Huobi Wallet is the latest validator on Loom Basechain 🎉
This is exciting news — and it will have a huge impact on the Chinese Market — as Huobi is one of the largest cryptocurrency exchanges and runs one of the most popular wallets in China.
We’re really happy to be working with these fine folks.
The Vital Role of Validators
Validators play a critical role in keeping the DPoS network honest and secure. Some of the responsibilities of running a validator node include:
- 100% uptime, redundancy, and top security measures
- An additional backup location operation
- Staking a large amount of LOOM tokens for a period of time
- Actively participating in network governance (voting on software upgrades, changes to the fee structure, etc.)
- Maintaining properly functioning hardware
Why Run a Node?
Validators don’t propose blocks and verify transactions just for the thrill of it — they get rewarded for their efforts in securing the network. Those that stake tokens and participate will earn rewards from the following sources: guaranteed block rewards, dapp hosting fees, and Transfer Gateway fees.
Read more about validator and staking economics.
Keep your ear to the ground because we got more announcements coming your way, including additional validators, chain upgrades, and more.
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