Bong An Ha of the ICON Foundation:
“DPoC is not consensus protocol. ICON is based on the DPoS consensus protocol. Delegated Proof-of-Contribution (DPoC) is a decentralized and democratized incentive and governance protocol whereby token holders (ICONists) exercise their right to governance through delegating their stake to those that contribute directly to network growth. By delegating their stake, ICONists elect proven contributors to receive rewards from the network, while at the same time reaping rewards themselves by contributing through stake delegation”.
“An effective incentive mechanism can greatly expedite the growth and ultimate success of a decentralized ecosystem. The ICON Network utilizes the Delegated Proof-of-Contribution protocol to quantify ecosystem contributions, which allows for a more precise and decentralized distribution of economic incentives. Without an effective system like Delegated Proof-of-Contribution, valuable network resources could be allocated to entities with misaligned or apathetic interests, thus hindering the growth of the network and diluting the token holdings of ICONists that have made valuable contributions to the network. For this reason, the ICON Network focuses on selecting proven contributors through a delegation process”.
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.”