ICON Vote: a communication platform for P-reps and ICX investors
At ICX Station we strive to find genuine use cases of blockchain technology. It has been a few years since blockchain started getting attention, but there hasn’t been much progress in finding real use cases. We went back to the drawing board and asked what blockchain is meaningful for — our conclusion was that it creates trust between unknown parties through a trustless system.
As a result, we started doing research on what use cases require trust but don’t have it, and we realized that many future organizations (DAOs) will need trust to function properly. As mentioned in our previous article, we firmly believe that many next generation organizations will utilize the DAO structure due to its convenience, community focus, and efficiency. Blockchain can provide a layer of trust within these organizations.
This is not unique to DAOs as seen from Mark Zuckerberg’s recent 2020 resolution post — many online communities are struggling to get back the trust from their own users. We believe blockchain based governance systems can bring meaningful value to the organizations of the future, and we want ICON to be well positioned to capitalize on this trend.
The ICON ecosystem will have on chain governance tools as mentioned in the recent e-mail from ICON Foundation, but we believe there is a need for active contribution and participation from both P-reps and ICX investors for the ICON ecosystem to thrive. Currently, there are limited communication channels between P-reps and ICX investors such as Telegram or Twitter, and it is hard to keep up with the entire discussion because they weren’t designed for a long form discussion such as governance or financing in the first place.
Looking at these problems prompted us to launch ICON Vote, a communication platform for P-reps and ICX investors. We believe voting is a key feature of governance. ICON Vote enables P-Reps to interact directly with their supporters through on-chain votes accessible only to their voter base. P-Reps utilizing ICON Vote will offer their supporters a greater voice in governance, funding decisions, and other deliverables.
ICON Vote provides an opportunity for each P-Rep to form its own DAO, turning delegators into active participants so that the ICON ecosystem can flourish. The vision of ICON Vote goes beyond simply allowing P-Reps to propose votes to their delegators: this platform can become the standard communication medium between a P-Rep and their supporters.
With ICON Vote, P-reps better understand what their own voters want them to contribute. ICX investors can now voice their opinion to P-reps on what they want to see accomplished instead of simply voting for a P-rep. We hope to expand the voting platform to ICON dapps and non-blockchain online communities as well in the future.
Here are the major benefits of ICON Vote:
- Utilize collective intelligence from the community: we believe the community is the biggest asset to the ICON ecosystem and it would be a waste to not utilize the community’s feedback.
- Silent majority can voice their opinion now through votes: social media can sometimes be skewed towards a specific direction based on vocal minorities and many do not like to participate in such discussions. ICON Vote can give them an outlet to voice their opinion.
- Great efficiency and productivity: Discussion needs to end sometimes and voting can help move conversations forward. Healthy discussions are always good, but some discussions never end, and there is no progress. As a mature community, we need to sometimes agree to disagree and put it to a vote so that we can move on to work on greater things.
We are still working on the UI/UX aspects of ICON Vote, but wanted to launch it as a beta product to collect feedback from fellow P-reps and ICX investors. We are excited to hear what the community has to say.
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