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Icon staking reward program
The Icon staking reward has not yet been launched, according to development updates the program will be fine-tuned in April 2019. The IISS system is still rather cryptic and vague, ICON is not exposing any of its cards yet.
What is Icon?
Icon is a network of blockchains, interconnected with a Blockchain Nexus. Each separate blockchain within the network is the basis of trustless communication among a peer of entities who share the need to share data.
Each community representative or C-rep regulates the consensus of the community.
The ICON network uses, LFT (Loop Fault Tolerance) this consensus algo is faster and promotes and does not permit forking. LFT can be fine-tuned to allow a different number of votes within each community.
Participant in the Icon ecosystem:
- C-Rep: Community Representative
- P-Rep: Is a “public representative” elected by the community. These p reps are block producers for ICON.
- EEP : Ecosystem Expansion Projects
- DApp: Decentralised application
Learn more: ICON Governance Whitepaper
How does staking ICON generate passive income?
An ICONist is someone who owns ICON tokens.
An ICONist can stake his ICON concurrently within the ICON ecosystem. ICON can be staked with any participant in the Icon ecosystem.
The above entities generate an I Score based on a formula, in return, this iScore is then transferred to the stakers. The stakers can exchange their iScore points for ICX.
There is no minimum ICX to stake
Currently, there is no info on icon Staking Lockup Periods
A reference is made to the difference between an active staker and a passive staker. An active staker changes his stake between the ecosystem participants according to their performance, while a passive one does not.
How is the Incentives Scoring System (IISS) treasury funded? IISS
A formula controlled by the C Reps, (which ICON calls A.I) determines
- The monetary policy of the ICON issuance
- How this issuance will be distributed among the participants in the ecosystem
The formula is not yet determined, it will take into account
- representative reward amount
- representative cost
- EEP reward amount
- DApp reward amount
- average number of transactions per DApp
- number of DApps
- number of network users
- delegation rate of ICONists
- frozen ICX
- C-Rep status
- ICX exchange volume
The C-Reps have to balance their needs for funding with the best interest for the community. Isn’t this like asking Bitcoin miners to determine the Block Reward or to let EOS Block producers determine how many EOS they earn?
All ICON staking calculators are fake. We do not know anything about the potential staking rewards from the ICON ecosystem.
Learn more about ICON:
Learn more about Crypto Passive Income: