governance-public-representative-p-rep.md

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