ICON ICX updates yellow paper

In order to encourage true decentralization cryptocurrency ICON ICX updates yellow paper and have outlined the in an article published today.

ICON ICX updates yellow paper

ICON Foundation 24/07/2019:

Update Overview

The new incentives model includes more details on the penalty system, a new ICX issuance system that creates a situation where ICX can be burned during high network activity, and a change in the transaction fee policy.

Penalty System

ICON’s penalty system now has a token burning component. There are 3 types of penalties outlined in the IISS paper: Validation Penalty, Low Productivity Penalty, and Disqualification Penalty.

ICX Issuance System

IISS has introduced a system that burns tokens during high network activityand mitigates the amount of inflation on the ICON Network. When a block is produced, there will always be a certain amount of ICX required in order to reward the 4 different contributors in the ICON ecosystem: Voters, Representatives, DApps, and EEPs. With the new system in place, transaction fees will now be used to reward these 4 parties rather than being used as an additional incentive for P-Reps.

Transaction Fee Policy

Finally, Step Price — the base transaction fee on the ICON Network, is now easily adjustable via consensus of P-Reps on a Network Proposal(Specifically, a Step Price Proposal). We have included a specific proposal type into the ICON core service allowing P-Reps to vote to change the transaction fee, and the network will automatically implement the change once agreed upon. Previously, this would have required a hard fork.

Additional Changes

  • Representative Term: A Representative Term on the ICON Network is 43,120 blocks. Governance variables, P-Rep ranking, and more minor details are fixed during a block cycle.
  • Maximum Inflation: The maximum combined annualized inflation from governance variables (i_rep, i_eep, and i_dapp) is 14%. P-Rep submissions that violate this rule will be ignored.
  • Governance Variable:

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