🌎 ICONSENSUS - the forming of the ICON Network

in #icon2 years ago (edited)


ICONSENSUS - the forming of the ICON Network


Although the blockchain technology is in its tenth year, it should not be forgotten that the development 2.0 to 4.0 is still very young and quite in its infancy. If you just looked at the markets in the last year, you could almost assume that not much had happened during this time of depression. For many projects this may be true, considering the activities on different platforms like GitHub, etc. However, this is not the case for some companies and one of them is - ICON.

Hyperconnecting the World! - With this guiding principle, the ICON Foundation and ICONLOOP set themselves a significant goal. Loopchain, a proprietary Distributed Ledger Technology (DLT) based on the LFT consensus algorithm, aims to network the world, its diverse industries and structural institutions, through a trustless, self-propagating global society. ICON offers a truly powerful enterprise blockchain that customers can easily adapt to their business needs and interact with other blockchains on the network. There are plenty of examples of application areas, and not just in finance. Rather, ICON offers solutions that affect everyday areas of people.

Especially in the last few months, ICON has proven that they are serious about making the vision a reality and the main focus is on a network for networking; easy integration; on strong partnerships such as with the "SEOUL METROPOLITAN GOVERNMENT; implementation in terms of "governance" and "smart cities," and much more.

Noteworthy innovations and publications include the "ICON DPASS" (DID), a decentralized identity authentication service or "BROOF", a blockchain-based certification service. More can be found in the ICON Development Roadmap Update which was published a few days ago.

Currently, ICON is in a significant phase. Noteworthy here is the election of Public Representatives (P-Reps), which is an important milestone in the ICONSENSUS campaign.



WHAT IS ICONSENSUS?

ICONSENSUS represents a very relevant step in terms of decentralization and the establishment of mass adaptation. Essential to ICONSENSUS are four key elements, of which the first element is the election of Public Representatives (P-Reps). There will also be the election of Community Representatives (C-Reps) who support interchain communication. The last two milestones are the ongoing DBPs (DApp Booster Programs), which financially support and promote new high-quality decentralized applications, as well as the so-called Ecosystems Expansion Projects (EEPs), which are activities that stimulate the growth of ICON Ecosystem.


What are the public representatives?
What tasks do you have?

A Public Representative is a full node in the network that participates in consensus and governance. At the moment there is a number of 100 P-Reps, of which only 22 will hold the status of the "Main P-Reps", while the remaining nodes will function as "Sub P-Reps". All ICONists who hold ICX Tokens will have the chance to vote and make their decision who should become a Main-Rep. The responsibilities of the P-Reps are clearly defined and range from the production and verification of blocks to the maintenance of security standards or the management and growth of the network.

In addition to the rewards to be received, the status of a P-Reps offers some additional benefits, such as substantial participation in the ICON network, to gain a reputation in the community or, for example, participation in ICONgress, where the P-Reps can pursue new business opportunities.

The testnet for the participants was already opened in April. In addition to the long-awaited STAKING, August marks a really important milestone for ICONSENSUS and the ICON network - during this period the pre-voting starts, where all ICONists can easily select via ICONex. In September, the on-chain elections and the top 22 P-Reps start production and verification of the blocks. ICON will be fully decentralized at this time!

If you are interested in becoming a part of the ICON network and are interested in the requirements / rewards, you can get a more detailed look HERE or visit the ICON.COMMUNITY to REGISTER



MORE RELEVANT LINKS

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


Get your ICONtribute ICON T-Shirt
ICONtribute


Follow CHAINTRIBE on Twitter
Follow CHAINTRIBE on MEDIUM


Join the CHAINTRIBE Trail on SteemAuto to support this channel consistently (Click Here) and register to be a follower. Just search via "fanbase" @chaintribe-news - every support is highly appreciated!



Get your TREZOR here or Check out the new Ledger Nano X

Ledger Nano X - The secure hardware wallet


Sort:  

Congratulations @chaintribe-news! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You made your First Comment
You received more than 500 upvotes. Your next target is to reach 1000 upvotes.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by art-universe from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

Coin Marketplace

STEEM 0.42
TRX 0.06
JST 0.045
BTC 40128.44
ETH 2319.73
USDT 1.00
SBD 6.55