ICON is giving away $ 570,000 to ICX to promote ICONSENSUS, kind of airdrop

ICON is giving away $ 570,000 to ICX to promote ICONSENSUS, kind of airdrop

The ICON Foundation, the group behind the ICON blockchain network, is giving away 3 million ICX tokens. These have a combined value of approximately $ 570,000. The reason? The Icon Foundation wants to motivate people to vote in the upcoming elections. The giveaway starts on August 26 and ends on September 24, only ICX holders who choose to vote things are eligible.

Higher participation

Icon shared this news in a press release of August 13. They want to achieve two goals with the promotion.

  • Firstly, ICX holders are rewarded, they can get involved at an early stage in the transition to the ICONSENSUS governance mechanism and vote for it. It is also expected that these three million tokens will ensure a better distribution of power. The ICON Foundation is currently in control. They want to have these strings somewhat celebrated by decentralizing ownership of the network and distributing it to the community.
  • Secondly, it is also the intention that as many P-reps as possible are chosen, such as representatives or strikers. The more representatives, the more stable the network is the line of thought. When transitioning to this new system, power should be distributed as much as possible and not just with a select group.
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Founder of the ICON Foundation Min Kim:

With the giveaway, we not only expect to redistribute 3 million ICX for better decentralization and voting, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to ICONex wallets so that they can use correctly and participate in the upcoming P-Rep elections.

ICON Foundation is excited to announce the Pre-Voting, starting on August 26th.

ICON will be giving away up to 3 million ICX as a reward for early adopters or strike and voting! https://t.co/PBAI1mEMpP#ICONSENSUS $ ICX

– ICON (@helloiconworld) August 13, 2019

More decentralization with ICONSENSUS

The goal of more decentralization is noble. Min Kim wants neither the foundation nor the original representatives to have too much control. At this moment, the Icon Foundation, the managers of the network, not only writes all code, but also manages a large part of the coins. This is going to change with the launch of its ICONSENSUS governance system.

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The ICONSENSUS governance idea is based on the principles of a delegated proof-of-stake network. A difficult word for a simple principle: token holders vote for a group of third parties (P-reps) to manage the network. The chosen people are kept sharp by the community, because there is an ongoing voting system and if one of the representatives fails, she or he is voted out.

It is expected that the ICON Foundation will continue to manage 22 percent of all coins, even after the switch.

What does ICON actually do?

ICON was launched in 2017 and is a South Korean project. ICON’s motto is “Hyperconnect the World” and to achieve that they have built Loopchain. For example, they offer help to companies that want to use private block chains.

The corresponding coin is called ICX and is now worth around 20 cents. The coin can be traded for bitcoin on almost every exchange. Do you want ICX and compete with the giveaway? First buy bitcoin and then negotiate on an exchange.

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