ICON just released its Contribution Proposal Paper, outlining its framework to turn the ICON Republic into a fully functioning decentralized autonomous organization (DAO).
Once implemented, ICONists will be able to control the distribution of ICON-generated funds by voting on Ecosystem Expansion Projects (EEPs) and DApps in the DApp Booster Program (DBP), thereby having a direct impact on the ecosystem. All those who participate will thus have the chance to accrue governance power and wealth within the network.
The detailed proposal takes a look at the registration and rewards process for DBP and EEP initiatives. Referred to as ‘Contribution Proposals’, applications for EEP or for the DBP will need to be approved by the community, who can take part in this approval process by voting with their staked ICX.
Notable highlights from the proposal
- A minimum of 500 ICX must be staked by anyone submitting a Contribution Proposal. If the project is accepted, the deposit is returned. If isn’t, the amount is burned, thereby incentivizing the submission of strong proposals. Projects who submit a larger deposit will be at the top of the list of Pending Contribution Proposals.
- ICONists have the power to control which projects are deserving of rewards. This prevents “fake” projects from taking advantage of the rewards system. Only the top 100 DApps and EEPs will be eligible to receive rewards.
- The voting weight for each ICONist is dependent on the amount staked, where 1 staked ICX = 1 vote. Of those that vote, more than 66% must be in favor of Contribution Proposal for it to pass.
- A progress report will be required every ~30 days for the sake of transparency and community engagement. Projects that do not submit this on time will be disqualified and have their original ICX deposit burned.
For full details on the registration process, have a look at the PDF here.