The ICONSENSUS Ambassador Program is in full swing! Several ambassadors have already begun publishing content. Amongst them is Corey Costa, who has recently written about the P-Rep elections and rewards system encompassing ICONSENSUS.
At the core of ICON’s ecosystem is a concept known as participatory democracy (“by the people, for the people”). In this case, ICONists get to partake in transforming the ICON ecosystem into a fully decentralized network through ICONSENSUS, the P-Rep elections.
“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,” states Costa in his Medium post.
As he goes on to explain, P-Reps will have the authority to produce and verify blocks on the ICON network and be delegated at least 0.2% of the total ICX in circulation. In return for P-Reps’ important role in node operation, they will receive two types of simultaneous financial compensation:
- Representative Rewards: delegated to each of the 100 P-Reps dependent upon a proportion of each P-Reps delegated stakes by the ICONists
- Block Production / Verification Rewards: allocated to the top 22 main P-Reps only that produce and verify individual blocks within the ICON Network
Costa sums up with the following:
“Conclusion: Participatory Democracy + P-Rep Nodes = A Flourishing Ecosystem.”
ICONSENSUS ambassadors have been churning out regular content pertaining to ICON since early June. Have a look at some of the previously published content, and expect more coverage to come soon!
Other ICONSENSUS Ambassador Content
- ICONSENSUS Resiliency (Part 1: Introduction) (June 3) by Russell Shirey
- ICONSENSUS – The Forming of the ICON Network (June 5) – by Chain Tribe
- The Harbinger Of Decentralized Democracy: ICONSENSUS (June 6) by Corey Costa
- ICONSENSUS Infographic (June 9) – by Easy Breezy
- ICON…Ready…Set…Go… (June 9) by Andrei N.
- Participatory Democracy: The Cornerstone of ICONSENSUS (June 9) – by Corey Costa
- Basics of ICONSENSUS (video) (June 10) by Archer
- ICONSENSUS Resiliency (Part 2: Sys Ops Security) (June 11) by Russell Shirey