ICON Newsletter #21 - Path to Sustainable Economics: P-Rep Commission Rates

Dear ICONists,

You may have noticed that we’ve been including the ICON network’s most recent i_rep score every week in our newsletter. What’s i_rep score and why is it so important? Yes, you’re not alone. There’s been a lot of confusion and misunderstanding by both voters and P-Reps alike. Therefore, we just released a blog post Path to Sustainable Economics: P-Rep Commission, which is a MUST READ for every ICONist because it directly affects your ICX rewards.

Most recent i_rep can be found in ICON Tracker’s P-Rep List under the Governance dropdown menu. The current overall i_rep score is directly controlled by each P-Rep. Lower i_rep score means lower network commission taken by the P-Rep, which means more of the rewards are shared with the voters. However, the current design is unclear how much of the commission is taken by the P-Reps and how much rewards flow to the voters. We plan to change this and make the system more transparent.

i_rep is the second network issue our team is tackling after IISS 3.0. However, unlike IISS 3.0 which took months for just the proposal to pass, we plan to quickly resolve i_rep in a matter of weeks. In the meantime, we want to continue encouraging our voters and P-Reps to help continually lower i_rep.

Thank you,

Min Kim, ICON Foundation Council Member

Our blog post Path to Sustainable Economics: P-Rep Commission Rates aims to explain how i_rep score works. We also explain our decision of changing the terminology i_rep score to “P-Rep Commission Rate”, which is self-explanatory - it is easier to understand. Lastly, we propose changing the P-Rep Commission Rate to 17.5%, which is higher rewards but more reasonable and in line with other blockchains such as Cosmos and Tezos.

One of the goals of the ICON project was to facilitate interoperability between public and private blockchains. ICON’s interoperability technology is called Blockchain Transfer Protocol (BTP). We are about to release the version 1.0 demo very soon. Keep an eye out~

This news shook the market on May 20th and Markus from the ICON Hyperconnect P-Rep team was the first to break the news.

This was surprising news in Korea because Accredited Certification, which was controlled by the government, monopolized the digital identity market for over two (2) decades. Digital identity was highly centralized and had no new innovation relying on Microsoft ActiveX that is not even supported by Microsoft’s latest Edge browser. Korean citizens were forced to use Internet Explorer and ActiveX because it was the law. Koreans were waiting to be liberated for years.

Now that Korea’s congress finally abolished Accredited Certification, the media has been questioning what will replace it. Although it’s too soon tell who will benefit, it appears ICONLOOP is in a great position with MyID, which is set to launch this summer.

ICON may not have the most number of Dapps, but it’s hard to beat K-pop in the “coolness” category. Somesing, ICON’s karaoke dapp, continues to grow its users and partners across the music industry. For those who are new the K-pop, JYP is one of the largest and reputable entertainment companies not only in Korea but in all of Asia.

Ricky Dodds, our head of strategy and communication, is working hard every week to spread the word on ICON in different communities. His latest AMA was with Crypto.com, a partner we have a deep relationship with.

Please support Crypto.com by signing up. You can deposit/withdraw/buy/spend $ICX directly. You won’t regret getting one of their cash cards.

If you’re reading this, you probably already know that the ICON project has one of the most active communities in the cryptocurrency industry. According to CryptoDiffer’s latest chart, ICON ranks #1 in GALAXYscore which measures community social activities. We’re not that surprised. Are you?

$ICX continues to be mentioned in multiple third party sources as a top staking coin. Again, we’re not surprised. Are you?

ICON forum is getting more and more active. Below are a couple of great examples of discussion topics our community members have started. We encourage all ICONists to freely voice their opinions in our forum where you’re not limited by character count.

Go to ICON Forum and SIGN UP!

And finally, there is a new comic out!