The ICON (ICX) Foundation has been hard at work pumping out updates before the year close.
The last 24 hours have been especially exciting with the release of the highly anticipated Yellow Paper Part 3 which outlines ICON’s Incentives Scoring System (IISS). An artificial intelligence (AI) based assessment system that accurately measures a users contribution to the ICON Network.
But that’s not all, a new and improved ICON Development Roadmap aims to both highlight project achievements as well as improve engagement with users.
ICON Incentives Scoring System (Staking) Explained
The philosophy of the ICON Network is embodied by the Delegated Proof of Contribution (DPoC) governance model. It creates an environment that encourages innovation and progress through unbiased and quantifiable reward policies.
With such a model in place, each network participant can be assured that their contribution is immutable, provable, and fairly weighted against that of another ICONist.
Each ICONist also has the right to delegate their contribution to whatever entity they see fit. This system has been designed to motivate each individual to act in accordance with traditional economic principles, where those that contribute most to society are rewarded accordingly.
Staking ICX is required in order to receive rewards. No minimum amount of ICX is required to stake. Everyone who holds ICX is an ICONist. Delegating your ICX to Reps, EEPs and DApps is how you receive rewards. Rewards are dictated by Reps (C-Reps and P-Reps).
How do you stake?
ICON hasn’t released technical details as of yet.
Is there a lock-up period?
As of right now, there doesn’t seem to be a lockup period.
What is an active staker?
An active staker as an ICONist that participates in all of the staking sectors in
the ICON network (Rep, EEP and DApp) and adjusts when necessary.
Active stakers will be able to earn more rewards than passive stakers.
What is a “passive” staker?
An example of a “passive” staker would be one who stakes all their ICX to
P-Rep A, EEP A, and DApp A, only.
An Illustrative example and ICX Staking Reward Calculator
Updated ICX Roadmap (Stablecoins, STO Smart Contract Support)
Similarly to projects like Cardano (ADA) the new ICON (ICX) roadmap has moved away from date-based deadlines towards a more interactive format.
Users will be able to track each specific task as they progress through four key milestones – research, development, stabilization, and complete.
An unexpected twist in the development of the ICON Platform are the additions of a Stablecoin as well as support of “Security Token Offerings“. An STO is similar to an ICO. The ICON Platform is already capable of launching ICO’s, but the addition of STO support could prove to be the next big thing in 2019 for token offerings.
The next roadmap update is scheduled for January 31, 2019.
With so many new developments in the works, it is safe to say that underpromise and overdeliver is looking to start off the new year with a bang.