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ICON has recently announced its important decentralization initiative. The plan will elect twenty-two node operators that will produce blocks, verify the transactions and participate in the consensus.
History of ICON
ICON aims to design a "network of interconnection blockchains". ICON (ICX) is planning a solution to connect independent blockchains without the use of third-party intermediaries. This is done by connecting a community to other communities through ICON Republic and Citizen Nodes. By connecting blockchain siled, ICON aims to become the "biggest" network of existing blockchains.
ICX, the project token, is currently ranked 43rd market capitalization for $ 116 million. Each ICX exchanges $ 0.245 per token at the time of writing. According to Track ICO, the project raised $ 42.75 million through its ICO at an offer price of $ 0.11 per token.
Launch of public representatives
On January 17, ICON announced the opening of its public representative presentation process (P-Rep). A P-Rep is an elected community node operator that facilitates consensus on the blockchain, performing activities such as transaction verification and voting on policy proposals.
The application process ends in September 2019 and will be followed by a chain election in which all members of the ICON community can vote for their chosen candidate. After the election, the ICON network will enter its first phase of decentralization with 22 P-Reps elected by the community.
Understanding of the ICON consensus
ICONSENSUS is ICON's journey to attempt traditional adoption through the decentralization of networks. The cryptocurrency plans to implement incentives to support Däpp development and other ecosystem construction projects.
The election and the on-chain integration of the 22 P-Reps is the first step in this process. Subsequently, the community plans to establish ecosystem expansion projects (EEP) and Däpp Booster Programs (DBP) to "allocate part of block premiums to specific decentralized applications[s]".
ICON also plans to hold another election process. Cryptocurrency plans to use participants called Community Representatives (C-Rep) to act as links to external blockchains wishing to connect to the ICON blockchain conglomerate.
Following the decentralization of the network, the goal of ICON is to establish a governance structure that reflects a representative democracy, where ICON holders can delegate the votes to the candidates of their choice.
Community and business focused?
ICON also made a recent announcement by ICON LAP100, an ICON Loopchain Alliance Program, in an effort to develop "specialized blockchain solutions for the enterprise with … companies and start-ups in various fields." The South Korean blockchain company has expressed on several occasions its blockchain integrations of enterprise level. As a result, the project is examining the technical capabilities and consistency for it node operators to achieve this purpose.
According to the ICON Yellow Card, a P-Rep should be a member of the community "that made a significant contribution to the ICON network" and that "must meet the minimum technical specifications needed to generate blockages in the ICON network".
The P-Rep application highlights the importance of these two statements. In the P-Rep application, applicants are required to submit a "detailed proposal" on how they intend to "upgrade the ICON network" along with the specifications of the computer hardware they intend to use to produce blocks and verify transactions.
Taking into account the needs of consumers and large companies, it is understandable that ICON has placed the accent on the production of consistent blocks, directly related to the network's activity time. However, producing a cohort of conscientious, committed and reliable block makers is a daunting task for ICON.
Application to become an IC-P Rep
For those interested in participating or simply to learn more about the process, visit the community portal recently created by ICON. Applications must be prepared to provide a proposal containing information on team members, technical specifications of the server and a step on how the team intends to "improve the ICON network". These details will be made available to the public through the community portal for all ICON members access.
Since its inception, ICON has made progress as a blockchain project. It has secured a series of promising collaborations with Samsung, LINE, SK-Planet and the Korean Customs Service. In addition, it has the support of some well-known partners, including Pantera Capital and Kinetic Capital, and has expanded to 142 team members worldwide, while boasting strong links to the global enterprise sector.
Now, it has also kicked off 2019 on a positive note with progress towards greater decentralization. That said, the success rate of aggregate blockchain projects is still low. If ICON can maintain its momentum, perhaps it can be one of the exceptions.
ICON, currently ranked 44th in the market, is growing 1.78% in the last 24 hours. ICX has a market capitalization of 115.53 million dollars with a volume of 24.8 million dollars.
Graph of CryptoCompare
ICON has increased by 1.78% in the last 24 hours.
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