A blockchain validator is a person who is in charge of confirming blockchain transactions. Transactions are added to the distributed ledger once verified. In addition, validators solve challenging computing problems in proof-of-work (PoW) systems like Bitcoin. They do this to acquire the ability to verify transactions and get rewarded. Furthermore, validators stake native tokens in proof-of-stake networks like Avalanche for rewards.
Also, they have to correctly participate in the network. This approach aids network security. It requires network participants to lock up value to participate in consensus decisions. Networks such as Avalanche depend on this participation for growth.
A recent tweet from Avax News showed that Ethereum had the highest number of validators on a popular blockchain. According to the post, there are 270,322 validators on Ethereum, while Avalanche has about 1,220. This stat shows how much attention Avalanche is gaining in the crypto community.
📢 TOTAL NUMBER OF VALIDATORS ON POPULAR BLOCKCHAINS
🔺 Ethereum 270,332
🔺 Elrond 3,200
🔺 Cardano 2,076
🔺 Solana 1,307
🔺 #Avalanche 1,220#AvaxNews #Validators #Avax pic.twitter.com/KHxYt1sOs1— Avax News 🔺 (@Avax_News) January 17, 2022
Why Validators?
The role of a validator in the proof-of-stake (PoS) consensus process is to validate blocks to collect rewards. Blockchain technology’s decentralized structure makes it so attractive and enticing that more people use it. Also, nodes are the building blocks of a blockchain. They are in charge of data storage. However, this data must get confirmed or verified on the blockchain network. This is when a validator is useful.
Proof-of-work and proof-of-stake are popular terms in the crypto world. They are two of the most used blockchain network validation mechanisms. A validator verifies each incoming transaction in the same way a banker verifies a transaction before processing it. In addition, an operation needs a validator to certify it.
Furthermore, a validator assesses whether or not a transaction complies with the rules that render it valid in the proof-of-stake process. As a result of the procedure, the blockchain network becomes safe and transparent.
Understanding the Proof-of-Stake Mechanism
Proof-of-stake, regarded as the logical successor to proof-of-work, is an alternate way of authenticating transactions. It is also a way of attaining consensus in a blockchain ecosystem. Although the PoS and PoW mechanisms share certain similarities, they have a few important distinctions. Both differ in security.
Proof-of-stake reduces the amount of processing energy needed to validate blocks and transactions. Furthermore, it ensures that the blockchain remains secure. Proof-of-stake modifies the blocks’ confirmation process. PoS uses coin owners’ devices. The owners put their coins up as collateral in exchange for the opportunity to validate blocks.
The block is then “mined” or validated by validators chosen at random. Rather than employing a contest-based process like proof-of-work, this system decides who gets to “mine” randomly. Having more validators on a PoS network is good for its security and can help fight against cyber attacks.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
