ICON Foundation, overseer of the ICON blockchain network project, today announced that it will be incentivizing community members to prepare for participation in the upcoming Public Representative (P-Rep) elections with a giveaway of 3 million ICX tokens. The giveaway will take place during the pre-voting period, which will run for 30 days from August 26th to September 24th.
The pre-voting period serves two purposes. Firstly, it provides an early opportunity for the ICON community to become involved in the process of staking and voting and be rewarded for doing so. Furthermore, the giveaway of 3 million ICX tokens helps to distribute voting power throughout the ICON Network. Diluting the percentage of the network owned by the ICON Foundation, thereby promoting decentralization and providing more voting influence to ICON Network participants.
Secondly, the pre-voting period provides an opportunity for the ICON community to balance out votes between all P-Rep candidates. This will serve to stabilize the ICON Network by avoiding the centralization of power in the hands of just a few representatives at the point of launch. For this reason, ICON is actively encouraging all members to spread their delegation across multiple P-Reps.
“We are very excited towards the upcoming P-Rep elections. We have been working on it together with the community for a long time. With the giveaway, we expect not just to re-distribute 3 million ICX for better decentralization and voting capabilities, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to ICONex wallet, so they can properly stake and participate in the upcoming P-Rep elections.”
– Min Kim, Council Member, and Founder at the ICON Foundation
How ICX Holders Can Participate in Pre-Voting
Anyone holding ICX tokens during the pre-voting period is eligible to participate. Participants can earn their share of the 3 million ICX giveaway by staking and delegating their tokens to their chosen P-Reps.
During August, the ICONex wallet will be updated with a new user interface, which will enable the voting process once it officially opens on August 2th6.
Within the ICONex wallet voting interface, ICX holders can simply specify the percentage of their ICX tokens they wish to stake in the overall vote. From there, they can vote for up to 10 P-Reps per wallet, and choose how much of their staked ICX they wish to delegate to each of their chosen P-Reps.
Subsequently, participants share of the ICX giveaway will be sent to their ICON wallet.
ICON has published a full tutorial including a step-by-step guide to the staking and delegating process. ICX holders wishing to vote are encouraged to review a wide range of candidates and spread their votes accordingly.