ICON Foundation announces launch of a fully decentralized network
- Community elected Representatives now manage the network across the globe.
- The Public Representatives are tasked with managing, governing, protecting and growing the ICON ecosystem.
ICON Foundation, the organization behind the South Korean blockchain ICON, has recently announced that the ICON network has completed the decentralization process. The network is now managed by community elected Representatives (P-Reps) across the globe. The Public Representatives are tasked with managing, governing, protecting and growing the ICON ecosystem. Min Kim, Foundation Council Member, said:
We are very excited about the decentralization of the network. We’ve worked so hard to get to this point, but we all know this is only the beginning of the journey. We can’t wait to work together with P-Reps and all the community members to grow the ICON ecosystem to its full potential.
Since its launch in 2017, ICON Foundation has been leading the ICON project. ICON was launched with the vision of “Hyperconnecting the World.” ICON projects utilize the high-performance blockchain engine, "loopchain." It connects various blockchain communities and develops an environment where blockchain technology can be applied to real life.
ICONSENSUS achieved its first significant milestone by electing its Public Representatives. ICONSENSUS’s growth has three key phases - the election of P-Reps (Public Representatives) to decentralize the network, the on-boarding of C-Reps (Community Representatives) to support interchain communication and the launch of contribution proposals to incentivize activities that grow the ICON ecosystem.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
