What does a validator do and what is needed to become one?
interested in knowing everything about being a validator in the crypto space
To post an answer, please !
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Hi Liz! That is an awesome question and quite a long explanation and full of in depth details. Just to make it simple but first of, we need to define what is a “validator” A validator is basically a computer that will maintain the blockchain's integrity. For a blockchain to remain reliable and secure, each transaction must be verified or validated, and new blocks need to be created. We also call this a participation in “consensus”. To participate in a consensus, validator nodes become responsible for verifying, voting on, and maintaining a record of transactions. Validators operate via the proof of stake (or PoS) mechanism. Now, to become a validator it also depends on which blockchain you’re referring to. Different blockchain have different specification and criteria. Here are few requirements you need to meet to have a chance of becoming a validator:
- stake a certain amount of crypto
- have a good amount of spare storage space on your device: like 250GB, and 8GB of RAM lol As an example, on Eth network, to become a full validator, ETH holders must stake minimum of 32 ETH by depositing the funds into the official deposit contract that has been developed by the Ethereum Foundation. It’s important to note that the rewards for validators vary depending on the price of the coin they've staked. Coin prices are constantly changing, and therefore, it's crucial to keep in mind that a considerable drop or crash could result in losing out in the staking process. Furthermore, as more and more validators join any given network, the available rewards per validator will also decrease. If you’re keen on becoming a validator, you may start by choosing first on which blockchain then look for what you need. Where to stake and for how long. Good luck to you. Hope that helps.
This won't be everything, but gives a little bit more detail in what a validator does, why, and how it relates to a blockchain. https://curious.xyz/questions/426
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