The release of the Validator and Nominator App marks a significant milestone in our sustainable journey towards the Mainnet on the 5ireChain roadmap. With the launch of these applications, we are taking a substantial step forward in realizing our vision of a for-benefit, fully functional, and decentralized blockchain network. The Validator and Nominator App brings us closer to achieving the ultimate goal of a robust and secure Mainnet.
Validators and Nominators play vital roles in maintaining the security, stability, and decentralization of the network. It’s essential to understand the roles and responsibilities of Validators and Nominators within the 5ireChain ecosystem.
Let’s explore the crucial roles played by them within the 5ireChain ecosystem, along with the minimum requirements to utilize their functionality, and most importantly, their significant contributions to the growth and security of the 5ireChain network.
Who are Validators?
A Validator is a participant in 5ireChain consensus (SPoS) who is responsible for maintaining the security of the distributed ledger by validating transactions and adding them to 5ireChain.
They are responsible for validating transactions, creating new blocks, as well as ensuring the network’s finality and, ultimately, its security. 5ireChain Validators play a vital role in maintaining the security and functionality of the network.
To become a Validator on 5ireChain, participants must stake a minimum amount of 200 5ire Coins. This stake serves as a guarantee of their good conduct within the network. Validators are rewarded for contributing to the security of the 5ireChain network. In addition to this, they are highly incentivized for their Sustainability and Reliability scores. Conversely, if a Validator violates the rules or exhibits bad behavior, a portion of their stake is automatically deducted, known as slashing, as a penalty.
It’s important to note that being a Validator carries a significant level of responsibility. Validators are not only responsible for their own stake but also for the stake of their Nominators.
Prerequisites for Becoming a Validator:
- 5ire Wallet Extension: Ensure you have downloaded the 5ire Wallet Extension on your browser and your wallet is set up.
- Validator Node: Setting up a 5ireChain Validator Node is mandatory to become a Validator.
- Stake: To become a Validator, it is essential to stake a minimum of 200 5ire Coins. (Keep in mind that having a higher stake can increase your Validator’s chances of being selected to validate transactions and earn rewards. )
Validator App:
The Validator App developed by 5ireChain provides Validators with a user-friendly interface to monitor and manage their nodes efficiently. By using this application, Validators can contribute to the stability and security of the blockchain while earning rewards.
The Validator App allows Validators to perform tasks such as validating transactions, facilitating block creation, and participating in consensus with other Validators.
To begin your journey as a Validator on the 5ireChain, simply click on this link after meeting the minimum requirements. It will guide you through the process of becoming a Validator.
Who are Nominators?
Nominators are essential participants in the 5ireChain ecosystem who play a crucial role in the consensus mechanism (SPoS). Their primary responsibility is to support the selection process of Validators by nominating trusted Validators who will be responsible for creating new blocks and validating transactions.
By nominating Validators, they contribute to the decentralization of the validation process, which in turn enhances the security of the network. Nominators have the flexibility to choose and financially back up to 16 Validators with their 5ire Coins.
Unlike Validators, Nominators are considered passive participants in the 5ireChain ecosystem. They are not directly involved in ensuring the network’s health and security, and it is not necessary for them to run their own node or be concerned with continuous uptime.
Prerequisites for Becoming a Nominator:
- 5ire Wallet Extension: Ensure you have downloaded the 5ire Wallet Extension on your browser and your wallet is set up.
- Stake: To become a Nominator, it is essential to stake a minimum of 20 5ire Coins.
Nominator Application:
The Nominator App developed by 5ireChain offers Nominators a user-friendly interface to monitor and manage their nominated stake and associated Validators. Nominators actively participate in the 5ireChain network by staking their own 5ire Coins to support the selection of trustworthy Validators. In return for their support, Nominators receive a portion of the Validators’ earnings/rewards.
To begin your journey as a Nominator on the 5ireChain, simply click on this link after meeting the minimum requirements. It will guide you through the process of becoming a Nominator.
Conclusion:
Validators and Nominators are essential components of the 5ireChain ecosystem, each playing a crucial role in maintaining the security, stability, and decentralization of the blockchain network. Validators ensure the integrity of transactions and contribute to overall security, while Nominators support the selection of Validators and participate in the consensus mechanism. By utilizing the Validator and Nominator apps provided by 5ireChain, these participants can efficiently contribute to the network’s functionality and be rewarded for their contributions.
Stay tuned as we continue to make progress on our roadmap and shape the future of sustainable blockchain technology.
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
