The ICON Contribution Proposal System delivers a streamlined, transparent, open-source approach to funding projects on the ICON network
ZUG — February 26, 2021 — ICON (www.icon.foundation), one of the world’s largest decentralized networks, today announced the launch of its decentralized autonomous grant program to support innovative blockchain projects. Initially, ICON will fund the program with 250,000 ICX (over $400,000 USD), but by June 2021 up to 1 million ICX will be managed by P-Reps (Validators) and funded through ongoing block rewards. The ICON Contribution Proposal System delivers a streamlined, transparent approach to funding projects on the ICON network. It is fully open source and designed to support both internal projects, such as community building initiatives, infrastructure projects, and developer tools; as well as to provide bootstrapping to for-profit projects built on ICON.
“Blockchain development has made tremendous strides over the past year, and our community grant program provided significant funding to support this growth on the ICON network,” said Min Kim, ICON Project Founder. “This decentralized autonomous grant program is a way to support a range of projects, including community-building initiatives, nonprofit infrastructure projects, developer tools, educational resources and much more.”
The new ICON Contribution Proposal System replaces its Grant Program, creating a more transparent, streamlined system for funding projects on the network. Here’s how it works:
Projects submit their proposals and select a Sponsor P-Rep to vouch for their proposal during a 15-day Application Period.
During a 15-day Voting Period, P-Reps who have registered to manage the Contribution Proposal System will vote on proposals.
Approved proposals will receive funding in monthly installments to support their projects. Their Sponsor P-Rep will receive a monthly reward for supporting the project.
Approved projects will be asked to share a monthly progress report to continue receiving funding. P-Reps will review the monthly progress reports, and can discontinue funding for projects that are not progressing sufficiently.
The Contribution Proposal System owned and operated by the ICON Network itself and fully open source, so that community members can propose amendments. Any changes to the system will occur through ICON’s Network Proposal process. This release also strengthens the core responsibilities of Public Representatives, or P-Reps, the title given to consensus and governance block validators on the ICON Network. They are required, at minimum, to operate a node and participate in voting for proposals that are submitted. A detailed walkthrough of how to use the CPS, as both an ICONist and a P-Rep, can be found here.
“The ICON Foundation and the iBriz-Iconosphere P-Rep teams relied on community feedback to create a robust framework and design to fund innovation in our ecosystem,” said Ricky Dodds, Strategy and Communications Lead at ICON. “We look forward to seeing the ICON Project turn into a fully functioning DAO with many projects funded through this system.”
At launch, the ICON Foundation will allocate all of its block rewards into the Contribution Proposal Fund on a regular basis. After migrating to ICON 2.0 later this year, it will be funded directly through network inflation.