By On October 29, 2019, ICON Foundation announced that its developers had completed the decentralization process and the network is now fully governed by community elected Representatives (P-Reps) across the world.
The P-Reps will now be tasked with managing, governing, protecting and growing the ICON ecosystem going forward.
The ICON project was launched with the vision of ‘hyper connecting the world’ via the high-performance blockchain engine, ‘loopchain.’ The ICON Foundation has led the project since its inception in 2017.
Min Kim, Foundation Council Member at ICON, could not hide his excitement on the new decentralized network. He stated:
“We can’t wait to work together with P-Reps and all the community members to grow the ICON ecosystem to its full potential.”
ICON projects connect various blockchain communities and build an environment where blockchain technology can be applied to real life.
ICONSENSUS Kicks Off in Style
The journey to building one of the largest blockchain networks in the world took off with the announcement of the election of Public Representatives, which is the first major milestone of ‘ICONSENSUS.’
ICONSENSUS refers to the major steps to the network’s adoption, consisting of 3 key phases: the election of P-Reps to decentralize the network, the on-boarding of C-Reps (Community Representatives) to support interchain communication, and the launch of contribution proposals to promote undertakings that grow the ICON ecosystem.
With the first step now complete, ICON’s plan to continue building a decentralized blockchain ecosystem is off to a great start.
What Next for the ICON Project?
After the P-Rep election, the next step toward pushing mass adoption will be ‘Ecosystem Expansion Projects’ (EEP). ICONist will be able to propose for network growth, and ‘DApp Booster Programs’ (DBP), which will allocate a portion of block rewards to a specific decentralized application.
The ICON ecosystem measures contributions of each participant via Delegated Proof of Contribution (DPoC), permitting users to delegate a certain share of block rewards to EEPs and DBPs.
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