ICX Staking FAQs (Frequently Asked Questions)
Staking is a mechanism by which a Proof-of-Stake (PoS) cryptocurrency holder locks their cryptocurrency for a period of time to validate transactions. Users can delegate their cryptocurrency to teams that operate validating nodes. These validation nodes then use the cryptocurrency that is delegated to them to vote and validate transactions. In return, those who choose to stake are typically rewarded with cryptocurrency rewards at a specified percentage rate.
Prepare for ICON staking: moving your coins to your own wallet
ICONSENSUS is the decentralization of the ICON network! This event consists of ICONists (ICX holders) using their ICX to vote for Public Representatives (P-Reps) to run the ICON network in a decentralized manner. These votes will be done through staking with the different P-Reps, resulting in rewards for the ICONists for their dedication to the ICON network. Pre-vote staking will commence on August 26th, with the election of P-Reps happening a month later. The staking rewards will range from 6%-36% annually (depending on the amount of ICX staked on the network). For an overview of voting and what different ICONists are looking for in their P-Reps, please see our previous article. You can see a full list of the current P-Rep candidates on the ICON community webpage.
Who are the candidates for ICONs Got Talent 2019?
Following the ICON Transaction challenge, ICON held one final contest, called ICON’s Got Talent. The purpose of this contest is to identify the top 6 Decentralized Applications (DApps). A diversified group of 10 judges will evaluate projects based on the evaluation criteria and 6 teams with the highest average score will be selected as final winners
A Closer Look at ICON’s IISS Updates
On July 24, ICON provided an update to the Yellow Paper, in a New Version 2.0 (IISS 2.0). This update came roughly 5 hours after ICON announced the highly anticipated date that staking on the ICON network begins: August 26. The IISS updates came as a bit of a surprise to many of us in the ICON community. I shared several conversations on Telegram with multiple ICONists and other P-Rep candidates.
ZenSports: Peer-to-Peer Mobile Sports Betting On the ICON Network
ZenSports is a modern peer-to-peer sports betting marketplace where anyone can create and accept sports bets with anyone else in the world, without the need for a centralized bookmaker. ZenSports is built on the ICON Network, taking full advantage of the digital age and the efficiencies and advantages of blockchain. In less than a year after launch, ZenSports has quickly become one of the top ICON decentralized applications (DApps) and continues to make advancements and continually improve and expand the system.
ICON The Art of P-Rep Selection
As we approach ICONSENSUS in September, ICX holders will have the option to vote for Public Representatives (P-Reps) to govern the ICON network and manage nodes to run the blockchain in a decentralized manner. ICX holders (or ICONists) will vote for different P-Reps by staking with them. 1 ICX = 1 vote, and in turn the ICX holder will be rewarded handsomely for staking. More details on this in our previous article on staking (note that staking begins in August, with voting in September). ICONists can split their votes to different P-Rep teams.
ICON Decentralized Applications (Part 2)
Today we are continuing our journey through Decentralized Applications (DApps) built on the ICON network. In our previous article, we presented overviews of some DApps built on ICON. We covered Blue Whale, weBloc, SOMESING, VELIC, and ZenSports. In this article, we continue with 3 more DApps.
Jul 15 · 4 min read
VELIC: Digital Exchange Built On the ICON Network
VELIC is the first exchange to launch within the growing ICON ecosystem! This is significant and I wanted to take a deeper look into VELIC. I had conversations with VELIC to discuss information and wrote this article based on the information I can share in public forum, as well as publicly available information / articles! I hope you enjoy this article and I encourage other ICON ecosystem partners and DApps to please reach out to me if you would like me to cover your project. I enjoy learning about the individual DApps and ecosystems partners that together make ICON great!
Overview of ICON P-Rep Candidates
As we have said in our previous article there are 43 P-Rep Candidates that seek to represent ICONists (as of July 5th, with more being added daily). These P-Reps are comprised of teams from all over the world, with unique skill sets and goals.
The full active list of P-Rep candidates is located at: https://icon.community/iconsensus/candidates/
ICONSENSUS and the election of P-Reps (Public Representatives)
I would like to start off by providing background information necessary to further understand this article.
What is a P-Rep: P-Reps “propose and vote on policies that maximize overall ICONists interest of the ICON network.” (as stated in the ICONstitution and Governance paper). Equally important, P-Reps also run nodes to produce and verify transactions on the ICON network.
ICON Inflation Simplified
In this article, I present a simpler and broader view of inflation rewards. The resulting data is based on % of circulating supply staked, ranging from 0 to 100%. I removed ICON transaction effects, as it is impossible to accurately guess what these will be in the future since the ICON decentralized network has not even launched yet. Transactions will lower inflation, leading to a higher value increase through staking, so the data presented below are the WORSE-CASE, given the scenarios, as inflation will go down with every ICX transaction.
ICON INFLATION DEMYSTIFIED
ICON INFLATION DEMYSTIFIED
As we approach ICONSENSUS, there is a great amount of excitement around the ICON network. ICONSENSUS will fulfill the promised decentralization of the ICON network as laid out in the original ICON Whitepaper. This event will offer the opportunity for ICONists to vote for their favorite Public Representatives (P-Reps) to run, govern, protect and enhance the ICON network. Additionally, ICX holders will have the opportunity to stake their tokens by delegating them to a P-Rep for a period of time of between 5 and 20 days. In return for delegating their ICX, the holder will be rewarded I-Score, which is convertible to ICX through the Public Treasury.
ICON Decentralized Applications (Part 1)
What is a Decentralized Application?
A decentralized application(DApp) is an application which runs on a decentralized network and utilizes its resources. The main characteristics of a DApp include: open source code, all users have equal rights to change the data, no central point of failure and usage of the internal currency..
P-Rep TestNet Mid-June Update
Greetings fellow ICONists! We’ve been in the P-Rep TestNet Phase 2 for almost 2 weeks now and I wanted to provide a quick update. My previous article described the purpose of the TestNet and provided an initial status. In case you missed it, TestNet Phase 2 is the final testing and practice of block production and transaction validation for P-Reps, prior to P-Rep elections in September (Staking for every ICONist $$$).
P-Rep TestNet 2nd Phase Underway!
Greetings fellow ICONists! The P-Rep TestNet 2nd Phase launched at UTC 0500 today! This second TestNET is a chance for P-Rep candidates and ICON enthusiasts to setup a node and participate in the ICON Network. The TestNet will test block productions and validation, intensive transaction load testing, and hard force and governance training. The purpose of the testing is to expose P-Rep candidates to diverse test situations in order to mitigate risk and ensure smooth operations prior to P-Rep.
Overview of Staking on ICON Network
Staking is a mechanism by which a Proof-of-Stake (PoS) cryptocurrency holder locks their cryptocurrency for a period of time to validate transactions. Users can delegate their cryptocurrency to teams that operate validating nodes. These validation nodes then use the cryptocurrency that is delegated to them to vote and validate transactions. In return, the customers who chose to stake with a particular node are rewarded with cryptocurrency at a specific rate.
ICON… READY… SET… GO…
This year will be a great year for ICON. During the ‘crypto winter’ of 2018, ICON continued to build and develop their technology, laying the foundation for even bigger things to come in 2019, especially in the second half of 2019 with ICONSENSUS!
ICONSENSUS Resiliency (Part 2: Sys Ops Security)
In Part 1 of this series, we discussed the need for resilient nodes as a key to a successful decentralized ICON network. Part 1 covered several aspects of resiliency at a high level. In this iteration, we will take a deeper look into System Operations (Sys Ops) and go over some necessary security practices and options as it relates to setting up a Node on AWS.
ICONSENSUS Resiliency (Part 1: Introduction)
As we approach ICONSENSUS, we are excited to be a part of the ICON network decentralization! This comes with much anticipation as well as challenges from the unknowns. In order to better prepare for what lies ahead, I wanted to put a series of articles out to start the conversation regarding setting up resilient nodes.