How to become a validator?
The Nordek network is operated by validator nodes hosted by participants from around the world. The network enables entrepreneurs to easily integrate payments into their products and onboard users to a platform that offers payment, transaction, and financial service capabilities in their preferred currency.Access to the network is public, and all the code is open source, allowing customization and localization according to specific needs. Any community residing on the Nordek chain is required to pay a small fee to the network validators for validating its transactions within the community.As the number of communities and users conducting transactions increases, validators earn more rewards for approving these transactions. This dynamic fosters organic growth within the network, as greater usage leads to higher rewards for network participants.
What it means to be a validator?
Validators play a crucial role in the Nordek network. Any entity that is holding the Nordek token can run a node. Validators are responsible for approving transactions on the network and, in return, receive rewards in the form of Nordek tokens (NRK).Validators run special software that holds a copy of the Nordek blockchain and validates transactions within the network. Every 5 seconds, the network groups the latest transactions, validates them, and signs them to ensure their immutability.As a reward for their work, validators receive a block reward (X per block). To account for a yearly inflation rate of 5%, this block reward is adjusted accordingly and distributed among all validators.Validators contribute their computer resources to maintain the network and should possess technical knowledge to handle the hosting of this software (see Running a validator node). Additionally, validators actively participate in the network governance through voting. They are essential in shaping the future of the network by making important decisions, such as upgrades and resource allocation, and ensuring its development.Validators serve as the guardians of the network, responsible not only for its maintenance but also for guiding its path forward. Their involvement in the governance mechanism allows any holder of Nordek tokens to vote on critical matters, ensuring the network's growth and effectiveness.
Who should become a validator?
Companies who build on the network - The Nordek open-source stack enables collaboration among multiple companies on a shared code-base. This unique approach to collaboration and partnerships allows any interested company to become a stakeholder by utilizing Nordek's services and code. When a company builds products on the network, they have the opportunity to own a portion of it and become a stakeholder. By running a node, the company can earn rewards and grow alongside the network. Additionally, leveraging this open-source infrastructure allows companies to reduce development costs for their projects. Operating a node provides reliable network access, participation in governance, and aligns the various interests involved in network operations.
3rd party service providers - The emergence of various service providers offering services across different blockchains is becoming increasingly prevalent. These services encompass a wide range of offerings such as KYC (Know Your Customer), exchanges, credit score providers, lenders, and more. In the Nordek network, any service provider has the opportunity to become a stakeholder. This means that they can actively participate and have a vested interest in the network. A notable advantage is the potential for cross-blockchain transactions, which enable the seamless integration of business processes between different entities through the use of cryptography, eliminating the need for intermediaries.
Community operators on Nordek - Community operators hold a crucial role as the primary stakeholders in the Nordek network. They have the opportunity to upgrade themselves to validators, which enables them to enhance access for their clients. By becoming validators, community operators can not only contribute to the network's growth and security but also provide improved services to their clients. This upgrade empowers them with additional capabilities and responsibilities, ensuring better access to the network and its benefits.
Who can become a validator (Technical requirements)
Who shouldn’t become a validator (and what can he still do)
Non technical users - Running a node on the Nordek network typically requires a certain level of technical knowledge in blockchain and web hosting. While it is not overly complex, it is not considered trivial or basic either.
Simple holders - We are looking for validators who are invested in the future of the network and are looking to take an active part. This is what the DPoS (Delegated Proof of Stake) mechanism was born to do.
You have the option to delegate your Nordek tokens to a validator of your choice. It's important to note that not every token holder needs to become a validator in order to earn rewards. Any token holder can delegate their Nordek tokens to a validator and receive rewards through that validator.
How to become a validator?
To become a validator in the Nordek network, there is a staking requirement of a minimum of 100,000 Nordek tokens. In a DPoS blockchain like Nordek, this staking requirement ensures that all validators have a certain level of stake in the network. The 100,000 Nordek tokens need to be locked in a contract to meet the eligibility criteria for becoming a validator.
Run a full node.
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