ICON – FAQs
What is a P-rep?
Public Representatives (P-Reps) are elected for the ICON Network by delegation of ICONists. Top ranked 22 main P-Reps will participate in block production, verification and making governance decisions.
What are P-reps activities?
ICON Network is a platform with high potential values with built-in on-chain systems such as Ecosystem Expansion Project (EEP), DApp Booster Program (DBP) and Interchain Technology to connect heterogeneous blockchains.
P-Reps will provide these features and lead the initial network growth while deciding governance of each fundamental components of the ICON Network.
P-reps also represent ICON Community, a world-wide spread community that boasts nearly 200K active members.
What are P-reps rewards?
P-Reps will receive rewards for block production and verification, as well as receiving Representative Reward being ranked in the top 100. More contribution, higher the rewards for the P-Reps.
STAKING AND REWARDS
How high are Icon rewards?
The reward for stakers depends on the Total Staked %. If 70% of the network tokens are participating in staking, the reward gets capped at 6% for stakers. Current reward is approximately 16% per year.
Is there a risk to stake Icon?
Staking ICON is considered safe as long you protect your private keys. You must know that there is a risk of slashing (slashing means losing your coins because of misbehaviour): voters will lose 6% of their coins if the productivity of a P-rep they voted for, falls below 85%.
So I can get slashed if your productivity falls below 85%?
Technically you can. We can confidently guarantee you that this won’t happen if you vote for us; our productivity is very close to 100% (always larger than 99%), not only on Icon but also on our other nodes. You can check this on independent ranking sites (see resources)!
Are my staked ICX locked? What if I need to transfer them?
Yes, staked tokens are locked; if you need to transfer them, you need to unlock them following an inverse procedure. First you need to remove your vote, then you need to un-stake your tokens and wait for the unlock to transfer them.
How long do I need to wait after I unstake tokens?
After you have completed the unstaking of your tokens, the unlock period may vary between 5 and 20 days. It depends on current Total Staked %: the more tokens are staked, the less you have to wait before the unlock. Current unlock period is 10 days approximately.