ICON DAO i_rep Vote: Results and Reflection.
The ICON DAO team believes in the vision and future of ICON’s decentralized platform. As one of its earliest investors and biggest supporters, we always aim to conduct our activities in the best interest of the network and its community.
Presently, i_rep, the governance variable that determines P-Rep rewards, is a highly discussed topic among ICONists and P-Reps. After much consideration of the opinions of the community, the stance of ICON Foundation and to reflect the DAO model of communities coming together to make decisions, our team agreed to adjust our i_rep through a consensus vote.
The Vote
Using the ICONVote voting tool, we asked the community to come together with us to decide the ICON DAO i_rep value. We announced the ICON DAO i_rep vote on February 21 2020 and began collecting votes and views from our voters. In effort to educate the voters, we explained thoroughly the machinations behind i_rep and provided educational content on its effects through change.
To be fair and reflect the nuances of i_rep, we gave our voters the option to increase our i_rep by 20%, maintain the default i_rep set by the Foundation, or decrease i_rep by 20%.
The Results
The votes teetered between unanimously in favor of decreasing i_rep and suddenly being in favor of increasing i_rep.
After 10 days, our Vote concluded, but below the expected quota that needed to be met in order for the proposal to be passed. Our team would like to reiterate the importance of community participation in the pursuit of governance in a DAO model. As it has been reported, ICON is pursuing a more DAO-like structure for their network and applications like ICONVote and community initiatives like our i_rep vote, are to be utilized by the community to gain and exercise consensus.
In analyzing the final results after the vote concluded, a higher number of voters were in support of decreasing i_rep. With over 88% of votes, over 19,000 ICX, delegated to decreasing i_rep to 40,000, the communities choice was clear. After much discussion and receiving additional feedback from the community, we have opted to honor the results of the votes that we received in favor of decreasing i_rep.
As of March 3rd 2020, ICON DAO P-Rep team has decreased their i_rep at request of the ICON community.
We are huge supporters in what ICONVote and ICON network’s plans for decentralized autonomy represent, and our team will continue to utilize community consensus to effect change.
What is next for ICON DAO?
The DAO model offers the opportunity for all involved parties to have a voice and a fair shot in helping to make the decisions that they may be affected by. This is something not found in traditional organizational structures or even other ‘open’ blockchain networks. This is why we are pushing to accomplish something groundbreaking on ICON and within different aspects of the community experience in everyday life with our applications.
Going forward, ICON DAO will be discussing further in how we can efficiently encourage members of our very rich and passionate ICON community to be more engaged and active in participating in decisions that will affect us all as ICX holders and the network at large.
For more updates on our work as P-Rep or ICON activities in South Korea, please check our twitter and telegram chat linked below. And if you like the work we are doing, vote ICON DAO!
ICON DAO is an ICON Network-based decentralized organization committed to providing the tools and services needed for users to easily develop and manage decentralized communities to collaborate and fund projects.
