What is a P-Rep and how do I stake my coin?
If you plan on investing in ICON, one of the key components to understand is what P-Rep really is and how to go about staking your ICX and casting your votes.
A P-Rep is a Public Representative who is voted in by ICX stakeholders to help run and manage the blockchain. P-Reps can receive rewards for being voted into the top 100 and have a greater responsibility if they are in the top 22. You can learn more about P-Rep responsibilities and what to consider when casting your votes in this article.
A primary benefit to holding ICX is your democratic ability to vote for those who represent governance of the blockchain, which allows for a system of true decentralization. ICONLOOP, who founded the infrastructure for ICON, won’t even have governing power over the coin after the ICONSENSUS on Oct. 29, when P-Rep rewards begin.
Staking your coin
You first need to have ICX in your ICON wallet. If you do not, follow the steps here to buy and transfer ICX into your wallet.
Once you have ICX in your wallet, you can now stake your coin. Staking means to freeze transactions (withdrawals and transfers) of your coin for a period of time. In addition to voting rights, you can also receive rewards for staking.
Staking your ICON
Step 1: In order to stake your coin, open your ICONEX Chrome extension and go to the Voting tab. This view defaults to the view of current P-Reps and shows their current vote totals. Switching to the My Status view will take you to a new view where you can start staking your ICX.
Step 2: In the Wallet Name dropdown, select your wallet name. If this is your first time staking the Stake and Vote boxes below will likely be blank. You must first stake your coin before casting any votes, so begin by clicking the Adjust button in the Stake box.
Step 3: A pop-up will appear with a sliding bar where you can choose how much you want to stake. It is recommended to stake as much coin as possible, though you won’t be able to stake 100% of your coin, as a small amount is required to eventually unstake it. Once you have selected your amount, click the Complete button, which will confirm the transaction.
Step 4: Now that you have staked some of your ICON, you can use it to vote for P-Reps. Back on the Voting tab, under your wallet, you should now see numbers available in the vote box. Click the Vote button in that box to take you to the next screen.
Step 5: This voting page lists all the P-Reps once again, along with their current vote totals. Scroll down to select a P-Rep you want to vote for, then click the plus sign to the right of each name. You select up to 10 candidates to vote for and it is recommended to spread your votes for the sake of decentralization.
Step 6: Once you’ve selected the P-Reps you want to vote for, scroll up to see them listed above the total list of P-Reps. Click on the name of a P-Rep in this location to reveal a sliding bar to indicate your votes. Select the percentage you want to vote for this rep, then press the Vote button.
Congratulations! You have now voted for a P-Rep, partaking in your democratic duty as an ICX stakeholder for the betterment of the network. What’s better is that you are rewarded for your efforts! Read more here on how rewards work and what an I-Score entails.