ICON is a public blockchain project that uses smart contracts, like Ethereum. Further, ICON is based on Delegated Proof of Stake (DPoS), which means users can stake their tokens (i.e., lock them up like a time deposit at a bank) and earn Staking Rewards. The token that fuels the entire ICON ecosystem is called ICX.
A key distinction with the ICON network is that there is a strong emphasis on active participation, which means that ICX token holders actually need to vote for Public Representatives (P-Reps) in order to unlock Staking Rewards. The mere act of staking ICX tokens alone won’t earn someone rewards, they also have to vote.
What’s the point of voting?
Since the ICON network fully decentralized in October 2019, there are now 22 main P-REPs from around the world that not only validate and produce blocks, but also secure the network, and vote on governance issues (such as network proposals;
In the future, the main P-REPs will also vote on things like project funding, via a Contribution Proposal Fund (CPF).
To achieve its vision of hyperconnecting the world, the ICON network recently released its Blockchain Transmission Protocol 1.0. Interoperability and the ability to talk to other blockchain networks is now possible and coming to you soon!
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