ICON Reveals Path To Sustainable Economics

ICON has been making headlines a lot lately with its plans to hyperconnect the world. The team also released the monthly grant recap for May 2020.

Probably one of the most notable moves that ICON made is the Simplex integration, which we already detailed in a previous article.

It’s worth noting that with this, crypto fans will be able to purchase ICX directly with their cards at more of Simplex’s partner sites.

ICON addresses the i_rep score and its importance

In a recent newsletter, the ICON team addressed the i_rep score and its importance.

The team notes that there has been massive confusion and misunderstanding coming from voters and P-Reps as well. This is the main reason for which they released a blog post called Path to Sustainable Economics: P-Rep Commission, “which is a MUST READ for every ICONist because it directly affects your ICX rewards,” as the ICON team itself notes.

They note that most recent i_rep can be found in ICON Tracker’s P-Rep List under the Governance dropdown menu.

Also, it’s important to highlight that the current overall i_rep score is directly controlled by each P-Rep.

The lower i_rep score means lower network commission taken by the P-Rep – in other words, this means more of the rewards are shared with the voters.

icon icx 960x560 1 - ICON Reveals Path To Sustainable Economics

On the other hand, the ICON team also notes that the current design makes unclear how much of the commission is taken by the P-Reps and how much rewards are flowing to the voters. The team plans to change this and the primary goal is to make everything more transparent.

We recommend that you check out more in-depth details about all this and more in the official blog post.

In terms of pricing, ICON (ICX) is currently trading in the red. At the moment of writing this article, ICX is priced at $0.351788.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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