The ICON Team has continued to refine the governance and incentive structure of the ICON Network. ICON shares several enhancements to the original design, and a few more details on the Pre-Voting period beginning in August.

The update includes limitations on the power of P-Reps, as the initial design gave P-Reps too much authority. Rewards received by DApps (i_dapp), EEPs (i_eep) and rewards received by voting ICONists (r_eep, r_dapp, and r_rep) are no longer decided by P-Reps. None of these updates will affect the expected annual issuance amount. ICON also added a variable un-staking period based on the percentage of the network staked.

> Delegation Annual Reward Rate for Voters: It is now a function of the percentage of the network delegated. Even if the DBP and EEP processes are not developed upon the launch of delegation, ICONists will still receive r_eep and r_dapp for voting for a P-Rep.

> Un-staking period: The un-staking period will also be a function of the percentage of the network staked.

> Price (P) variable has been removed. All variables will be entered in terms of ICX

> Maximum Issuance Rate: This has been changed from 15% to 20% based on stress-test scenarios to ensure security and aligned incentives given extreme market conditions.

> i_eep & i_dapp: Hard-coded as 25% of i_rep

> Minimum i_rep: Hard-coded as 10,000 ICX

Pre-Voting Period Details (August 2019)

> The ICON Foundation has decided on a pool of ~3 million ICX to be released during the course of the pre-voting period in August

> Based on a 30% delegation rate assumption, the average ICONist can expect a 15.81% (5.27% * 3) annualized reward during the pre-voting period

Contest Period

> Application begins on May 2nd

> TX Counting begins on June 3rd

> Application and TX Counting end on July 31th

> Services (DApps or websites) are evaluated for the Final Award on July 31th

Application is open from May 2nd until the end of the event.

TX Count for TX rewards for teams that have completed their applications will start on June 3rd.

The ICON Team is launching the ‘ICON TX (Transaction) Challenge’, a large blockchain development contest with a total prize pool of 1 million ICX (ICON’s cryptocurrency), starting on June 3rd.

>> Pre-registration & Request Test ICX

In order to support developers around the world with the goal of developing the blockchain ecosystem, the ‘ICON TX Challenge’ takes the form of a competition in which participants produce their own DApps(Decentralized Applications) or websites. Future blockchain experts including developers, university students, and anyone who has ideas to implement the blockchain technology in building services or wants to experience new technologies can participate in this contest.

The ICON Team plans to provide operating costs and technical support to participants during the contest, which runs for approximately two months starting from June 3rd to July 31st. Where existing development efforts have been slowed down by factors such as transaction (TX) costs, server hosting costs, and technical barriers, the ‘ICON TX Challenge’ will allow participants to access new technology and quickly validate their ideas.

In order to participate in the contest, smart contracts that can generate transactions should be completed in advance. After completing the production and verification of ‘SCORE (Smart Contract On Reliable Environment, ICON’s own smart contract development environment)’ using the ICON protocol, one can apply for participation by developing DApps or websites utilizing the SCORE. Teams who are confirmed to take part after the application process will be given 200 ICX each as a participating prize and a separate reward of 0.01 ICX per 1 TX for transactions occurring through the SCORE during the contest will be given out.

In addition, a total of 6 teams will be selected according to the evaluation standards including the completeness, business value, technicality, blockchain utility, etc. of DApps or websites. These teams will be awarded the final prize of 50,000 ICX per team. The evaluation of DApps and websites will be based on the state of the DApp/website on the ending date of the contest. ICON is also considering additional benefits such as helping attract investment to the participating teams, providing extra points for recruitment of the ICON office in Korea or internship opportunities.

As the ‘ICON TX Challenge’ is also an open demonstration of the stability and transaction processing performance of the ICON Mainnet, we expect many future blockchain experts to participate. Join the ‘ICON TX Challenge’ to win massive rewards and experience ICON’s DApp development environment!

>>> Pre-registration & Request for Test ICX

>>> Registration for ICON TX Challenge

>>> ICON TX Challenge FAQ

See: About this Guide

Aegis is the ICON blockchain stored into a MySQL database. It lets you query quickly and efficiently any information from the ICON blockchain for analysis purposes.

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