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V3 is out = Become A Validator Today
It is now possible to become a validator and play your part in securing the PulseChain network!!
On March 22 2023, PulseChain testnet V3 was released and opened the doors to community members being illegible to stake their tPLS on a medium spec home PC
Keep reading to find out more about what it means to be a validator and how to become one!
What is a validator?
A validator is a participant in a blockchain network who is responsible for verifying transactions and creating new blocks. Validators must meet certain technical requirements to ensure that they can handle the demands of the network. In return for their work, validators receive rewards in the form of the network’s native cryptocurrency.
The gas fees you have to pay on PulseChain (or any other blockchain for that matter) to make a transaction are paid partly to the validators. 75% of all gas fees on PulseChain go to the validators. We pay them to verify the legitimacy of each transaction and keep PulseChain healthy and alive by producing new blocks. The remaining 25% are burnt to reduce circulating PLS supply, which encourages deflation of PLS.
Validators play a crucial role in maintaining the integrity and security of a blockchain network. By validating transactions and creating new blocks, they help ensure that the network functions smoothly and that transactions are processed in a timely manner. PulseChain relies on validators to ensure that its network operates efficiently and securely.
It’s simple, act bad and lose money. Act right, and make money and keep the chain alive
How do validators work on PulseChain?
PulseChain uses a consensus mechanism known as proof of stake (POS) to validate transactions and create new blocks. Under POS, validators must put up a certain amount of the network’s cryptocurrency as collateral, known as a stake. Validators are then selected to create new blocks based on the size of their stake. This system helps ensure that validators have a vested interest in maintaining the network’s security and integrity.
To become a validator on PulseChain, you must first meet the technical requirements outlined by the platform. These include having the proper hardware and software, as well as a reliable internet connection. Once you have met these requirements, you must set up your validator node and deposit the required amount of the network’s cryptocurrency as collateral.
After depositing your stake, your node will start validating transactions and creating new blocks. You will earn rewards in the form of the network’s native cryptocurrency for your work. However, if your node fails to validate transactions or acts maliciously, you may be penalized and your stake may be slashed.
Technical Requirements for Validators
Before starting the validator setup process, you should review the hardware and software requirements outlined by PulseChain. This includes having a hard drive with sufficient storage capacity to run the necessary execution and consensus clients. You’ll also need a reliable internet connection with enough bandwidth to handle the demands of the network.
During the setup process, you will need to configure your execution client and consensus client to communicate with each other. You will also need to set a fee recipient address to receive transaction fee rewards.
Getting Help with Validator Setup
f you need help with setting up your validator, there are resources available to you. There is a technically proficient community member named Gamma who is available to answer any technical questions. He has a dedictated validator Telegram group and video instructions that you can find here: https://linktr.ee/GammaDevOps
Conclusion
Proof of Staked Authority (PoSA) ensures that PulseChain remains a self-sovereign blockchain. It is an on-chain decentralized governance that gives power to the people and keeps the validators behaving uprightly.
Validators play a critical role in the operation of blockchain networks like PulseChain. By verifying transactions and creating new blocks, they help ensure that the network operates efficiently and securely. If you’re interested in becoming a validator on PulseChain, be sure to review the technical requirements and seek out help if you need it. With the right hardware and software, you could be earning rewards for your contributions to this exciting new blockchain platform.
For anyone wanting a more technical deep dive, we advise you to go to the official PulseChain GitLab.
Or let us know if you have any questions on our Telegram chat! Happy validating and delegating!
