Huobi Wallet Is the Latest Loom Network Validator

 Robert
Robert
Sep 27, 2019 2 min read
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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.

Were really happy to be working with these fine folks.

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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 dont 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.

Loom Network is the multichain interop platform for scaling high-performance dapps already live in production, audited, and battle-tested.

Deploy your dapp to Looms Basechain once and reach the widest possible user base across all major blockchains today.

New to Loom? Start here.

Want to stake your LOOM tokens and help secure Basechain? Find out how.

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