The main P-Reps have spoken. And they’ve spoken in favor of revising ICON’s contribution incentive system.
In Thursday’s poll, representatives overwhelmingly passed the ICON Incentives Scoring System (IISS) 3.0 proposal. Seventeen of the network’s 22 main P-Reps took part in the vote, with all voting in favor of the proposal.
The revisions to the IISS call for:
- the introduction of a minimum bond requirement of 5% of delegation;
- the elimination of B1 rewards to disincentive Sybil attacks;
- the creation of a decentralized Contribution Proposal Fund managed by Main P-Reps (the details of which are still in progress) and funded by 10% of all P-Rep inflation;
- governance-slashing penalties to discourage passive nodes from running Main P-Reps and harming the governance process;
- an option for P-Reps to stop additional delegation so that they can stay out of governance or avoid increasing their ICX bond.
The ICON Foundation celebrated the vote, calling it “a rare, successful on-chain governance in the blockchain industry.”
📃 IISS 3.0 PROPOSAL HAS SUCCESSFULLY PASSED
17 P-Reps voted in favor before the proposal officially passed by the ICON network. You’ve just witnessed a rare, successful on-chain governance in the blockchain industry. 💪
— ICON (@helloiconworld) April 23, 2020
ICON’s cryptoeconomic architect BongAn Ha especially notes the community’s role in developing the new IISS proposal:
“We have continually revised the proposal to reach a consensus with the community and I am very proud of that.
Existing IISS 2.0 was designed by the Foundation, however, this proposal was not just designed by the Foundation, but the various opinions from the community put into the proposal together. So eventually, we had the first creation that was created through community collaboration.
This experience will make our community more familiar with collaboration, and more powerful so that we can prepare for the new future of the ICON Network.”