block42 — ICON P-Rep Fund Transparency

Christian Lanz
Nov 7 · 3 min read

We propose a way to transparently track P-Rep rewards on-chain and publish monthly “Fund Transparency Reports”.

Decentralization 🤩

The ICON network successfully transitioned into decentralization and P-Reps started to receive ICX rewards. 🎉

We are extremely grateful to be a Main-P-Rep and help securing the network and therefore we want to thank everyone who staked their ICX and voted for us — we couldn’t have done that without you! 🙂

What now? 🤔

You might ask yourself what we are doing with the funds we receive and how we are going to contribute to the ICON network. Please feel free to check out our P-Rep proposal: here

In our application we proposed the following usage of funds/rewards:

Usage of P-Rep funds

P-Rep Fund Transparency 🕵️‍♂️

Blockchain means transparency, so we also want to be transparent with our funds. Therefore we make all of our wallets public:

Main Wallet: hxf347e463e84a69fa0d96d87fe1b76d4376ebe7ae

Used as a proxy wallet to further distribute the funds to the sub-wallets.

Node: hxaf61f1fc6be9550a06d67b301ed492b0f1f7a0fe

Used for running our node environment and secure the ICON network.

ICON Europe Treasury: hxd4989eb210f087cd80baa8340d03d5b2b095b7da

Used for the ICON Europe Treasury. Check out ICON Europe’s website to read more about what it’s all about!

The ICON Europe Treasury is not live yet, so we collect those funds in our own wallet for now and send it to the treasury as soon as it’s live.

ICON Development: hx78e7ba3c5d134a8f5163830c8727dac181dc6218

Used to develop tools and applications on top of the ICON network.

Marketing & other: hxf3ae98d5975c63b9826974a9fcf8fa5df3c3b30f

Used to fund various marketing activities, e.g. participation at various events to spread the word about ICON.

Safety Fund: hxdb0bd702bae7e24c3b9a6335d95d8cb7ffcbffe8

Used to cover costs we have not calculated with or expected.

Fund Flow 💰

Every time we claim funds, we send them directly to the “Main Wallet”. Then we distribute the funds based on the %-allocation shown above, to the specific sub-wallets.

P-Rep Wallet → (100%) → Main Wallet → (… %) → Sub-Wallet

Re-Staking 🔁

At the moment we re-stake 100% of all funds from the sub-wallets. That means they are affected by the un-staking period, but we plan to un-stake them in time if we need them.

What’s next? 🧐

Our plan is to publish a monthly “Fund Transparency Report” from now on where we state what we sold and what we used those funds for.

We also encourage other P-Reps to take the same approach!

Photo by Aleks Dahlberg on Unsplash

Read more about us

Check out our tools

… and follow us on all of our social media platforms 👇

Website | Twitter | Medium | LinkedIn



block42 is a blockchain solution provider developing applications on top of most recognized blockchain frameworks like e.g. Ethereum, Hyperledger, ICON and many more.

block42 Blockchain Company

Unlocking Blockchain technology for organizations & Investing into the most promising crypto ecosystems.

Thanks to Michael Taschner

Christian Lanz

Written by

💻 Developer • 🔮 Investor • 🤙 Tech & Fitness Addict | On the hunt for those 💯x projects

block42 Blockchain Company

Unlocking Blockchain technology for organizations & Investing into the most promising crypto ecosystems.

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