Recently, ICON has announced more details on the upcoming P-Rep Pre-voting period and highly anticipated staking to take place on August 26, 2019. During this time, ICONist’s will be able to delegate their ICX to P-Reps of their choice and start receiving staking rewards.

ICON’s P-Rep Pre-Voting Period

In ICON’s recent medium publication more details on the P-Rep pre-voting period have emerged.

ICON Foundation:

Prior to the on-chain election, the ICON is pleased to announce¬†the P-Rep Pre-Voting event from August 26th to September 24th¬†for 30 days, allowing ICONists and P-Rep candidates to experience and understand the voting process to delegate their stake to the right candidate to become a public representative“.

During this time, ICON has also announced a 3 million ICX giveaway for anyone who meets the following criteria.

  • Currently holding ICX during the Pre-Voting period.
  • Uses their ICX to participate in the event by delegating to P-Reps of their choice.

ICON Foundation:

During the Pre-Voting Period, ICON will be giving away up to 3 million ICX as a reward for early adopters of staking and voting. The P-Rep candidates can register on-chain and start accumulating delegated stakes, while all the participating ICX holders will receive the voting reward. Anybody holding ICX during the Pre-Voting Period has the opportunity to stake and delegate their tokens to earn their share of the giveaway“.

This is essentially “free money” on the table up for grabs, just by participating in the Pre-Voting period from the ICON Foundation. Furthermore, as a holder of a Delegated Proof-of-Stake (DPoS) blockchain-based protocol, by not participating in staking, you are leaving a lot of money on the table. Whatever the interests are in terms of longer or shorter-term investing goals, not participating in staking in a stake-based protocol is effectively “missing out” on free rewards for your dedicated capital.

So… How can I Stake?

There are roughly 12 days left for staking to go live. In order to stake once the Pre-Voting period begins on August 26th, 2019, you can head over to the pre-voting portal for an official tutorial and guideline. However, within this post, we will outline some of the current amalgamated information on staking and steps on how to vote and start staking!

Step 1: Download the ICONex official wallet.

Step 2: Click the “stake button” at the bottom left corner of the voting menu.

Source: ICON Foundation

Step 3: Enter the amount of ICX you would like to stake via the slider panel and then submit.

Source: ICON Foundation

Step 4: After doing step 3, your ICX is now staked and can be used to vote for P-Reps of your choice.

Source: ICON Foundation

Step 5: Select the P-Rep candidate of your choice on the list and click the + button.

Source: ICON Foundation

Step 6: Adjust voting power for the selected P-Rep using the slider and then vote!

Source: ICON Foundation

It’s that easy.

What Rewards Can I Expect from Staking?

ICONists can expect rewards for staking their ICX to a minimum of 2% and up to 36% annualized yield. These rewards are based on the current Icon Incentives Scoring System (IISS) structure. This structure contains a detailed extrapolation of ICON’s voter reward model.

Source: ICON Foundation

A few key points:

  • As % of network staked increases, the reward rate decreases.
  • As % of network staked decreases, the reward rate increases.
    The reward rate per category ranges between 2% and 12% per year.
  • Staking to all three categories results in a rate that ranges between 6% and 36%.
  • Once % of network staked crosses above the 70% mark, the reward rate becomes fixed at 2% per category.

Apart from the aforementioned key points on ICON’s voter reward model, it’s important to realize that the reward rate is based on an inverse relationship between the percentage of the network staked and actual accrued rewards. Meaning, the more staked the network is, the less the reward will be and hence the opposite or inverse, is true.

For a more detailed post explaining the implications of a high/low reward rate and the unstaking period, please check out the post here.

What P-Rep(s) Should I Vote for?

So, you know how staking works now but, you find yourself stuck on who to vote for during the pre-voting period. Questions begin to emerge, you find yourself unsure who to trust delegating your hard-earned ICX to. You decide to look at all the candidates on the candidate list portal.

With 65 candidates spread across the globe, it can be a daunting decision. However, if you have not kept up to date and don’t have an idea of who to vote for, it’s important to go through the list and make an informed decision. In this process, every ICONist should not just merely vote for who your friends and everyone else are voting for. Rather, they should exercise due diligence and pick a candidate(s) who best align with their interests and have the best interests in the growth of the ICON ecosystem.

If you’re interested in our P-Rep campaign or would like to learn more about us at RHIZOME, feel free to check out our proposal!

Be informed and do proper due diligence come August 26, 2019.