Blockchain technology has implemented several consensus mechanisms in order for it to scale since its inception. These concepts must be put in proper perspective to ensure people understand what are the relevant terms within the blockchain technology space.
What is blockchain?
According to IBM, Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Although most people assume that you can not use blockchain technology for physical items based on their own level of understanding. That is entirely false as an asset can be tangible (a warehouse, bus, cash, shoes, land) or intangible (intellectual property, patents, copyrights, branding) and so much more.
In reality, all these asset classes can be documented on the blockchain and this is why in certain corners of the world it is regarded as the “9th wonder of the world”. Such that virtually anything of value can be tracked, stored, and traded on a blockchain network, reducing risk and cutting costs for all involved. It is expected that each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
These networks are maintained through a system called Consensus, which involves all parties agreeing on how the network verifies a transaction. Blockchains have various consensus mechanisms, which include proof of work (POW), proof of stake (POS), multisignature, and PBFT (practical Byzantine fault tolerance).
What is a Validator?
A simple definition of a blockchain validator is someone who is responsible for verifying transactions on a blockchain. Such that once the transactions are verified, they are added to the distributed ledger which makes up the block.
This is entirely not rocket science as anyone can aspire to become a validator on most blockchains but the validators would be decided by a set of rules set out by the project team who are responsible for the development of the blockchain.
The entire blockchain is simultaneously maintained over a diverse and geographically distributed network of disparate computers or servers called nodes and these are in turn created and managed by the validators.
Types of validators
Proof of work (PoW) blockchain projects like Bitcoin Litecoin and DigiByte would require validators, better known as miners, who solve complex computational math problems in order to win the right to verify transactions and receive rewards for the “work done.”
The second group of validators can be found in blockchain projects like Tezos, Tron, and Klever and they simply implement the proof of stake (POS). This is a consensus mechanism that requires validators to hold a certain amount of tokens or coins with other laid down rules as agreed by the development team in order to enable them to verify transactions on the blockchain.
In proof of stake (PoS) systems like Klever, validators are given rewards as long as they stake the network’s token (KLV) and correctly participate in the network as validators. 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.
What are the powers of a Validator on the KleverChain?
Validators have a crucial role in maintaining the network on KleverChain. The validator takes part in generating new blocks on the Klever Chain by reaching a consensus with other validators.
The validators are also responsible for voting if a transaction is verified and accepted into the blockchain, thereby rejecting any invalid transactions which can be detrimental to the blockchain as a result of fraudulent transactions.
Some of the requirements of becoming a validator on the KleverChain are:
- You have the required skills to run a validator node.
- Can provide 99.9% uptime of your validator node.
- Have the required amount of KLV to self-stake on your validator node.
- Able to attract enough delegation in KLV to become an elected validator.
You can always read more about KleverChain on their website.
The Klever team has very high regard for its numerous validators that are located all around the world in ensuring that the blockchain network remains stable and maintains its consistency. We look forward to an exciting performance all around the year as these validators keep ensuring the stability of our blockchain in a Klever way.