ICONSENSUS — The Forming Of The ICON Network
By CHAINTRIBE on Altcoin Academy
Although the blockchain technology is in its tenth year, it should not be forgotten that the development 2.0 to 4.0 is still very young and quite in its infancy. If you just looked at the markets in the last year, you could almost assume that not much had happened during this time of depression. For many projects this may be true, considering the activities on different platforms like GitHub, etc. However, this is not the case for some companies and one of them is — ICON.
Hyperconnecting the World! — With this guiding principle, the ICON Foundation and ICONLOOP set themselves a significant goal. Loopchain, a proprietary Distributed Ledger Technology (DLT) based on the LFT consensus algorithm, aims to network the world, its diverse industries, and structural institutions, through a trustless, self-propagating global society. ICON offers a truly powerful enterprise blockchain that customers can easily adapt to their business needs and interact with other blockchains on the network. There are plenty of examples of application areas, and not just in finance. Rather, ICON offers solutions that affect everyday areas of people.
Especially in the last few months, ICON has proven that they are serious about making the vision a reality and the main focus is on a network for networking; easy integration; on strong partnerships such as with the “SEOUL METROPOLITAN GOVERNMENT; implementation in terms of “governance” and “smart cities,” and much more.
Noteworthy innovations and publications include the “ICON DPASS” (DID), a decentralized identity authentication service or “BROOF”, a blockchain-based certification service. More can be found in the ICON Development Roadmap Update which was published a few days ago.
Currently, ICON is in a significant phase. Noteworthy here is the election of Public Representatives (P-Reps), which is an important milestone in the ICONSENSUS campaign.
WHAT IS ICONSENSUS?
ICONSENSUS represents a very relevant step in terms of decentralization and the establishment of mass adaptation. Essential to ICONSENSUS are four key elements, of which the first element is the election of Public Representatives (P-Reps). There will also be the election of Community Representatives (C-Reps) who support interchain communication. The last two milestones are the ongoing DBPs (DApp Booster Programs), which financially support and promote new high-quality decentralized applications, as well as the so-called Ecosystems Expansion Projects(EEPs), which are activities that stimulate the growth of ICON Ecosystem.
What Are The Public Representatives?
What Tasks Do You Have?
A Public Representative is a full node in the network that participates in consensus and governance. At the moment there is a number of 100 P-Reps, of which only 22 will hold the status of the “Main P-Reps”, while the remaining nodes will function as “Sub P-Reps”. All ICONists who hold ICX Tokens will have the chance to vote and make their decision who should become a Main-Rep. The responsibilities of the P-Reps are clearly defined and range from the production and verification of blocks to the maintenance of security standards or the management and growth of the network.
In addition to the rewards to be received, the status of a P-Reps offers some additional benefits, such as substantial participation in the ICON network, to gain a reputation in the community or, for example, participation in ICONgress, where the P-Reps can pursue new business opportunities.
The testnet for the participants was already opened in April. In addition to the long-awaited STAKING, August marks a really important milestone for ICONSENSUS and the ICON network — during this period the pre-voting starts, where all ICONists can easily select via ICONex. In September, the on-chain elections and the top 22 P-Reps start production and verification of the blocks. ICON will be fully decentralized at this time!
If you are interested in becoming a part of the ICON network and are interested in the requirements/rewards, you can get a more detailed look HERE or visit the ICON.COMMUNITY to REGISTER
