ICON has announced a giveaway of 3 million ICX in rewards for participation in P-Rep pre-voting. The giveaway will take place during the pre-voting period, which will run for 30 days from August 26 to September 24.
The benefits of pre-voting
There are some very good reasons for ICON to hold a pre-voting period. Firstly, it will be good practice for the ICON community to get involved in the whole process of the upcoming P-Rep elections, including staking and voting. The 3 million ICX giveaway will also help to distribute voting power throughout the ICON Network by diluting the percentage of the network the ICON Foundation owns. This will ultimately promote decentralization.
Also, the pre-voting results will provide useful insights to the ICON community that can help balance out votes between all P-Rep candidates before the actual election launches. This will have a stabilizing effect, preventing over-centralization of power. ICON actively encourages voters to spread their delegation out as much as possible.
Speaking of the pre-voting period, Min Kim, Council Member and Founder of the ICON Foundation stated, “We are very excited towards the upcoming P-Rep elections. We have been working on it together with the community for a long time. With the giveaway, we expect to not just re-distribute 3 million ICX for better decentralization and voting capabilities, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to ICONex wallet, so they can properly stake and participate in the upcoming P-Rep elections.”
How to get some free ICX
If you have any ICX tokens at all, you can participate in staking. It’s easy:
Step 1. Open your ICONex wallet and specify the percentage of your ICX tokens that you wish to stake in the overall vote. (The ICONex wallet will be updated this month with a new user interface. This will enable the voting process once it officially opens on August 26th)
Step 2. Choose how much of your staked ICX you wish to delegate to each of your chosen P-Reps. Once you are ready, time to vote! You can vote for up to 10 P-Reps per wallet.
Step 3. Wait for your share of the ICX giveaway. It will be sent to your ICONex Wallet.
For more information about pre-voting, see ICON’s official pre-voting page. It includes a step-by-step guide for the staking and delegation process as well as a staking rewards calculator. The ICON YouTube channel also contains a dedicated playlist for ICONSENSUS which includes videos from P-Rep candidates.