ICONist & participation in the ICON Network
According to ICON Foundation, everyone who participates in the ICON Network is an ICONist. Moreover anyone can participate in ICONSENSUS through their right to delegate.
Voting for a P-Rep is a critical action every ICONist is strongly encouraged to take, as every P-Rep has a significant impact on the ICON Network through proposing different policies in regards to
- transaction fees,
- decision-making processes,
- reward amounts,
- etc.
ICONists who delegate their stake will receive the ‘Representative Delegation Reward’ according to the amount of delegated stake. This reward is paid in the form of
- I-Score
which is convertible through the Public Treasury for ICX.
The exchange rate is fixed at
- ICX : I-Score = 1 : 1000
When an ICONist claims their ICX, their I-Score is extinguished and the corresponding ICX is paid to their account from the Public Treasury.
Why you should delegate as an ICONist
Elect a representative to verify blocks, produce blocks, and secure the network
- All ICONists select P-Reps to delegate the responsibility of creating and validating blocks.
Exercise your right to governance through delegating to entities that match your beliefs
- All ICONists hold the right to voluntarily participate in the decision making of the ICON Network through
the delegation of authority, of which is based on one’s respective contribution to the ICON Network.
Achieve a right to be rewarded for activities that help the network and receive economic incentives
- All ICONists shall be fairly rewarded for their respective contribution to the ICON Network. Additionally, the
representatives receiving delegated stake will receive a Representative reward. For more information.
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