ICON Foundation Will Give Away 3 Million Tokens Towards Representative Elections
Blockchain interoperability network has announced a token giveaway in the run-up to its eagerly anticipated community elections. 3 million ICX tokens (about ~$600,000 USD) will be disbursed to members of the ICON community throughout the pre-voting period, which commences on August 26.
Scheduled to run for 30 days, ICON’s period is designed to familiarize its community with the staking and voting process which is at the heart of the project’s decentralization process. In return for their participation, community members will receive a share of the 3 million ICX tokens that have been earmarked. Because ownership of tokens carries governance rights, the giveaway will also help to dilute the holdings of the ICON Foundation, further distributing the decision-making process and reducing the power of major stakeholders.
“We are very excited about the upcoming P-Rep elections,” said Min Kim, Council Member and Founder at the ICON Foundation. “We have been working on it together with the community for a long time. With the giveaway, we expect not just to re-distribute 3 million ICX for better decentralization and voting capabilities, but we also hope to encourage current ICX holders and ICON community members to transfer their coins to the ICONex wallet, so they can properly stake and participate in the upcoming P-Rep elections.