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Governance - Public Representative (P-Rep)

What is a Public Representative?

    A Public Representative (P-Rep) is a full node on the ICON Network that participates in consensus and governance.
    P-Reps consist of the top 22 Main P-Reps and 78 Sub P-Reps, and are elected by ICONists.

Reward for Representative

Representatives can receive compensation through IISS. See IISS for more information.

On-chain Governance System

    Representatives can submit governance variables, network proposals through an on-chain governance system. All ICONists can delegate their ICX to the representatives to participate in decision making. It is important to delegate the ICX to reflect each ICONists’ intention.
    Governance proposals are submitted by P-Rep

Governance Methods

Governance type
Description
Text Proposal
    Text Proposals are open-ended proposals submitted by P-Reps and, if approved, are executed in good faith
    All P-Reps in the validator set can write and submit proposals on-chain. Anything can be proposed as a Text Proposal so that P-Reps can raise discussion topics
    Text proposals are different from all others in that they do not provide autonomous execution.
Malicious SCORE Propoosal
    Malicious SCORE Proposal is a proposal that validators can submit to freeze and unfreeze a SCORE. Once the SCORE is frozen, will not function until unfrozen.
    Freeze
    Unfreeze
Revision Update Proposal
    Revision Proposals, if approved, give validators the ability to autonomously update their software version
    Some updates are only activated after approving in the Revision Proposal
P-Rep Disqualification Proposal
    P-Rep Disqualification Proposal is a proposal that validators can submit a specific P-Rep’s address to disqualify a malicious P-Rep
    It gives validators the ability to autonomously disqualify a P-Rep. Disqualified P-Reps are not able to register as a P-Rep again
Step Adjustment Proposal
    Step Adjustment Proposals, if approved, give validators the ability to autonomously adjust the Step Price and Step Costs, which is the base transaction fee on the ICON Network
    This Step price can be adjusted within 25% of existing Step Price
Governance SCORE Update Proposal
    This proposal is to update the code of the Governance SCORE
Network SCORE Deployment Proposal
    Network SCORE Deployment Proposals, if approved, will deploy a SCORE owned by the validators
Network SCORE Update Proposal
    Network SCORE Updater Proposal, if approved, will update the code of a Network SCORE
Network SCORE Designation Proposal
    Network SCORE Designation Proposal, if approved, will assign a specific role to a Network SCORE
Monthly Reward Fund Setting Proposal
    All P-Reps in the validator set can submit the proposal to set the iglobal
    When validators submit the proposal, if they doesn’t meet this condition, the transaction to create the proposal can be rejected
      iglobal can be submitted within a range of 25%
        current iglobal-25%<submitted iglobal<current iglobal+25%
      Inflation determined by the iglobal cannot exceed 115% of the current total supply
      iglobal12total supply115%
Monthly Reward Fund Allocation Proposal
    All P-Reps in the validator set can submit the iprep, icps, irelay, and ivoter value to determine the allocation of the monthly reward fund
    Constraint: i_prep + i_cps +... i_n = 100%

Proposal processes

Method
Description
Proposal Submitting
    All P-Reps in the validator set can set and submit the type of Network Proposal
    Network Proposal is able to get votes from validators immediately upon submission
    All P-Reps in the validator set must pay 100 ICX as fee when they submit the network proposal
Proposal Cancellation
    The P-Rep that submitted the proposal can cancel the proposal
Proposal Voting Period
    All P-Reps in the validator set can exercise their voting rights on Approve/Disapprove as much as Voting Weight they own
    Voting period is only activated within 5 terms, and after 5 terms, it will be automatically disapproved
    Voting period ends when the term ends
Proposal Approval
    Network Proposal will be immediately approved if 66% of total votes of validators and 66% of quorums approve
    Once the proposal is approved, the proposal will be executed immediately
Proposal Rejection
    Network Proposal will be immediately rejected if 33% of total votes of validators and 33% quorums reject

Inflation controls and reward distribution

Network variable
Description
iglobal
    iglobal is the total amount of monthly reward fund that is determined by Monthly Reward Fund Setting Proposal
    iglobal can be submitted within a range of 25%
      current iglobal-25%<submitted iglobal<current iglobal+25%
    Denominated in ICX (10^18 loop)
iprep
    iprep is the percentage allocated to the P-Rep from the monthly reward fund
    A 4 digit integer
icps
    icps is the percentage allocated to the CPS from the monthly reward fund
    A 4 digit integer
irelay
    irelay is the percentage allocated to the Relay from the monthly reward fund
    A 4 digit integer
ivoter
    ivoter is the percentage allocated to the Voter from the monthly reward fund
    A 4 digit integer
Last modified 1mo ago