Validator (node, masternode) is a special member of the Minter network that ensures its smooth operation.
The validator's task is to validate and form blocks and provide consensus in Minter blockchain. Since Minter Blockchain is based on the DPOS concept, only validators receive a reward for each block and then distribute it evenly among all delegators.
Validators receive rewards from each valid block. 10% of the award is automatically sent to the wallet DAO, another 10% is received by the Developers Team. The remaining 80% is shared between the validator and all delegators. Each validator sets its own commission. The validator's commission is set once when a validator candidate is announced, it cannot be changed.
How to become a validator
To start your master node, you need a server that is able to work seamlessly 24/7.
After installing and running the full network node, the public key for declaring the candidate and turning it on can be obtained through the graphical interface, which can be accessed at http://localhost:3000/
To declare yourself a validator candidate, you need to send a special transaction of Declare Candidacy type. Comission for the transaction is 10 BIP.
In order to include the validator in the list of active candidates for validators, you need to send a special transaction with the Set Candidate Online type. The transaction fee is 0.1 BIP.
To exclude the validator from the list of active candidates for validators, you need to send a special transaction with the Set Candidate Offline type. The transaction fee is 0.1 BIP.
What is the difference between candidates and validators
In simple words, a candidate for validators is a server that meets all the necessary conditions. The candidate is not the validator, in other words, the candidate does not receive a block reward and does not participate in block formation.
In order for a candidate to be a validator, its total stake must be in the top-
X by the total stake of all candidates. The number
X is not fixed and depends on the height of the current block.
The Minter network has started its work with 16 active validators. In other words, of all the candidates (no limit on the number of candidates), only the candidates with the 16 largest stakes received a block reward and participated in block checking at the start of the network.
Every 518,400 blocks (approximately 30 days) 4 additional validator slots are unlocked in the network until the number of validator slots become 256.
On the October 5, 2019, 32 validators are active in the Minter network.
Technical requirements for the masternode server
- 4GB RAM
- 200GB SSD
- x64 2.0 GHz 4 vCPUs
- 4GB RAM
- 200GB SSD
- x64 3.4 GHz 8 vCPUs