Support the Network and Earn Trust!
Who is a validator?
A validator is a member of the Minter’s sophisticated ecosystem who maintains the network’s uninterrupted, flawless operation by verifying transactions and producing new blocks.
Think of buttresses keeping the walls of a building up. Similarly, validators support the whole network. A vital part of the project’s economy, they are responsible not only for making the transactions of other participants go through smoothly and almost instantly but are also entrusted with balances of those participants.
And how is that?
The block reward and transaction fees go to validators who signed that particular block. But to be granted such a right, a candidate has to be among 16 (at the beginning; eventually the number will be 256, with 4 new spots being added each month) validators with the largest stake (own + delegated). In other words, if you don’t have sufficient BIP balance to find your way into the top list all on your own, you will need support from other people—delegators—to entrust you with their balances.
Why would they do that?
Every member of the network is interested in its flawless, stable operation. While it is your duty as a validator to maintain the network stability on the technical level, delegators’ participation provides the system with trust backed by their own BIP balances. You may earn this trust in several ways—by demonstrating your technical capabilities, offering economic incentives, or providing timely, high-level tech support.
Of course, with benefits comes responsibility. As a validator, you will be obliged to keep your node up and running. If you fail to do so, you will face severe penalties.
Please also note that in case you no longer want to be a validator, you should set candidate off in advance as the request is processed in 120 blocks after it has been submitted.
I am interested. How do I find out more?
For more detail, read our documentation:
You can also pay a visit to the Frequently Asked Questions section of the website: