ICON P-Rep Election: How do I decide who to vote for?

What exactly am I voting for?

So how do I decide?

  • A team may have documented experience operating a node for another project. A history of accomplishment is always a helpful indicator of future performance, and this is no exception. Only a handful of teams have this, so it’s by no means a requirement, but it is a helpful data point.
  • Over the past several months, ICON has operated a “TestNet,” which is essentially a simulation of how the “real” ICON network will operate when the time comes. This not only helps ICON work out any potential issues on their end, but also provides an opportunity for P-Rep candidates to test their own nodes to ensure uptime and address any issues before “primetime.” It is an encouraging sign if a P-Rep successfully participated in any of the TestNet phases.
  • Many teams have provided descriptions regarding their node operations. Some have gone above and beyond minimum requirements and have established multiple servers, so if one goes down, another is in its place. As an example, RHIZOME has taken several steps to build a stable node infrastructure for both our voters and the ICON ecosystem as a whole. Firstly, we are utilizing Google Cloud Platform and Amazon Web Services — two first class cloud providers that allow us to easily scale up our infrastructure as needed. Secondly, in addition to operating a primary and backup P-Rep node, RHIZOME also operated a globally load-balanced fleet of citizen nodes, which allows us to further secure our P-Rep node even further. Lastly, all our nodes are constantly being monitored, have strict security policies, and can only be directly accessed from a select number of bastion servers.

ICON Ecosystem Growth

Marketing / Communication

Application Development

Network Development

Business Development

Other Ecosystem Goals

A quick note

Strategic Voting

  • A diversity of goals and experiences among P-Reps will be critical to the long-term development of the ICON network. Dedicating a portion of your ICX equally to the groups described above would hypothetically be a smart way to vote, as it would help ensure all activities are being implemented. If we end up with P-Reps who specialize in marketing, business development, and network development, that would certainly be great, but not having any team dedicated to application development would be a detriment to the project.
  • The entire reason for ICONSENSUS and the P-Rep elections is to decentralize the network, removing control from any central entity or individual. Ideally, people should vote in a manner that prevents any sole P-Rep — or even small group of P-Reps — from controlling a significant portion of the network. Since voting power (as a P-Rep) is weighted by the % of votes received, those P-Reps who receive more votes have more voting power and control over the network. With that in mind, if you have several P-Reps who you support, it might make sense to delegate more of your ICX toward the teams with fewer votes, and less of your ICX to teams that may be toward among the top vote getters.
  • As a result of ICON’s economic model, P-Reps who receive more votes will ultimately have greater resources available to fund their operations and activities. If there is a team who you believe has some great ideas to implement that will help the network grow, providing them with more votes will have a direct impact on the amount of rewards they receive, giving them the resources they need to hire developers, marketers, business development experts, or whoever they need to accomplish their goals. If a team is comfortably going to be among the Top P-Rep candidates, you may still wish to support them, knowing that doing so will help provide them with more resources.

Conclusion

  • Insufficient ability to operate the network due to inconsistent node operation. While this would be the most fatal, I also think the odds are fairly low, as ICONists have the ability to quickly remove P-Reps who are performing poorly before they can have an impact on the overall network.
  • Inactivity regarding efforts to grow the ICON ecosystem. If P-Reps aren’t helping build on the network and helping it grow, the project will be useless over the long-term.
  • Governance decisions that hurt the network either over the short or long-term. While it’s harder to determine whether a P-Rep will govern responsibly at this point in time, it’s still something that should be considered.

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ICONOGRAPHER

ICONOGRAPHER

ICON contributor and analyst, ready to hyperconnect the world. Twitter: @iconographerICX