How to Pick a Validator
Transaction validation is the process of determining if a transaction conforms to specific rules to deem it as valid. Validators check if transactions meet protocol requirements before adding the transactions to the distributed ledger as part of the validating process.
Consensus is an important aspect of blockchain technology. It’s crucial that all participants in the network come to an agreement on the state of the ledger. But what exactly are we trying to achieve consensus on? Are we simply trying to agree that each transaction is “valid”?
A transaction is considered valid if the sender in the transaction has an initial balance in their wallet equal to or greater than the amount being sent in the transaction (including the transaction fee). Other rules can exist depending on the specific protocol in question, but this rule is generally applicable to all protocols.
Validators are very important participants in a blockchain project, and play a very crucial role in the decentralization of a blockchain project.
A blockchain validator is someone who is responsible for verifying transactions on a blockchain. Once transactions are verified, they are added to the distributed ledger. In proof of work (PoW) systems like Bitcoin, validators, also known as miners, solve complex computational math problems in order to win the right to verify transactions and receive rewards for the “work.” In proof of stake (PoS) systems like Shentu Chain validators are given rewards as long as they stake the network’s token CTK and properly participate in the network. This mechanism helps secure the network by imposing the need to lock up value in the network in order to participate in the consensus decisions.
To stake with a validator, you’re charged a commission on the chain rewards that helps the validator pay for operational cost, and keep a profit. This fee ranges from 0–20% or more depending on the validator, therefore make sure to check on your validator to confirm their commission. To keep the blockchain safe and decentralized we advise for you to split your delegation among various validators, and avoid delegating to validators with an already majority vote on the network to avoid validator centralization which is potentially harmful to the future of our project.
We encourage you today to redistribute and split your delegation among more validators to ensure the sustainability of the Shentu Network.