The WorkQuest team is happy to announce the launch of the validators’ functionality within the WorkNet blockchain.🎉
👀 Who is a Validator?
A validator is a member of the WorkQuest network, who stores a replica of the blockchain on their computer, ensures the transaction verification and the chain block formation, and participates in establishing consensus.
One of the main validator characteristics is voting power, which is proportional to the validator’s stake size. The more significant the stake in absolute terms is. The larger the Validator’s share in the total stake of all validators is, the more voting power they have, and the more often they get to produce blocks. As a result, the more rewards they receive for the work done.
⚙️ What are the Validator’s functions within the WorkQuest network?
🔹 Ensuring the security of their work,
🔹 Being available on the network,
🔹 Correctly performing their duties during consensus establishment,
🔹 Guaranteeing access to the blockchain replica for the WorkQuest internal services,
🔹 Ensuring the integrity of the stored data.
Validator’s functions are much more than receiving rewards for the work; they also include the risks of being fined for the incorrect performance of duties. A validator risks losing a part of their stake due to penalties and reputational losses in case users stop trusting the Validator enough to delegate their funds to them. This can significantly affect a validator’s work, as their stake consists of their funds and funds delegated by other network members.
💸 Bonuses and penalties for Validators in the WorkNet network:
👉 1% — Block fee bonus for the Validator who proposed the block. Please note that within the WorkNet network, validators only receive a commission for blocks containing transactions.
👉 4% — Maximum additional block fee bonus will go to the Validator.
👉 1% — Penalty for validators skipping blocks without signing them.
👉 5% — Penalty for double signing a transaction.
Attention! The penalties are withdrawn from the pool containing the delegators’ tokens.
Additionally, the WorkNet network has a community pool, the funds from which are distributed by voting on company spending. For example, 2% of the commissions from each block go to this pool for additional rewards for staking or development of other products necessary for the development of the ecosystem, such as the creation of a DEX on the WorkNet network.
🔥 Would you like to become a Validator within the WorkNet network? Fill in the form by the link, and our team will contact you:
https://forms.gle/fTMP2H3DFxiWUYMT9
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