ICON Updates ICX Transaction Fee System to "Fee 2.0"

Yesterday, “Fee 2.0” was published to the ICON mainnet. Fee 2.0 is a major update to ICON’s transaction fee system that allows DApp operators to pay transaction fees for users. At first glance, this update may seem insignificant, but it’s actually a huge step in the right direction for mass adoption of DApps.

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An In-Depth Look at ICON's Un-Staking Period

In a previous post, we discussed ICON’s staking reward model on a general level. While that post touched on the “un-staking period” concept, I’ve seen a lot of confusion regarding the un-staking period over the past few weeks. In this post, we’ll take an in-depth look at ICON’s un-staking period to understand what it is, and why it’s needed to maintain a secure and stable network.

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ICON's ICX Staking Reward Model

In ICON’s initial network design, public representatives (P-Reps) had the power to influence ICX reward rates. Recently, ICON Foundation decided to change the reward model to reduce the power of P-Reps. In the network’s current state, the ICX reward rate is a function of the percentage of network staked, and there are no other contributing factors. In this post, we’ll discuss how the ICX reward rate is calculated, along with the economic implications of a lowly staked network versus a highly staked one.

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Clarifying ICON's IISS & Pre-Voting Update

Last week, ICON announced a major change to IISS (ICON Incentive Scoring System), and provided details about the upcoming P-Rep pre-voting period. In this post, we’ll discuss the changes to IISS, as well as what kind of ICX rewards ICONists can expect to see during the pre-voting period in August. ICON’s initial IISS model relied on P-Reps setting ICX reward rates. Over time, the ICON team realized this model could potentially give too much power to the P-Reps in terms of the network’s monetary policy. As a result, ICON has updated the IISS model to automatically calculate ICX rewards based on the percentage of network staked. The team has also added an un-staking variable, which is also calculated from the percentage of network staked.

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