ICON is a decentralized network that allows different blockchains to transact with one another.
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- What is ICON?
- How was ICON launched?
- Who is the team behind ICON?
- How to stake ICON (ICX)?
- Which network metrics do the staker rewards depend on?
- How to run an ICON Public Representative Node?
- Which network metrics do the P-Rep rewards depend on?
- Is there a risk to stake ICON?
The ICON Project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries.
Icon conducted an ICO in October 2017 in which half of total ICX supply was sold to the public. The total supply created is 800,460,000 ICX, with 400,230,000 sold to the public and circulating. The Issuance of the other 50% of the total ICX supply will be determined through annual C-Rep consultation.
ICON has a decentralized organisation initiated by the ICON Foundation and mainly led by the Tech Company ICONLOOP. Accelerator companies have been established in Korea, USA, Singapore and Japan.
Every ICON holder can stake his ICX tokens with a single click inside the official wallet.
Stakers receive 3 votes for each token. They can be used to vote for certain Representative Nodes, dApps and Ecosystem Expansion Programs. For each vote they receive 2 – 12% annual rewards. For all 3 votes this will result in a total reward between 6 – 36%
The reward depends on the Total Staked %. If 70% of the network tokens are participating in staking, the reward gets capped at 6% for stakers.
In future the reward will depend on the number of votes for the 3 categories (Nodes, dApps, EEP). If one category is underserved it is more lucrative to vote for it.
Validators operate Representative Nodes (I-Reps) and the 22 Validators with the most votes get the rights to validate transactions and create new blocks. They are considered Main P-Reps. Another 78 Validators are considered Sub P-Reps. They still receive rewards based on their number of votes, but do create new blocks.
Running an I-Rep Node requires a professional hardware setup and you need to have sufficient funds or votes to be in the Top 100.
Main P-Reps receive Block Validation Rewards, which account for 50% of the I-Rep for each node per month.
Additionally all 100 Validator Nodes (Main and Sub P-Rep) share rewards depending on the number of votes received, whereas 1% of all votes accounts for 50% of the I-Rep for each node per month.
The Block Time (if faster or slower than 2 seconds) may increase or decrease the rewards.
The Node Efficiency may decrease the rewards if certain blocks are missed to create.
Staking ICON is considered safe as long you protect your private keys. There is no risk of slashing.