ICON Launches Fully Decentralized Network Governed by Community Elected Representatives
First Milestone of ICONSENSUS
ICON Foundation is pleased to announce that the ICON network has completed the decentralization process and the network is now governed by community elected Representatives (P-Reps) across the globe. With today’s announcement we celebrate the hard work that went into this achievement and also proudly acknowledge the Public Representatives tasked with managing, governing, protecting and growing the ICON ecosystem going forward. This achievement would not have been possible without our strong and committed community and we are deeply appreciative of your continued support and contribution.
“We are very excited about the decentralization of the network. We’ve worked so hard to get to this point, but we all know this is only the beginning of the journey,” said Min Kim, Foundation Council Member. “We can’t wait to work together with P-Reps and all the community members to grow the ICON ecosystem to its full potential.”
ICON Foundation has led the ICON project, one of the largest blockchain networks in the world, since its inception in 2017. ICON was launched with the vision of ‘Hyperconnecting the World’. By using the high-performance blockchain engine, ‘loopchain,’ ICON projects connect various blockchain communities and builds an environment where blockchain technology can be applied to real life.
The election of Public Representatives is the first major milestone of ICONSENSUS. ICONSENSUS is a journey to adoption, consisting of 3 key phases: the election of P-Reps (Public Representatives) to decentralize the network, the on-boarding of C-Reps (Community Representatives) to support interchain communication, and the launch of contribution proposals to incentivize activities that grow the ICON ecosystem.
With the first step now complete, we are excited and encouraged to continue building together.
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