ICON foundation has released its yellow paper which contains the main operational policies of ICON.
ICON is a decentralized network of blockchain communities and working towards building one of the largest decentralized networks in the world. ICON’s blockchain technology can be applied in the real world such as banks, hospitals, financial institutions, universities, etc. With ICON it became easy to connect the crypto world and real world via transparent governance system and artificial intelligence guided incentive system.
There are many problems in existing blockchain ecosystem and ICON team is committed to ensuring the decentralization of the ICON network. The recently released yellow paper outlines the path towards full decentralization.
ICON’s yellow paper is divided into three documents:
ICONstitution and Governance
ICONstitution and Governance document is a reference manual of ICON Constitution and Governance model. The paper is based on the three main principals of Interchain, Decentralization, and Contribution which constitute ICON Governance. The ICONstitution and Governance document explains the process of decision making and key devices such as progressive suggestion and resolution. It also specifies the rights and obligations of each representative and participant of the ICON network.
In the Transaction Fee document the commission system of ICON Smart Contract implementation environment, SCORE is described. The document explains the concept and calculation step of the consumption of a unit transaction fee when executing smart contracts. The document has also introduced virtual steps to calculate the virtual transaction fee. The fee will be dependent on the deposit period of ICX and its early withdrawal.
ICON Incentive Scoring System (IISS)
IISS is a system which is based on artificial intelligence. The system will determine the appropriate share of network rewards given to an individual member of the ICON Network based on their relative contribution to the ICON network. Every individual on the ICON network will be assigned with an “I Score” by IISS. The score will be calculated with the help of different metrics. In the IISS documents, the methodology of calculating I Score is explained. The document also explains incentive and penalty policies and additional information about the distribution of newly issued ICX.
Soon the ICON team is going to host an “Ask Me Anything “(AMA) session so that interested people can clear their doubts about the governance, fee, or IISS.