ICON have announced that during the Node Holder elections, 3 million ICX tokens at a value of roughly $600,000 will be given away in order to promote voting and decentralization. The giveaway will be held between 26th August 2019 until 24th September 2019 and will affect token holders that participate in the Public Representative voting.
The ICON Elections
These elections will in the end determine which parties will be node holders, also known as P-Reps (Public Representatives) in the network. Both the pre-voting period and the token giveaway are a key factor of the project for the further improvement of decentralization under the name ICONSENSUS.
The 3 million tokens will be rewarded to those ICX holders that participate in the pre-voting cycle on the network. The assets are coming directly from The Foundation’s supply and they encourage the community to spread the individual votes between multiple P-Rep candidates in order to avoid centralization of power.
The pre-voting period will be held between 26th August 2019 and 24th September 2019, the same as the period for the giveaway of the tokens. Anyone that holds ICX tokens in their ICONex wallet can stake them and participate in the vote. These elections are a big milestone for the ICON network. Recently there was also a release of a new transaction system, whereby overcoming the need for dApp users to have crypto assets, the adoption rate increases.
ICON, Interoperability and More
Since its launch back in September 2017, ICON continues to be one of the first crypto projects that focused on interoperability and a way for different blockchains to communicate between themselves. Of course, this turned into the greatest challenge for the development team due to the sheer number of crypto protocols.
Some of the cases where the ICON technology can be used is for different business chains to communicate between each other like for example hospitals and insurance companies. Each chain will retain the ability to have its own governance along with ICON’s technology to facilitate the exchange of assets.
One of the other main focuses of The Foundation is to always strive for optimizing the decentralization of the network. This is why it is looking for ways to lessen their shares in the network and one way is the token giveaway during the pre-voting period while further encouraged by voters spreading out their delegation among the P-Reps.