Blockchain validator is an individual or entity that is responsible for verifying transactions and adding them onto the blockchain. To become a validator, an entity or individual must meet certain criteria and be chosen by the network.
Blockchain technology relies upon a distributed network of computers (also known as nodes) to verify and record transactions. Through a process known as consensus, these nodes come to a consensus about the state of the Blockchain. To participate in the consensus process, and to become a validator by the process, a node must have certain requirements. These include having a certain amount computational power and being online at a certain percentage.
A validator is a node that verifies that transactions are valid. This includes verifying that the sender has sufficient funds or assets to complete the transaction and that the transaction follows all the rules of blockchain.
The security of the blockchain is also ensured by validators. This is done by validators participating in the consensus process. It involves verifying that new transactions are valid and adding them onto the blockchain. This prevents fraud and tampering as any attempt to alter transactions or blocks would need to be confirmed by validators before they can be added to the Blockchain.
It is also the responsibility of validation to ensure that node software is up-to-date and in sync across the entire network. This ensures that all nodes work together and follow the same rules.
There are many types of consensus mechanisms in blockchain technology. Each has its own rules for choosing validators and reaching consensus. Examples include proof-of work, proof-of stake, and delegated evidence-of–stake.
Validators in proof-of-work are chosen based on their computing power, also called mining power. A validator’s mining power determines how likely they will be chosen to validate transactions and add them onto the blockchain. Although this system is highly secure, it can also be resource-intensive and not as scalable as other consensus methods.
Validators in proof-of-stake are chosen based on how many tokens or stake they have in the network. The more tokens that a validator has, the more likely they will be selected to validate transactions. Although this system requires less resources and is more scalable than proof of work, it can be more secure because it depends on validators being honest.
A variation on proof-of stake, delegated proof of-stake allows token holders to transfer their stake to a validator who then validates transactions for them. This system allows token holders to participate in the consensus process more effectively, since they don’t need to run their own node.
A blockchain validator, in short, is an important participant in a network that verifies the validity of transactions and adds them to the blockchain. They are chosen based on their computing power or token count.