TL;DR
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Full Story
ICON’s Contribution Proposal System (CPS) represents a landmark in the world of blockchain development. As a decentralized grant program operated by validators on the ICON network, the CPS is a cornerstone of ICON's open-source development ethos. It funds various initiatives like marketing, community-building, and cross-chain dApps development, all integral to the ICON network's growth.
CPS: A Transparent, Decentralized Grant Program
Unlike traditional grant programs, ICON’s CPS offers a transparent, decentralized approach, ensuring that all proposals are submitted directly to the ICON blockchain. This open system is accessible to everyone, reflecting ICON's commitment to democratizing blockchain development.
Key Advantages of ICON’s CPS
The CPS differs from traditional funding mechanisms in several ways:
Decentralized and Transparent: Proposals and decisions are transparent and publicly available on the CPS portal.
Validator Voting System: Proposals are democratically voted on by ICON validators, requiring a 67% approval based on validator consensus and ICX delegation.
Community Influence in Governance: The ICON community influences CPS decisions through their delegation to validators, embodying a transparent governance model.
KYC-less Application Process: Applicants need only an ICX wallet to propose, enhancing accessibility and privacy.
Stablecoin Fund Distribution: Funds are distributed in Balanced Dollars (bnUSD), providing stability against market volatility.
The CPS Working Mechanism
The CPS is an integral part of ICON’s development, particularly in fostering cross-chain development and supporting the creation of cross-chain dApps like the xCall service. Funded by a portion of ICX minted monthly, it allocates significant resources to innovative projects within the ICON ecosystem.
CPS for Applicants and Validators
The CPS process is straightforward, rotating biweekly between application and voting periods. Applicants, including those working on cross-chain development projects, can submit proposals or progress reports. Validators play a crucial role in reviewing and voting on these proposals.
Notable CPS-funded projects include diverse initiatives from cross-chain dApps to marketing campaigns, showcasing ICON's broad approach to blockchain ecosystem development.
ICON's Contribution Proposal System is a game-changer in blockchain and cross-chain development. It aligns with ICON's vision of open-source and decentralized innovation, offering a unique and accessible platform for those looking to contribute to the ICON ecosystem. Whether you're a developer, marketer, or community builder, ICON's CPS is ready to support your next groundbreaking project in the blockchain domain.