The icon is the next big cryptocurrency in the buzz but not monetarily but with the Icon $570000 tokens giveaway in order to promote decentralized voting.
On the occasion of forthcoming Public Representative (P-Rep) election, The Icon Foundation, in anticipation, has announced, some three (3) million ICX tokens as a giveaway worthy of $570,000.
This giveaway is valid for IXC token holders who as voters are participating in P-Rep elections lasting from 26th August to 24th September.
This giveaway was announced on 13th August by virtue of press release. The announcement was made in an attempt to encourage the involvement of the community in P-Rep elections and for strengthening decentralized network control.
For receiving giveaway tokens, holders of ICX ought to take part in forthcoming P-Rep elections as voters and stakes. Thus, in a way, this giveaway is more of some participation incentive.
Reportedly, The Icon Foundation is lessening its network share while giving the voters a temptation for participating in P-Rep election so that its delegation got spread out.
As per claimed by the foundation, they are doing this on the purpose of keeping their network decentralized while ensuring that the foundation and its initial representatives alone are not exercising excessive control.
In accordance with the report released by Decrypt, The Icon Foundation is controlling a large coin sum as for now but it won’t any further.
This foundation is supposed to be launching a “dubbed Iconsensus”- a governance mechanism for shifting the network governance model to the system of proof-of-stake. Which means for running the network, the holders of the tokens would elect the third parties.
As blockchain network – This Icon Foundation strives for connecting together the projects of blockchain. This involves the development of the decentralized application (DApp) via partnerships for blockchain public sectors.