On the event of the forthcoming public representative, P-rep election, the Icon Foundation in anticipation thereof has made an announcement that about three million of ICX tokens are going to be up for a giveaway worth of USD 570000. This giveaway is set to be valid for ICX token holders, who as voters will be participating in elections lasting from 26 August to 24 September.
The announcement was made on 13 August through a press release. This announcement comes as an attempt to encourage the involvement of the community in P-Rep elections and for strengthening decentralized network control. In order to receive the giveaway tokens, the ICX holders will need to take part in the P-Rep elections as voters and stakes. In this way, the giveaway is more of an incentive towards the participation of the coming elections.
It has been reported that the Icon Foundation is reducing its network share all the while giving the voters temptation for participating in elections so that its delegation will be spread out. According to the foundation, the move comes with the purpose of maintaining their network decentralized, but at the same time ensuring that the foundation and its mission representatives alone are not exercising excessive control.
The Coin Foundation is supposed to be launching its “dubbed iconsensus” which is a governance mechanism aiming at shifting the network governance model to the system of proof-of-stake. This means that for the running network, the holders of the tokens will be able to select the third parties. As a blockchain network, the Icon Foundation strives to connect together the projects of blockchain. It does this by involving itself in the development of the decentralized applications, Dapps that is done through partnerships with blocks and public sectors. The giveaway is set to close in late September.