Participatory Democracy: The Cornerstone of ICONSENSUS
The Participants Of Democracy: The Conception Of A Decentralized Democratic Paradigm
Participatory democracy is a focal component of the Icon Ecosystem: the democratic paradigm conceived by the ICON Foundation alongside the P-Reps running for election will transform the Icon Ecosystem into a completely decentralized network by the people (ICONists) and for the people. Icon is a digital nation: a representative republic that amalgamates digital ingenuity with democratic republicanism. Decentralization is a cornerstone on why cryptocurrency and blockchain technology were created: to end the tyranny of economic despotism that has been conceived and perpetuated by nations since the dawn of civilization. Blockchain technology has the ability to preserve the integrity of democracy by utilizing an immutable and impenetrable database to prevent the perpetuation of voter-fraud and tampered ballot boxes. This is the future of democratic republicanism, this is ICON: one of the largest blockchain platforms in the world and the largest blockchain platform in South Korea: a hub for blockchain and cryptocurrency technology.
P-Rep Candidacy: The Foundation Of ICONSENSUS
The P-Reps running for election are the cornerstone of the Icon Republic and the Icon Ecosystem as a whole. It is crucial that all P-Rep candidates have a team member that is fluent with server operations and has a direct understanding of the technical intricacies of the blockchain ecosystem. P-Rep candidates should also specify their delegation proposals which can be approached with a variety of topics that comprise the Icon Network: from network infrastructure, community involvement (the strength of a community and elected officials derives from the ethos of engagement of a populace, in this instance, ICONists) and educating individual community members on blockchain technology etc. The 31 P-Rep candidates that are running for P-Rep positions are from all over the world: from Tokyo, Germany, Hong Kong, London, Miami, New York, Switzerland, Paris, Seoul, South Africa, Moscow etc! P-Reps will have the authority to produce and verify blocks within the Icon Network; simultaneously, a P-Rep candidate should be delegated at least .02% of the total ICX in circulation: at this moment in time, 473,406,688 ICX coins are in circulation: .02% of that is approximately 94,681.3376 ICX so each P-Rep candidate collectively should be delegated almost 100,000 ICX. As P-Reps, financial rewards will also be given as well in the form of staking!
Rewards, Rewards, Rewards: Incentivizing An Ecosystem
With great power comes great responsibility: the integrity of one’s responsibility should be rewarded, and within the Icon Ecosystem, P-Reps are rewarded with financial compensation. P-Reps will receive two types of rewards: a “Representative Reward” and a “block production/verification reward.” The Representative Reward for P-Reps is delegated to each of the 100 P-Reps dependent upon a proportion of each P-Reps delegated stakes by the ICONists! Regardless if a P-Rep is considered the main P-Rep within the Icon Ecosystem or a sub P-Rep, the Representative Reward will be applied to each P-Rep regardless of individual ranking. The “block production/verification reward” will be allocated to the top 22 main P-Reps only that produce and verify individual blocks within the Icon Network! Lastly, I-Score’s will be distributed on the basis of per-block production and verification and a P-Rep team can redeem ICX coins through the conversion of their I-Score into ICX!
Icon has conceived of an on-chain governance paradigm that will determine the reward amount each P-Rep will receive on the basis of two variables: one is called the I_Rep and P. What I_Rep means is the total sum of operation costs and the profits of P-Reps: The P stands for the market price of ICX and the overall I_Rep value will be determined on the basis of the average ICX each P-Rep stakes. More information on staking can be found in the IISS Yellow Paper: provided is a link to the Icon.Foundation’s main website, where you can find the Yellow Paper! https://icon.foundation/?lang=en
Conclusion: Participatory Democracy + P-Rep Nodes= A Flourishing And Ecosystem
The Icon Ecosystem has conceived of an ecosystem that fosters direct democracy and financial compensation simultaneously. As John Locke said, “governments are instituted among men (and women), deriving their just powers from the consent of the governed.” Within the Icon Ecosystem, the P-Rep election will solidify this notion, garnering their elected positions on the basis of ICONists, the governed majority of the Icon populace. It is evident that this event is a cornerstone of the evolution of the Icon Ecosystem, and we have the honor to participate in this grand perpetuation of decentralized democracy!
For more information on the ICONSENSUS Campaign please visit one of these links!
The Icon Foundation’s Main Website: https://icon.foundation/?lang=en
Icon P-Rep Candidate Listing Website: https://icon.community/iconsensus/candidates/
Interested in the upcoming ICONSENSUS election? Check out my YouTube channel where I interview P-Reps and discuss their plans for the ICON Ecosystem.
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Disclaimer: Cryptocurrency investing is extremely risky and volatile; I am an Icon Ambassador and I’m not responsible for your investments or trades; furthermore I am a holder of the Icon Cryptocurrency. Always do your own research before investing in anything!