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10-Nov-2019 17:48

This is however a lot more complex in ICON with many more components as a super chain.In order to clarify this, lets try a real life example Litecoin as a community joins ICON interchain, Charlie Lee is the C-Rep for Litecoin.This is essentially becoming a ‘delegate’ in ICON, and delegates are chosen (or removed) through voting in the Representation channels.Now for the sake of this discussion, only Charlie and Roger are in the Representation Channel, and 2infiniti wants to become a delegate.

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Let’s first take a brief look at what masternodes are, Masternodes are full nodes setup to keep the network healthy and serve particular functions within the network.The idea of delegates in a DPOS system is that they will forge or mint new blocks w their verifying rights on transactions, then rewarded for the effort.In traditional POW system, blocks are mined and miners are rewarded for their hash-power (and luck! Some fundamental flaws under DPOS include potential centralization where minority dictate the fate of majority, and ‘nothing at stake problem’ where delegates cannot be financially penalized besides losing their role.Roger Ver on the other end, brings Bitcoin Cash to ICON, a C-Rep of BCH.

Now we have both LTC and BCH in ICON Republic, these communities are grouped to ‘Fast Crytocurrency Payments’.

While a delegate serves similar functions to a masternode, the key difference here is that becoming a delegate takes a very different approach.

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