Several days ago, the ICON Foundation posted a Medium article entitled Path to Sustainable Economics: P-Rep Commission Rates, which proposed a new paradigm for the current metric described as “I-Rep.” Not only does this new proposal re-define the concept behind I-Rep, but it would also change the I-Rep label to “P-Rep Commission Rate.”
Since its inception, the ICON governance model has gone through an evolution; this evolution has been geared toward reducing inflation and increasing decentralization, both of which are important goals for long-term sustainability.
Accordingly, after an internal evaluation, RHIZOME believes that the proposal put forth by the ICON Foundation is consistent with the long-term goal of a more sustainable economic system.
By shifting the terminology and definition of the current i_Rep system, we will introduce a metric that is more familiar to other DPoS participants while providing greater clarity and transparency to voters regarding the impact that P-Reps have on inflation. We think both of these changes will increase the number of voters over the long-term.
The ICON Foundation has stated they intend to introduce this as a network proposal in July. However, per their guidance and our desire to offer a more immediate solution, we are committed to decreasing our I-Rep to 14,000 (a commission rate of ~17.5%) over the coming week*.
We look forward to participating in other ongoing efforts to improve the sustainability and strength of the ICON network over the long-term.
Thank you for your continued support.
* I-Rep can only be lowered 20% per day.