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

Key Highlights 53.9% of circulating supply staked vs. 38.4% at the end of 2019. 34.9% of the total su
ICON Newsletter #21 - Path to Sustainable Economics: P-Rep Commission Rates
By ICON Newsletter • Issue #21 • View online
Key Highlights
  • 53.9% of circulating supply staked vs. 38.4% at the end of 2019. 34.9% of the total supply staked. ~14.3% annual staking reward
  • Another +4% weekly growth in wallets. Balance wallets have increased 3x since September
  • Main P-Reps lowered i_rep to 37,762 from 40,030 the previous week. i_rep is confusing and widely misunderstood. Today’s newsletter focuses on the future of i_rep and how it affects overall voter rewards
  • Markus from ICON Hyperconnect broke the news that the Korean congress decided to end the country’s infamous Accredited Certification after 21 years, which paves the way for new ID technologies such as ICONLOOP’s myID
  • ICON Dapp Somesing partners with JYP Entertainment, a South Korean multinational entertainment and record label conglomerate
  • Ricky Dodds, our head of strategy and communications, completed another great AMA with community
  • ICON community activity continues to impress evidenced by our #1 rank in GALAXYscore
  • ICX continues to be included as one of the Top Staking Coins in multiple third party sources
  • ICON’s official Community Forum is become more active with over 30K increase in Page Views in the past month. COME JOIN THE DISCUSSION!

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

Introducing P-Rep Commission Rates
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.
Path to Sustainable Economics: P-Rep Commission Rates
BTP 1.0 Demo - Coming Soon!
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~
We're excited to announce that our interoperability technology, BTP 1.0, is finally set to release! Stay tuned 🚀

🛠️ ICON Improvement Proposal for BTP 1.0
✍️ Summary of technology and use-case
📺 BTP 1.0 Demo
Korea's Digital Identity Enters a New Era
Markus | ICON Hyperconnect P-Rep

After 21 years, Korea's Accredited Certification, used by EVERY Korean citizen for ID authentication in ALL online interactions has been abolished by congress.

@Helloiconworld ICON's MyID is the only DID consortium to be approved by Korea's FSC (SEC equivalent). /1
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.
Somesing partners with JYP Entertainment
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.
ICON DApp SOMESING Helping Discover New K-Pop Talent with Partnerships | The Iconist AMA with Ricky Dodds
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, a partner we have a deep relationship with.
Please support by signing up. You can deposit/withdraw/buy/spend $ICX directly. You won’t regret getting one of their cash cards.
Recap of Live AMA with Ricky Dodds, Strategy and Communications Lead of ICON Foundation
ICON ranks #1 in GALAXYscore
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?
TOP15 coins by @LunarCRUSH Galaxy

LunarCRUSH Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics

LunarCRUSH Social Listening for Crypto
If you were checking with your 100% free @LunarCRUSH account, you would have seen that $icx social volume just broke out to 2,169 social posts today, the highest level since Feb 3, when price hit $0.633. #ICONProject
ICX mentioned as a Top Staking Coin
$ICX continues to be mentioned in multiple third party sources as a top staking coin. Again, we’re not surprised. Are you?
Generation Crypto - Crypto News & Analytics
Top Projects by Staking Rewards

We decided to highlight the top 10 projects by staking rewards using the data of

Join ICON Forum And Voice Your Opinions!
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.
Reshaping the network to allow for more contributors - Network Proposals -
BIG PROBLEM with P-Rep Governance Model! We need to solve this right now! - General Discussion -
New ICX Comics Issue #8 is out. Enjoy!
And finally, there is a new comic out!
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