We are glad to inform you that 27 active validators (witness accounts) operate in the EDC Blockchain network participating in the proof-of-stake consensus and receiving rewards for creating blocks by their own nodes.
One more participant has started the process of configuring the server and launching a node to participate in the network.
How do validators influence the network – main factors
1. Validation is characterized by the security of the network – the more validators participate in the network, the more secure it will be, since more witness nodes perform transaction verification.
2. By increasing the number of validators, we are getting one step closer to the transition to a public decentralized network. In a public decentralized network, owners of witness nodes who would have proven their worth will have the right to vote, ensuring both the integrity of the network and the convenience of working in it. Network efficiency will be achieved through protocol updates supported by the majority of voters.
3. To become a validator and deploy a node on the blockchain, it is required to fulfill certain conditions for burning EDC coins, which directly affects the rate of the coin – their shortage is created, helping the rate increase.
You can see the number of coins burnt in the block explorer on the blockchain.mn website. Validators have the opportunity to receive an annual reward of 3% of the stack amount, accrued daily, plus 10% of all commissions distributed among all active validators. That is, the more coins you have staked, the higher the reward is. The blocked stack is returned to the user's balance at the end of the staking period.
To create a node, you need to submit an application in your personal EDC Wallet after fulfilling the burning conditions and obtaining rank 3, as well as download the technical repository and install it on your computer. Detailed instructions for deploying a node can be found here.
Any member of the community can deploy their node, start confirming transactions and receive rewards neither with special technical knowledge, nor with using powerful capacities! Join us!