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:

  1. Representative Rewards: delegated to each of the 100 P-Reps dependent upon a proportion of each P-Reps delegated stakes by the ICONists
  2. 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