How to become a validator?

This is the first article describing how an individual can become a validator and, in exchange, what benefits they can receive. Cryptocurrencies run on a blockchain consisting of blocks filled with multiple transactions that have taken place within any given network. For a blockchain to remain reliable and secure, each transaction must be verified or validated, and new blocks created. Validators operate via the Proof-ofStake (or PoS) mechanism, which is now one of the most popular consensus mechanisms due to its efficiency.

A validator is a participant in the network who locks up $ETH tokens or others in the system and runs validator and producer nodes to help run the network. Validators stake their tokens as collateral to support the network’s security and, in exchange for their service, earn rewards. They set up their signing nodes, sync data, and then stake their tokens on the Ethereum mainnet or on other chain staking contracts to be accepted as validators in the current set. You can run nodes on any Home PC/Server, ARM device, or VPS. But you need to keep your nodes decentralized and not rely on one centralized location.

Every node must have the minimum technical requirements to overcome the benchmarking system. If a node owner provides more resources than the above, the network will use all the resources that can be found on the specific server. For example, if you want to be a validator in the Ethereum network, you must have 32 ETH. Since this is a top-rated coin to stake, getting your foot in the door is very difficult. You also can become a validator on other blockchains. Validators usually have to lock up their staked funds, and it’s tempting to stake as little as possible. But this will, in turn, affect how much you can earn, as your staking rewards are calculated as a percentage of your staked funds.

To justify upkeep costs and also to gather a suitable income from supporting the chain, Validator nodes can charge a commission. This gives them a default percentage of the pooled stake rewards. It is up to the individual Validator how much of a percentage they wish to take.

It’s important to remember that staking, and therefore being a validator, is a passive activity, unlike a traditional job. Because of this, you can’t expect the same kind of money in return.

For the first step, you can try to participate in a network with a low entry barrier, like ParaState and SafeStake. SafeStake code is written in Rust. The minimum holding amount for a validator is 8 ETH. The underlying consensus protocol is HotStuff. ParaState uses HotStuff as a consensus layer to govern the operator’s network. The user must stake 8 ETH or more to become a validator. The network will randomly choose a set of validators to attest to the transaction. In our system, their validation task will be performed by the operator-selected nodes during the setup.

SafeStake Galileo Incentivized Testnet: “Operators” Onboarding Announcement

We are targeting the launch of the Galileo incentivized testnet for July. And we expect to implement SafeStake within the ParaState ecosystem to drive high demand for $STATE tokens after the ETH2.0 PoS merge.

We are starting with an early access program for a limited number of Operators. Secure your spot by submitting an onboarding form as soon as you can. The Verified Operators will be eligible for:

✅ Early access to the Testnet

✅ Incentivized Testnet Rewards

✅ ParaState Governance NFT

Secure your ‘ETH2.0 Staking Operator’ spot now!
The early access onboarding form for ‘Operators’

About ParaState

ParaState takes Ethereum chain support to the next level through WasmEdge. Develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C ++, and Golang.

ParaState is participating in ETH2.0 PoS Staking with a new tech stack called SafeStake, a trust-minimized, middle-layer fostering the decentralization of ETH2.0 staking. SafeStake is a non-custodial infrastructure for distributed validator technology written in Rust, implementing HotStuff consensus and Threshold signing architecture to provide more robust security for ETH 2.0 PoS.

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