- Basechain was formerly known as PlasmaChain. Read the official announcement.
- Validators can now self-onboard here: https://loomx.io/developers/en/validator.html
The Loom Network team has been delivering at a tenacious pace in our quest to build out the tools that will help developers create and scale their dapps for the masses.
We recently launched Basechain, our universal multichain hub. Basechain is an EVM-compatible chain that gives developers fast and gasless transactions, as well as interoperates with other major networks — Ethereum, Binance, and Tron (plus Bitcoin and more on the way).
That means developers can deploy and scale their dapps directly on Basechain, and then transfer tokens in/out of the layer 1 networks of their choice.
Where Are We At?
Basechain is already live, audited, battle-tested, and running smooth.
There are 21+ external validators running the chain, tons of third-party developers launching new dapps, and the network has maintained stellar performance — already processing 15M+ transactions and creating 60K+ wallets.
Check out the latest roadmap for a view on what’s to come in early 2020.
How To Become a Validator
One of the most important parts of running a DPoS chain is having a diverse set of validators that are held accountable and voted on by the users of the chain.
Many curious minds have already reached out to inquire about the possibility of participating — and we’re flattered. For the rest of you, here’s how the process will work for early testnet validators:
Update: validators can now self-onboard here: https://loomx.io/developers/en/validator.html
It’s not possible to overstate the critical function that validators play in keeping the network honest. To ensure this, your responsibilities as a validator node will include:
- Continuously running the latest and greatest version of the Loom SDK
- Staking LOOM tokens for a period of time
- Complying with Loom validation requirements and specs
- Maintaining properly functioning hardware
- Actively participating in network governance (voting on software upgrades, changes to the fee structure, etc.)
While validation activity during the initial testnet phase required minimal resources, we’ve seen an accelerated bootstrapping of the network given recent milestones and momentum.
As such, we’ll be continuously iterating on precise specs and requirements to find the optimal setup for mainnet and anticipated growth in transaction volumes. At this point, approximate guidelines for validators are outlined below:
- Server and backup server running Loom software (both with firewall)
- Memory: 32 GB of RAM, preferably 32GB
- Disk space: 1 TB of SSD storage, NVME drives (no normal hard disk or network hard disk)
- CPU: 64-bit
- Processor: Quad core 3GHz
- Network: 1GB fiber
- Hardware security module (HSM) and backup
- Co-location at a top-tier data center; security and 100% uptime are paramount, so redundancy is a must
- An additional backup location operation
- Loom will provide examples and documentation on monitoring and alerting tools, but each validator is responsible for their own instance
- Initially, more frequent upgrades during the testnet phase as the wrinkles are ironed out
- Must stake 1,250,000 LOOM tokens
- Requires a 12-month lock-up period on the staked tokens
- The larger the stake, the larger the validator will be rewarded
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 dividends from two primary sources:
- LOOM fees that are paid by third-party developers for hosting and running their dapps on Basechain
- Transfer Gateway fees when sending their assets between chains (for the first year, this is free for users)
As our latest roadmap is very sharply focused on driving usage, trading, and bringing more third-party dapps onto the network, we see massive growth potential in those hosting and gateway fees.
Early participation is also an opportunity for validators to build their reputation before elections are opened completely to the community, as well as position themselves for early access to future chains that support staking.
If you have the deep technical expertise, experience running validator nodes for large-scale networks, and are interested — then you can self-onboard here or fill out this form to connect with the Loom team directly.
Keep your eyes peeled for more announcements. We will be releasing additional information on the validator process, Basechain, and all the other cool things we have in motion here at Loom Network — additional markets (DeFi, government, enterprise), expanding interoperability with major chains (Bitcoin, Cosmos, EOS, etc), enhancing speed and reliability (Wasm, sharding), onboarding more dapps and developers, launching new CryptoZombies lessons, and continuing to ship fast and frequently (note: real products that are actually live and in production 🤯).
…speaking of big news, we’re thrilled that a few team members (Matt and Georgios) will be presenting at DevCon next month. They’ll be sharing some undoubtedly awesome Basechain-related updates. So stay tuned!
Loom Network is the multichain interop platform for scaling high-performance dapps — already live in production, audited, and battle-tested.
Deploy your dapp to Loom’s 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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