SEED on ICON
Sesameseed is proud to welcome ICON-SEED as the newest addition to the multi-chain SEED rewards economy. ICON-SEED (also referred to as IRC2 SEED) has been created and deployed on the ICON mainnet. Starting from Monday, December 14, 2020, the ICON SEED node will officially be open for community staking and will then begin distributing daily SEED rewards on ICON.
The ICON-SEED contract address is: cx0c1840514299d1be79543930b9d09d16aaeb9a69
Simply stake for Sesameseed and earn SEED daily. SEED is a rewards token issued on every blockchain where Sesameseed operates a SEED node. Sesameseed earns node rewards on those multiple blockchains, and every SEED can be redeemed for a portion of those node rewards from each blockchain.
Holding SEED is like staking and earning rewards on multiple blockchains at once.
Support for ICON native token ICX and IRC2 SEED is expected shortly in Sprout, the custom staking and SEED utility wallet built by Sesameseed. Sprout will allow Sesameseed community members to stake their ICX and interact with their SEED rewards on ICON, in addition to the currently represented blockchains: TRON, Ontology, and Harmony.
SEED Rewards — Sesameseed Subsidy
ICON will be the first blockchain in the SEED rewards economy to receive a Sesameseed Subsidy. Currently, a daily subsidy of $150 from Opex will be allocated for minting SEED on ICON each day. The amount of SEED minted on each blockchain is determined by that chain’s contribution to the total daily node rewards.
The subsidy means ICON’s entire contribution to the total daily node rewards will be counted as equivalent to $150 USD each day, regardless of the amount of community stake to the Sesameseed SEED node. This is currently the sole method by which the amount of SEED to be minted and distributed as rewards on ICON will be determined.
This puts the amount of SEED rewards on ICON on par with rewards from some of the other blockchains currently in the redeem value. In addition to SEED rewards, community stakers on ICON will receive ICX rewards directly from the blockchain into their staking address.
This Sesameseed subsidy will continue to be evaluated and may be updated in the future as community stake to Sesameseed continues to evolve.
For more information on how SEED is minted and distributed across all these blockchains, please refer to our article on the SEED Minting and Distribution System. All relevant details specific to SEED rewards on ICON or other blockchains will be kept up-to-date in the Sesameseed Knowledge base.
In keeping with Sesameseed’s values of transparency and accountability to the community, IRC2 ICON — SEED provides the on-chain functionality for the token utilities described in this article.
Like SEED on other blockchains, IRC2 ICON-SEED has these core utilities:
[Please note: Some of the following SEED properties will not be fully available for IRC2 SEED until SEED is being tracked on ICON for daily rewards starting on December 14, 2020. SEED swap and redeem on ICON is still under development but is expected to be online in the near future.]
Redeem Value — SEED can be redeemed for its multi-chain redemption value through Sprout, Sesameseed’s staking wallet and SEED utility resource. SEED’s redeem value increases over time, so the longer SEED is held, the higher its redeem value. Sprout allows for the creation of wallets on multiple chains as well as linking of existing wallets. This ensures SEED can be redeemed for its full multi-chain value on each blockchain.
Automatic Staking — SEED automatically stakes for all SEED nodes and earns maximum rewards on multiple blockchains, no matter which blockchain SEED is held on. SEED can be held in any wallet to earn rewards.
Multi-chain staking rewards — SEED is designed to be the easiest way to earn the best staking rewards from multiple blockchains at once. SEED automatically earns daily rewards from every blockchain where Sesameseed operates a SEED node.
Daily Compounding — All SEED earned begins to automatically compound every day as a result of automatic staking. This is another way holding SEED over time ensures the best staking rewards.
SEED rewards bonus — SEED earns staking rewards at a higher rate than the amount of native coins in the redeem value. Holding SEED over time provides the best return from staking.
Community Membership — Holding SEED is how Sesameseed identifies blockchain addresses as members of the Sesameseed community. This allows SEED holders to benefit exclusively from any additional rewards periodically distributed by Sesameseed.
Vote — IRC-2 SEED will have a vote feature allowing SEED holders to participate in polls conducted via Sprout. This voting will happen within the IRC2 smart contract on the ICON network. More information about this feature will be released in the future.