Over the last few weeks, I’ve seen several P-Reps use I-Rep as a marketing tool to attract more votes. The pitch is always the same - ICX inflation is spiraling out of control, and lowering I-Rep to 40,000 will solve the “problem”. This situation is an extremely slippery slope, and I urge all ICONists to think about the side effects of lowering I-Rep at this time.
Yesterday, we announced ICON CORE, a project that we are developing with fellow P-Reps UBIK Capital, ICONation, and Sharpn. The purpose of ICON CORE is to serve as an educational and inspirational resource for any developer who wants to build on ICON.
Recently, there have been many discussions regarding P-Rep reward sharing in various ICON discussion channels. Specifically, ICONists are concerned about P-Rep teams offering high reward shares that augment the protocol-level rewards, in exchange for votes. In this post, we’ll discuss why P-Rep reward sharing and voter bribery are detrimental to the ICON ecosystem. Before we discuss additional rewards, let’s quickly go over ICON’s protocol-level reward structure. In exchange for staking and delegating ICX, ICONists can receive a 2-12% reward per year per category.
Earlier today, James Edwards (a.k.a. Zerononcense, ProofOfResearch, CryptoMedication, etc.) released a statement titled “$SUB Deserves a Break From the Crypto Community” on his Telegram channel. Similar to Edwards’ previous inaccurate accusations regarding my affiliation with Torque Ventures (there is no affiliation in reality), his latest round of nonsense is also, unsurprisingly, littered with inaccuracies – once again, laughably ironic for someone who calls himself “ProofOfResearch”. Below is Edwards’ statement about Substratum.
Earlier today, CoinDesk published an article that highlighted the upcoming establishment of Seoul’s “first blockchain-based administrative services” later this year in November. According to CoinDesk, “three priorities were set for completion by the November deadline” - a blockchain-based reward system that utilizes “S-Coin” for payments, a blockchain service for “submitting qualifications without paper documents,” and an enhancement of the ICONLOOP-designed blockchain-based citizen card to “enable digital authentication for the use of public services”.