Blockchain Validator
What is Blockchain Validator?
A blockchain validator is a member of a Proof-of-Stake blockchain network and its responsibilities usually include confirming transactions on a blockchain and adding them into the ledger; validators also have the duty of protecting the network’s integrity by validating transactions, making sure they respect by the network’s policies and procedures, and stopping fraudulent transactions.
For a large blockchain systems like Bitcoin or Ethereum, there are thousands of these kind of nodes or validators, that are consist mostly of volunteers who usually use their personal computers for the tasks.
Understanding of Blockchain Validator
Types of Blockchain Validators:
- Proof-of-Work Validators – one of the most expensive types of validators, require to solve complex mathematical problems to validate transactions; mostly used by Bitcoin
- Proof-of-Stake Validators – PoS validators are rewarded with the coins when they approve transactions and upload them to the blockchain; mostly used by Ethereum
- Delegated Proof-of-StakeValidators – token holders choose these validators, who then approve transactions and add them to the blockchain; mostly used by EOS
Three tasks are usually carried out by validator nodes:
- Verifying that new transactions are formatted correctly
- Calculating hash fingerprints from block to block to make sure no changes have been made to the chain
- Validating each new block to ensure that the miner’s puzzle was solved correctly and the block is correctly structured
Latest news about Blockchain Validator
- Cronos, a leading blockchain that interoperates with Ethereum and Cosmos ecosystems, has announced a partnership with video game creator and publisher Ubisoft. Ubisoft will join 27 other node operators on the open-source Cronos blockchain to contribute to the network’s stability and security. The partnership builds on the previous relationship between the two companies, with Ubisoft having previously participated in the Cronos Accelerator program as a mentor. Cronos Labs, a blockchain startup accelerator, focuses on decentralized finance, blockchain games, and the development of the Cronos ecosystem.
- Deutsche Telekom is set to offer staking and validation services on Polygon’s network, marking a significant expansion into the blockchain sector. The partnership is seen as a crucial step forward for the company, as it will encourage more businesses to adopt blockchain technology through Polygon. Deutsche Telekom will also play a significant role in ensuring the security of Polygon’s Proof-of-Stake side chain and supernet app chains. Polygon Labs’ Chief Operating Officer, Michael Blank, believes the partnership will further promote blockchain adoption among businesses. The partnership also strengthens Polygon’s governance and decentralization efforts.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
