Extending the ICX Giveaway and Updating the ICON Network Decentralization Plan

ICX Giveaway Extended Through October 29th

Greetings ICONists,

To improve the reliability of the ICON Network, we have made updates to our plan to achieve successful decentralization. These updates are summarized below.

1. Updating the decentralization schedule

The Foundation has decided to extend the testing period as core developers of the ICON Project continue to test software in a variety of ways to reach higher levels of stabilization. As you know, it is essential to release stabilized software so that P-Reps can operate the ICON Network after the decentralization process.

As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019.

  • Original schedule: Start at 05:00 UTC on the 24th of September 2019
  • Updated schedule: Start at 05:00 UTC on the 29th of October 2019

2. Extension of Pre-Voting Period

The Pre-Voting period for the ICON Network will also extend to UTC 05:00 on October 29th, 2019. ICON Foundation will continue to give out the necessary ICX for the delegation rewards during this extended period.

  • Original schedule: 26th August 2019 UTC 05:00–24th September 2019 UTC 05:00
  • Updated schedule: 26th August 2019 UTC 05:00–29th October 2019 UTC 05:00

3. Slashing function will be available one month post decentralization

The Slashing function, a penalty burning 6% of the delegated ICX of representatives, will be available one month post decentralization. This decision was made to allow for a one-month buffer period for P-Reps to gain experience operating in the early stages of decentralization. This also prevents harm to ICONists during the early stages of the decentralization process where productivity history is limited.

However, other existing penalty systems will be available. For more information on the penalty system, please check the ICON Incentive Scoring System (IISS) paper.

Thank you for your interest and understanding.