There are thousands of blockchains and these blockchains rely on their validators to keep it 24×7 live. As there are various validators running a blockchain platform, this makes it always up and never goes down, as we can see in centralized platforms.
To understand how validators contribute to the health of the blockchain, let us first define what a validator is.
What is a validator
Validators are responsible for maintaining system efficiency, participating in voting, and forming new blocks by verifying transactions on the blockchain. Blocks are selected by the validators to be added to the chain by multi-stage voting.
A validator is also someone who is responsible for verifying transactions on a blockchain. Once a transaction is verified it is added to the ledger.
Validators on blockchain
On blockchain platforms like Bitcoin, Ethereum, Litecoin, Dogecoin validators solve computational mathematical problems and whichever validator is successful in verifying the transactions by adding a block gets a reward. Validators on these platforms are known as miners and these validators work on a proof of work (PoW) consensus mechanism.
Other than PoW, currently, many blockchains are moving towards a proof of stake consensus mechanism (PoS). On blockchain platforms like Klever, Solona, Polkadot, others validators get rewards for staking the network tokens they hold. By doing this, the validators lock up their value in the network and participate in the consensus decision.
Validators are the confirming authority on a blockchain, just like a bank that verifies your transaction you do through a banking channel.
Once a transaction is processed on the blockchain, the validator cross-checks all the information on the network and once it deems fit, it verifies the transaction and creates a new block that is then added to the blockchain.
As of now, PoS is becoming very popular instead of PoW, as it does not require specialized hardware or computers.
To become a validator on a PoS network, one only needs to stake network tokens on the blockchain and earn regular rewards by participating in the verifying process.
PoS also saves substantial computing power resources because no mining is required.
Whether it is a PoW or PoS blockchain platform, validators play a very important role in securing it from 51% of attacks, hacking attempts, or any attack on the platforms from hackers. They are always eager to keep the blockchain running.
Scores of validators
There are thousands of validators on blockchain platforms because they believe in the blockchain platform. Though there are many blockchains that have thousands of validators, many a time half of them are not running the updated version of the blockchain, so if a transaction is broadcasted on the network, a validator with an updated version of the blockchain will be able to verify it and earn rewards. So it is a Klever decision to always run the updated blockchain.
Bitcoin boasts about having over 100,000 validators, but only 10,000 are getting rewards for solving mathematical problems. In the same way, others share the validator numbers, but how many are really validating is not so easy to find out.
However, these validators are the core of blockchain and without them, a blockchain cannot be so transparent and decentralized.