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ICON

Features

Features

We are not currently running our P-Rep node on the ICON network. 

Our P-Rep node will still be registered if we decide to support ICON in the future.

Feel free to contact us if you have any questions. 

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ICON is a decentralized blockchain network, purpose-built to facilitate interoperability between communities of independent chains. The ultimate aim of ICON is to serve as the framework for a web of chains comprising enterprises and organizations from industries like banking, health care and education. 

ICON is a loopchain platform that connects existing blockchains through its ICON Nexus. Blockchains are linked to the Nexus via portals known as community representatives (C-Reps). C-Reps receive compensation for their work in the form of ICX, the native currency of the ICON network. C-Reps are also responsible for governing matters, and act as elected officials for their respective communities. 

ICON utilizes an AI-based component for governance and reward distribution called the Incentives Scoring System (IISS).

You can take a deeper dive by reading their whitepaper or visiting their website

Frequently Asked Questions

How does a validator node qualify to be in the active set?

To become an ICON P-Rep, a full node must deposit/lock up some amount of ICX and then go through an on-chain election in which token holders get to vote on the top 100 Representatives. Candidates will have to show sufficient contribution to the ecosystem as well as receive sufficient delegation from ICX holders. More information can be found here

What is the staking process?

You have to download the Google Chrome extension ICONex wallet. You can choose which validator (P-Rep) you would like to stake with once you download the wallet.

What is the asset or assets being staked?

The ICX token. 

What is the unbonding period?

The unbonding period is anywhere between 5 days and 20 days depending on the % of the network being staked. The higher percentage of the network being staked results in a shorter unbonding period. 

What is the asset that the validator node receives as a reward?

The ICX token.

What is the calculation for each type of reward?

Between 2% and 36% depending on staking strategy and % of the network being staked. 

Can a validator be slashed?

Validators (P-Reps) can be slashed. Malicious activity and significant downtime can result in a 6% slashing penalty. 

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