Search ForexCrunch
  • The giveaway is an effort to promote community involvement in the P-rep elections.
  • The Icon Foundation currently controls a lot of its coins but is aiming for decentralization.  

The group behind the Icon blockchain network – The Icon Foundation – is giving away three million ICX tokens (worth $570,000) in anticipation of its upcoming Public Representative elections. The giveaway will take place from August 26 to September 24 for ICX token holders who choose to participate in the P-Rep voting.  

According to a press release, the giveaway is a step towards promoting the community’s involvement in the “P-Rep elections.” The elections will lead to increased decentralization of the network. To receive tokens from the giveaway, the ICX holders must participate in the voting and staking in the upcoming P-Rep elections, thereby, giveaway acting as a participation incentive. Min Kim, ICON Foundation founder, said:

“With the giveaway, we expect not just to re-distribute 3 million ICX for better decentralization and voting capabilities, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to ICONex wallet, so they can properly stake and participate in the upcoming P-Rep elections.”

Reportedly, the South Korea-based company is looking to lessen their own share of network and wants to encourage voters to spread out their delegation among the P-Reps. The Icon Foundation presently holds a lot of its coins. It is moving to introduce a governing mechanism, dubbed Iconsensus, which shifts the network’s governance model to something like a proof-of-stake system. This implies that the token holders have to elect third parties to run the network. This is where the giveaway tokens help the cause.