Delegated Proof of Contribution

Description

ICON Network:

"The ICON Network not only supports fast, uncompromising agreements through Loop Fault Tolerance (LFT), which is an enhanced BFT (Byzantine Fault Tolerance) algorithm, but also supports faster consensus by creating a group among trusted nodes. Therefore, the ICON Network has a decentralized governance structure based on indirect democracy, in which participants elect representatives and delegate voting rights. This method of ensuring all ICONists to participate (either directly or indirectly) in generating blocks is effective for forming a governance structure that connects countless external communities.

To determine a reliable representative, the ICON Network evaluates all participants according to their contribution to the network and quantifies them. Given a fair assessment of their respective contribution and the corresponding rewards, participants will develop and propagate the ecosystem, ultimately increasing its value. Participants with sufficient contribution can be judged to be credible and may be selected as a representative. In the same vein, reliability can be proven by receiving delegated contributions from other participants. The delegated contribution is an indicator that the participants are trusted.

The central philosophy of the ICON Network reward distribution is fair compensation based on relative contribution. Each participant can demonstrate their contribution through the ICON Network's unique contribution evaluation system. In the end, contribution is the most important value shared within the ICON Network, and therefore will be the sole standard in the network. Delegated Proof of Contribution (DPoC), as described herein, is the sole justification for electing representatives." (https://m.icon.foundation/resources/file/ICON_Yellowpaper_ICONstitution_and_Governance_EN_V1.0.pdf?)