ICON Foundation, the organization behind the South Korean blockchain ICON, announced today that the ICON network has completed the decentralization process and the network is now governed by community elected Public Representatives (P-Reps) across the globe.
Going forward, Public Representatives (P-Reps) are tasked with managing, governing, protecting and growing the ICON ecosystem.
“We are very excited about the decentralization of the network. We’ve worked so hard to get to this point, but we all know this is only the beginning of the journey. We can’t wait to work together with P-Reps and all the community members to grow the ICON ecosystem to its full potential.”
– Min Kim, ICON Foundation Council Member
ICON Foundation has led the ICON project, one of the largest blockchain networks in the world, since its inception in 2017. ICON was launched with the vision of “Hyperconnecting the World.”
By using the high-performance blockchain engine, ‘loopchain’ ICON projects connect various blockchain communities and builds an environment where blockchain technology can be applied to real life.
The election of Public Representatives is the first major milestone of ICONSENSUS.
ICONSENSUS is a journey to adoption, consisting of three key phases: (1) the election of P-Reps (Public Representatives) to decentralize the network, (2) the on-boarding of C-Reps (Community Representatives) to support interchain communication, (3) and the launch of contribution proposals to incentivize activities that grow the ICON ecosystem.