards can be seen on the ICON Community Webpage). This article outlines some ways to learn more about the different P-Reps and make informed voting decisions.
How do voters know which P-Rep to choose?
There are 122 P-Reps at the time of this writing (from many different continents, as shown in Fig. 1)!
Most people don’t have time to look into what each one is doing. The question of who to vote for or how to see what each team is doing often comes up. Just today, this question came up in response to a tweet I wrote encouraging teams to spread votes to lower teams to further decentralize the network and support many teams (Fig. 2). How does one make an informed decision?
P-Reps have a responsibility to govern, run, and secure the ICON by running nodes to ensure the ICON blockchain is running smoothly (perform block validation and block production) and also participate in Governance (voting for different proposals and changes to the ICON ecosystem, such as the recent IISS 3.0). More details about the ICON ecosystem can be found in the ICON Yellow Papers. Many P-Reps go above an beyond these tasks to further try to grow and bring value to the ICON network. This is done in a variety of ways: outreach, community engagement, marketing, education, or development are a few examples.
What should you look for in a P-Rep?
We wrote an article prior to decentralization about the Art of P-Rep Selection. We polled the community on a few different areas of what they would be looking for from P-Reps. The poll results can be seen in Fig. 3, below. Essentially at the time of this poll the most important items for voters were community involvement, rewards used to improve ICON network, and involvement in ICON projects. This has shown to be important in the rankings, as the 3 ICON community teams represent the #3 (Ubik Capital), #5 (ICONation), and #6 (Rhizome) P-Rep spots at the time of this writing. There are over 100 P-Reps now and many are doing a lot of cool things, from making DApps, videos, articles, tools, fostering business partnerships, growing ICON’s social media presence, participating in conferences, and more!
How do you find what P-Reps are doing?
Once you decide what is important to you as a voter, it’s time to find what P-Reps are a good fit. You can vote for up to 10 P-Reps at the time of this writing, so you don’t need to be concerned about narrowing the choice down to only 1 or 2! Also, if you change your mind about a team you voted for, or find other teams you would rather vote for, you can easily change your vote as often as you’d like. There’s no penalties or risk and you earn the same amount of rewards no matter who you vote for. There are several resources to choose from and look into in order to find out more about P-Reps:
- Official ICON resources: This includes the ICON Community webpage, where P-Rep team, projects, and other resources are listed. You can also look on the official ICON Tracker, which shows more technical information about the block productivity of different P-Reps. If you click on teams in either of these webpages, you will be taken to their tracker page and can further explore the links to access their webpage and social media channels. It’s also a good idea to look at teams that are lower in the rankings to helps spread votes and resources, and further decentralize the network.
- Follow the teams themselves: since community involvement and communication is so important, many teams have highly engaged members on social media channels. Be sure to follow teams you like and stay up to date with what they’re doing.
- P-Rep project resources: some P-Reps have done excellent work in creating resources to help educate voters on what P-Reps are up to: Reliant Node created the ICON P-Reps webpage, which shows different projects P-Reps are working on and allows ICONist to rate and review projects they support (Fig. 4). Chainnode Tech created the ICON Ecosystem webpage to show different Tools and DApps that exist within the ecosystem (and who created them). This is shown in Fig. 5.
Now that you have an overview of different ideas of what to look for in P-Reps, it’s time to vote! There’s a few wallets you can use to vote with. You can vote from the ICONex wallet or Reliant Node’s MyICONWallet at this time. There are many guides out there to use for voting. Here is one by the Stakin team. Desktop and mobile voting is supported, as well as voting with a ledger HW wallet. Have fun, and happy voting!
Disclaimer: Not financial advice. Cryptocurrency and blockchain investments are high risk, can incur substantial losses, and are not suitable for everyone. Please consult a professional before considering investment in any cryptocurrency. This article does not encourage or support any specific investments, use of applications or technology, or financial direction. Opinions are my own. This article is for informational purposes only and should be verified and validated externally for 100% accuracy.