5ire is pleased to announce the general availability (GA) of its testnet Thunder will be made live tonight. This marks a significant milestone in our journey towards creating a robust and efficient blockchain ecosystem. As part of this release, we are excited to invite node operators, individuals and enterprises to participate as validators on the 5ireChain network.
This document is a part of a series that provides a comprehensive introduction to the testnet thunder ecosystem, introduction of validators on the general availability and incentives for contributing in strengthening the security of the network.
Validators: Eligibility & Requirements
Minimum Stake: Validators must stake a minimum of 100,000 5ire tokens in the validators’ specific pool to participate in the network. Staked tokens are locked for the duration of the validator’s participation. Once you have 100,000+ 5ire token staked, you will automatically qualify for the Validator node WL.
Technical Setup: Validators must possess the technical capabilities to set up and maintain a validator node. This includes installing and configuring the 5ireChain node, setting up a dedicated server or virtual machine, and ensuring adequate computing resources.
Reliable Internet Connection: Validators should have access to a stable and reliable internet connection to ensure continuous connectivity to the 5ireChain network.
Security Measures: Validators are responsible for implementing appropriate security measures to safeguard their validator node and protect against potential threats and attacks.
This may include firewall configurations, regular software updates, and secure key management practices.
Compliance with Network Rules: Validators must adhere to the rules and guidelines established by the 5ireChain network, including consensus protocols, governance processes, and code of conduct.
To know more, head over to this page.
Why validate on 5ire?
Participating as a validator on 5ireChain offers numerous benefits, including:
Incentivised Testnet: Validators receive rewards from a pool of 5 million 5ire tokens for their contributions to network security and performance, including transaction fees and block rewards.
Enjoy a consistent income stream while supporting the network’s operations.
ESG Considerations: 5ireChain incorporates Environmental, Social, and Governance (ESG) considerations into the validator selection process. Validators can enhance their ESG scores and demonstrate a commitment to sustainable and ethical blockchain practices.
Network Security and Integrity: Validators play a crucial role in preserving the security and integrity of the 5ireChain network. By validating transactions and participating in consensus mechanisms, validators help thwart attacks and ensure network reliability.
Access to Governance and Decision-Making: Validators have the opportunity to engage in governance processes within the 5ireChain ecosystem. Influence decisions on protocol upgrades, improvements, and the network’s future direction.
Diversification and Portfolio Expansion: Participating as a validator on 5ire offers exposure to the rapidly evolving DePIN and RWA industry, with 5ire making strides in furthering efforts in the same direction. Diversify investment portfolios and capitalise on opportunities in the digital asset space.
Extended Technical Support: Validators on 5ireChain receive access to extended technical support services from the 5ire team. This includes assistance with node setup and configuration, troubleshooting technical issues, and guidance on best practices for maintaining a secure and reliable validator node.
Conclusion
Joining the 5ireChain network as a validator presents a unique opportunity to contribute to a blockchain ecosystem while enjoying a range of benefits, including rewards, ESG considerations, network security, governance participation, and portfolio diversification.
Follow the onboarding process outlined in this document to become a validator on the 5ireChain Testnet Thunder GA and be part of shaping the future of decentralized finance and blockchain technology.
FAQ
Q. How to get onboarded as a validator?
After downloading and setting up the 5ire wallet, users must stake into a designated staking pool, reserved for validators.
Once staked, your wallet address is automatically added to the Validator Whitelist, and you’re eligible to run a validator node.
Q. What is the minimum stake and lockup period required to onboard as a validator?
Minimum stake: 100,000 5ire tokens
Lock-up period: 12 months
Q. Is there an airdrop for validators?
Yes, validators will be rewarded an airdrop from a pool of 5 million 5ire coins on the mainnet.
Q. What will happen to my existing ERC20 5ire tokens that I staked, on the mainnet?
We are building a bridging solution to be deployed before the launch of the mainnet. Through this bridge, users will be able to swap their ERC20 5ire tokens to 5ire coins on the mainnet 1:1.
Q. I have staked 100,000 5ire tokens. What happens now?
You will automatically qualify for the validator Whitelist which gives you accessibility to run a validator node on the 5ireChain network. Invitations are extended to qualified users to set up as validators on the testnet, where they’ll validate transactions and blocks, actively contributing to network consensus.
More information about 5ireChain can be found by clicking on the following links:
Website: https://5ire.org
Testnet Explorer: https://explorer.5ire.network/
LinkedIn: https://www.linkedin.com/company/5ireChain
Twitter: https://twitter.com/5irechain
Discord: http://discord.gg/5ire
Telegram: https://t.me/OfficialFireChain
Facebook: https://www.facebook.com/5irechain
Instagram: https://www.instagram.com/5irechain
