🔶Becoming a validator
Validator nodes that are dispersed globally among network participants, govern the SatNode network. This infrastructure facilitates entrepreneurs in seamlessly integrating payments into their products, enabling user onboarding to a platform supporting payments, transactions, and access to financial services in diverse currencies.
The network operates on a transparent basis, with open-source code that can be tailored and localized to specific requirements. Communities residing on the SatNode chain are obligated to remit a nominal fee to network validators for transaction validation.
Increased transaction activities within communities and user bases contribute to heightened rewards for validators, fostering organic growth in the network as participation and transaction volume expand.
What it means to be a validator.
Any entity that is holding the SatNode token can run a node that approves transactions in the network and in doing so receive rewards in the form of SatNode token (SND).
Validators are running special software that holds a copy of the SatNode blockchain and validating transactions in the network.
Every 5 seconds, the network groups the latest transactions broadcasted to the system, validates them and signs them so they could never be changed in the future.
For this work the validators receive block reward (X per block). A yearly inflation of 5% is distributed between all validators (the block reward is updated to accommodate this functionality).
Validators are contributing their computer resources to maintain the network and need to have some technical knowledge in dealing with hosting this kind of software and participate in the network governance through voting.
Validators are the guardians of the network and are in charge of not only maintaining it but also to steer it in its future through the governance mechanism that allows any holder of SatNode token to vote on important decisions and upgrades to the network in its development and resource allocation.
Who should become a validator?
Companies who build on the network - SatNode open source stack allows many companies to collaborate on the same code-base. Allowing any company that is interested in using the SatNode services and code to join as a stakeholder is a new innovative approach to collaboration and partnerships, any company that builds products on the network can own a piece of it and become a stakeholder. Running a node in the process will allow the company to earn rewards and grow as the network grows, The company can also use this open-source infrastructure to save costs for their development needs. Operating a node gives reliable access to the network, participation in its governance and aligns all the different interest behind the operation of the network.
3rd party service providers - We are starting to see many service providers creating and providing services across different blockchains. Services like KYC, exchanges, credit score providers, lenders and more! Any service provider can become a stakeholder in the network and already today we are seeing the potential of cross-blockchain transactions uniting business processes between different entities using cryptography and without middlemen.
Community operators on SatNode - Community operators are the foremost stakeholders in the network and can upgrade themselves to a validator and thus provide better access to their clients.
Who can become a validator (Technical requirements)
Who shouldn’t become a validator (and what they can do instead)
Non technical users - Running a node requires technical background in blockchain and web hosting. It’s not very complicated but also not trivial or basic.
Simple holders - We are looking for validators who are invested in the future of the network and are looking to take an active part. This is what the DPoS (Delegated Proof of Stake) mechanism was born to do.
You can delegate your SatNode token to a validator of your choosing. Not everybody that wants to earn rewards need to be a validator! Any token holder can delegate their SatNode token to a validator to earn rewards through the validator.
How to become a validator?
Minimum of 42k tokens staked or delegated. In a DPoS blockchain it is required that all the validators have a staking requirement. The stake of 42k SatNode tokens needs to be locked in a contract to be eligible to become a validator.
Run a full node.
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