ICONs ICX Staking is coming!

in #icon2 years ago

ICON — Well, a few people say, this is a car crash project, but I delve really deep into this project and I can come to the conclusion: it is definitely NOT! Despite the fact, that the bear market was the reason for quite some silence regarding most projects, ICON had a lot of great news. Almost unheard, unregistered, like whispering in the wind of icy times. –

The project is more than healthy. It has good organic growth, employed many new people, got a real big new office and the whole korean office is like a giant coding factory running full steam!

But it is even better: the Icon Foundation & Iconloop got some serious partnerships with the korean government and they are building many DApps and platforms with different use-cases. Seoul as a Smart City will be built in many ways on Icon. So, all in all, we can say: Icon is more than alive, even if some moonboys don’t want to see this, because they don’t get their quick gains. Icon is meant to be a long-term project, who aims to create a solid platform and exactly this is what long-term investors realize and appreciate.

At the moment we can witness the whole ICONSENSUS campaign, the elections of the Public Representatives, the Community Representatives and the efforts to open the gates for new projects and DApps to Icons network of networks. Exciting will be the upcoming STAKING in AUGUST! In the following, I want to share some insights and information about it.

Staking will be easy! Or: How much ROI will you get?

If you walk through the different AMAs from the past months, we can summarize in short: Staking will be very easy! A new version of the Icon wallet ICONEX will have a voting implementation, where you can vote for your preferred P-Reps and you just delegate your ICX to them. You will be able to delegate in three different categories at the same time — Reps, EEPs and DApps — so you will get the reward times three. Of course you keep your own ICX and the best is: you can stake in an easy way via your Ledger device.

There are no other contributing factors. Your actual reward will be a function of the percentage of network stacked. So if the percentage of network staked increases, the rewards decreases and vice versa. If you combine all three categories together, the reward will be between 6% and 36% per anno. For example if 50% of all ICX are staked, you will get approx. 8.5% annual ROI. More likely is a staking rate of 30% during the voting period and we should see an annual reward rate of 15.81% (5.27% times three)

If you want to see the calculation in detail, please check out ICONs post here

Will there be a minimum of ICX for staking?

The founder and CEO Min Kim gives us an answer on that in an interview:

The plan is to give equal opportunity. Imagine if only the rich get to run for congress. Wouldn’t be fair.

So, there won’t be a minimum to stake ICX; you even can stake 1 ICX and expect and annual reward in form of IScore, which you can echange for ICX — 1 to 1.

Will there be an unstaking period?

Yes, there will be an unstaking period. The period will be between 20 and 5 days and the actual time period also will be a function of network staked. So with a higher percentage of ICX staked, the time period of unstaking decreases. If 70% of ICX would be staked the time period would be 5 days.

So far this are all information we have, but we can expect more information in the upcoming two weeks. In the following you can see the most important info summarized in an infographic.


MORE RELEVANT LINKS

ICON Foundation website
ICON.Community & ICONSENSUS
ICON Foundation's FAQ
ICON Foundation on Reddit


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