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©2024 ICON Foundation
ICON Network is a blockchain network operated by Public Representative (P-Rep). Therefore, Users (ICONist) must vote for high qualified P-Reps so that ICON Network to be more stable. Each P-Reps can submit the Monthly Reward Variable for Representative (i_rep) that affects the total reward amount for the ICON Network. Therefore, users should compare each i_reps submitted by each P-Reps and make right decision. In addition, users who have participated in the vote will receive reward with Annual Delegation Reward Rate for Representative (r_rep).
· Public Treasury
Public Treasury, a fully automated reward fund that stores all ICX rewards until ICONists claim their rewards using I-Score. It is funded by ICX issuance and network fees (Step).
· i_rep
Monthly Reward Variable for Representative is a variable that determines the reward amount for contribution by Representatives.
· r_rep
Annual Delegation Reward Rate for Representative is the rate received by an ICONist who delegates their ICX to a Representative. At the moment, considering the r_eep and r_dapp, the r_rep is tripled.
· Step Price
Step Price is a variable that determines the price of Step.
Each Main P-Rep suggests a commission rate, then the ICON Network takes an average to form the Global Commission Rate
The percentage of block rewards that go to P-Reps. For example, with a 20% commission rate, if 100 ICX inflation is created then 20 goes to P-Reps and 80 goes to voters.
Teams with a “Yes” are doing extra work to manage and grow the ICON Network
CPS funds development within the ecosystem with preps optionally participating on a council voting on which projects receive funding. Sponsored Projects counts each time a team has invested their own ICX to support a project.