A validator is a participant in a blockchain network who helps maintain its security and correctness. Unlike miners in Proof-of-Work (PoW) networks, validators operate in Proof-of-Stake (PoS) networks. My main task is to validate transactions and add new blocks to the blockchain.
How does it work?
- Staking Coins:
- To become a validator, I need to lock up a certain amount of cryptocurrency in the network, which is called "staking". The more coins I stake, the higher the chance I have of being selected to validate transactions and add a new block.
- Transaction Validation:
- When someone sends cryptocurrency, the transaction goes into a pool of unconfirmed transactions. My job as a validator is to verify their correctness: checking signatures, sender's balance, and other parameters.
- Creating New Blocks:
- Once I validate a group of transactions, I create a new block and add it to the blockchain. This involves ensuring all transactions in the block are valid and not duplicated.
- Earning Rewards:
- For my work, I receive rewards in the form of new coins or a portion of transaction fees. This incentivizes me and other validators to honestly perform our duties.