Ask Leo: Who Are Crypto Validators And Their Responsibility Within The Blockchain
Do you in any way wonder what a validator activities within a blockchain, Validators are some specific users due to their activities on the block “proof of stake”. These persons are responsible for the security and validation of new transactions on the blockchain.
So what’s a validator in crypto you might want to ask? A validator simply put is a person who participates in a proof of stake in a blockchain network and sole responsibility is to validates new transactions and the network security.
It’s been said that validators do not work for free, do you wonder where does your transaction fees go each time you make a transaction on a blockchain? Well these transaction fees that are mostly charged is a form of payment to the validators each new transaction meets the network rules and also ensuring that the sender has enough funds to complete the transaction.
Can anybody be a network validator? Well yes and the only way that is achieved is by stashing a substantial amount of the network tokens/ digital assets which the activity can also be referred to as crypto staking.
If you see this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link See leoglossary for the terms used within this post also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in h growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.
Let’s also connect on some of the web2 platform.
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Posted Using InLeo Alpha