In the previous article, we mentioned the ICON Network representatives and how they influence the decision-making process. Today, we’d like to shed more light on what incentives representatives get for their efforts and what duties they have to carry out in order to get their reward.
Delegated Proof of Contribution
The ICON Network is based on a decentralized governance structure with indirect democracy. It works in the following way.
Being a participant of the network, you can elect representatives and delegate voting rights to them. The elected representatives get a right to generate blocks. Thus, regardless of your position in the network, you get a chance to influence its development, directly or indirectly, and form a governance structure to connect different communities.
If you are a network representative and want to be elected by other participants, you have to prove your value by contributing your resources and helping the ecosystem grow. The bigger is your contribution, the higher are your chances to be elected. In the same way, you can prove your reliability by receiving delegated contributions from other participants.
ICON Incentives Scoring System
Here comes the next question. How is the contribution to the network evaluated? The “ICON Incentives Scoring system” (IISS) exists for these purposes and it considers the following parameters to count the participants’ score:
- ICX transaction amount
- DEX transaction amount
- participation in the voting of policies
- DEX Freezing volume
- DApp generation & usage
Regardless of your position in the network, you will be rewarded based on your IISS. The network participants in their turn can delegate their IISS to their candidates.
The Duties of the Network Representatives
In order to ensure the high level of your contribution, as a network representative, you have to carry out your duties to maintain the environment. Here’s what you have to do:
1. Manage the ICON Network
The first and foremost duty of the network representative is to offer computing power in order to provide uninterrupted work of the environment. This computing power is used to process transactions, conduct computational tasks and propose blocks.
2. Participate in the Governance of the ICON Network
The ICON Network is not set in stone. Its participants come and go, their opinions constantly change and so does the constitution of the network. ICONists can influence the network by submitting ‘Progressive Suggestions’ and their representatives have to review each of these offers.
3. Protect the ICON Network
There is a variety of risks that can disturb the network: attacks, fraud, collusion and many more. The network representatives have to stand forward and do their best in order to protect the network from them all.
Conclusion
Want to become a participant or even a representative of the ICON Network and get numerous perks for your efforts? Contact us to learn how you can do this!
>>See the Full List of P-Rep Candidates
