Since a blockchain is based on a consensus mechanism, it becomes self-evident to have a built-in protocol for how new blocks will be committed to the blockchain.
Blockchain validators are basically computer systems dedicated to maintaining the security and integrity of the blockchain. Validation nodes run a program on the transactions and further decide the order in which the blocks would be placed on the blockchain. Each validator contributes to the consensus protocol by signing blocks containing cryptographic signatures using their private keys. Therefore, by using a distributed consensus protocol, validation nodes process the transactions, execute them on the blockchain, and save the results on the blockchain.
PoSA and validators: Proof of Authority Stake (PoSA) is one of the consensus mechanisms that are executed with the help of validators that commit new blocks on the blockchain. A validation node basically helps stake your cryptocurrency on the blockchain. A validator is selected from the pool of validators at random. Once selected, the validator is responsible for authenticating new transactions and updating the blockchain. In return, validators earn rewards through transaction fees and commissions. There is a criteria on how a validator is selected. From the pool, the participants who have spent considerable time and wagered higher amounts are selected to validate the transactions and are then rewarded. The validator block must then need certification of the accuracy from other validators before the transaction is confirmed on the blockchain. For this job, the reward, which could be the native cryptocurrency, is distributed among the validators in proportion to the amount they validated.
Support Validator Nodes Quantity 467: These are nodes that, although they do not have votes in the network consensus, are very important for supporting the speed and decentralization of the network. Validator staking is a contract created to manage the 467 active support validator nodes. It implements a delegation logic that allows users to vote for the best consensus validators. It brings decentralization to the blockchain and allows users to get rewarded by voting for the most honest and stable validators. This is because the Annual Percentage Rate (APR) mainly depends on the stability of the validator.
Staking is an integral part of the consensus mechanism. GChain relies on a robust structure of validators that help reduce gas fees and shorten block time. A common consensus mechanism used by blockchains is based on Proof of Stake (PoS). Staking allows GSYS COIN holders to contribute to the network by locking up their on-chain assets. Which makes them Validators and Delegators. Validators must run a node and stake a large number of native Genesys coins to create and validate blocks. Delegators can contribute to a validator's participation pool with a much smaller number of tokens, allowing communities with fewer GSYS to participate in the network. rewards The reward for each block comes from the gas fees spent on all transactions in the block. These rewards are then split between the three of them; the validators that created the block, the delegators of the same pool of validators and the network.
Last modified 4mo ago