Home / Coin Payment / Icon (ICX) becomes a second Tron (TRX) and EOS – not a good idea

Icon (ICX) becomes a second Tron (TRX) and EOS – not a good idea

ICON today published a Medium article to inform the wider community of their upcoming ICONCENSUS implementations. These voting-related measures will apparently decentralize the entire network and help the ecosystem grow in promised shoes "Ethereum killer". Describing it as "a journey towards the mass adoption of the blockchain", ICONCENSUS will play a key role in 4 elements of ICON governance:

In a similar way to what we have seen with projects such as TRON or EOS, ICON will have its elected community 22 P-Reps, nodes that will assume the distributed responsibility of preserving the ICON network, producing / checking blocks, validating transactions, proposing / voting changes in network policies and driving the growth of the ICON ecosystem.

P-Reps will have its own ideas on chain transaction fees, rewards and other directions that the ICON blockchain wants to take; ICON encourages the community to review all the benefits that P-Reps will have up for grabs and then vote for what they like best. Interestingly, the ICON (apparently) will be rewarded with a certain portion of block awards for their voting efforts.

There will be two parts for this reward system. First part of
the reward will be paid by the ICON Public Treasury: an ICONist will be
given I-Score tokens as a reward for delegating their bet, receiving 1000
I-Score for each ICX token that they delegate.

In addition, P-Reps will distribute prizes to the ICON who will decide to delegate their shares. This practice is debatable at best, as this model has a very high potential for exploitation and manipulation of the vote. Some P-Reps could offer very high rewards for getting more votes, something we've seen already happen with a couple of EOS projects.

It will be only the first step, given that the ICON will be given to
possibility to vote once again in Ecosystem Expansion Projects, Community
Representatives and elections for repetition programs Dapp. These elections will have the
purpose of helping the ICON network to grow, connect to other heterogeneous
blockchain networks and allocate funds to certain decentralized individuals
applications.

ICON reiterates that they require the whole community
support for the project to reach its full potential:

"In the spirit of open
source and decentralization, comes the expansion of the blockchain ecosystem
down to the community that supports it. ICONSENSUS will lead to disruptive
innovation through the expansion of the organic ecosystem led by EEP, diversified DApp
business models and the connection of different blockchain platforms through
C-repetitions. The ICONists will play a fundamental role in the propagation of the disruptive
blockchain potential. Rate, spread and stop, this is the way ICON can do it
to help push the vision of a hyper-connected world ".

According to a roadmap published by ICON, P-Rep
pre-registration has officially begun. The pre-registration period will last
from mid-January 2019 to September 2019 and will be managed in an off-chain
manner. During the month of September, ICON will see worthy P-Rep registered on the site
blockchain. Finally, the fourth quarter of 2019 is seen as the timeline when ICON Network
will be delivered to P-Reps, signaling the Genesis moment of the "decentralized"
Blockchain ICON.

The whole process seems very similar to what EOS / TRON did when it "decentralized" its networks. Looking at both projects at this time, months after the introduction of what are essentially delegated tests of stake consensus models, we can see that they still suffer from some serious centralization problems and go against the crux of the whole idea of ​​cryptocurrency: to create an environment without trust for the transfer of value. Will ICON be able to achieve better decentralization of the network with ICONCENSUS? It remains to be seen.


Join our Telegram channel

or



The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Source link