ICON to give away 3 million ICX tokens as part of upcoming node holder elections

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The ICON Foundation has announced it will be giving away 3 million ICX tokens to participants in its upcoming election.

The election will determine which parties will serve as node holders, known as Public Representatives on the ICON network.

The giveaway tokens will be distributed during a 30-day pre-voting period, set to open on August 26.The pre-voting period and the giveaway are part of the project's ongoing journey towards decentralization, which it calls ICONSENSUS. The 3 million tokens will be distributed as a reward to those ICX holders who participate in pre-voting.

The Foundation is providing these tokens from its own supply, thereby dispersing voting influence across the network prior to the full election launch.

The pre-voting period is also designed to balance out votes between the various candidates vying to become a P-Rep. The ICON Foundation is encouraging its community to spread individual votes between multiple P-Reps as a means of avoiding the centralization of power among a few node holders.

This move aims to overcome the challenges faced by blockchains, such as EOS. A large number of EOS tokens are held by a small number of exchanges and whales, which have been found.

ICON is flagging the P-Rep elections as the first step for it to achieve full decentralization.

During that time, anyone holding ICX tokens in an ICONex wallet can stake their tokens and vote for their chosen P-Reps.

This will earn the right to participate in the 3 million token giveaway.

The P-Rep elections are a significant milestone for ICON, which has been making headway on its roadmap over recent months.