MATIC NETWORK VALIDATOR SETUP
WHAT IS MATIC?
Most people are familiar with Ethereum and the scalability problem. At most, you can make 15 transactions in seconds at the last count. Given its ambitious plans to become a global computing platform, this is extremely insignificant for more ambitious use cases that are beyond ERC20 tokens for fundraising and NFTs (non-replaceable tokens).
Matic is an Ethereum sidechain solution that uses off-chain computing to provide scalability and keep assets safe with the Plasma network.
Matic is a Layer 2 scaling solution for public blockchains. It uses a more convenient account-based Plasma variant to keep the assets in the backbone secure. It keeps public transactions safe using a decentralized network of proof-of-stake validators built on top of Tendermint. The system is designed to allow faster partial commitments (~ 1 second) for better user experience, while ultimate assurance is achieved when the main chain’s checkpoint is compromised.
WHO IS A VALIDATOR
A validator in the network is an individual that locks the MATIC tokens in the system and executes the Heimdall Validator and Bor block generator nodes to run the network. Validators use Matic tokens to secure the network and receive rewards for their services.
A validator has the following responsibilities:
Issue network tokens and run validation nodes to join the system as validators
Earn operational rewards for verifying state transitions on the blockchain
Double signing, verifier downtime, etc. Subject to penalties/deductions for activities.
A blockchain validator is a person responsible for verifying transactions within a blockchain. For Matic Network, any participant can qualify as a Matic Validator by running a full node to earn rewards and trading fees. To ensure good participation from the validators, they block some Matic tokens as part of the ecosystem.
Validators in the Matic network are selected through a regular on-chain auction process. These selected validators participate as block producers and validators. As soon as participants have verified a checkpoint, updates are made to the main chain (Ethereum main chain), which rewards validators based on their network participation.
SETUP FOR MATIC VALIDATOR NODE
Setting up a verification node is a job with responsibilities. Backup, availability, firewall security, HSM, attack prevention strategies, and more must be considered to better run and maintain the node. There is a lot of advice and practice for validators, particularly lessons learned from experience across various networks so far. Shift 2 takes it all and a little more
- A subset of active validators in the group is selected to act as block producers for some time. The selection of each rank is also confirmed by at least ⅔ +1 in power. These block producers are responsible for creating blocks and publishing them to the rest of the network.
2. The control point is basically the Merkle root of all blocks created between ranges. All nodes verify the same and add their signature.
3. A person selected from the validators set is responsible for collecting all signatures for a specific checkpoint and fixing them on the main chain.
The responsibility for creating blocks and proposing control points depends differently on the validator’s share of the general pool.
BECOME A VALIDATOR
It was already mentioned that validators are considered to be a minimal personal risk, as validators are expected to have their skins in the game. Since the number of Validator slots is limited, a robust switch strategy will be used so that the Matic Network stakeout program has no minimum self-approval requirements. However, over time, it makes sense that the average/median percentage of a verifier tends to increase and become significant.
Therefore, at least 1 auto shared MATIC is required to be the validator on the Matic network.
The replacement strategy includes the calculation of a comprehensive confirmation scoring mechanism. If all validation spaces are occupied, a new validator can only replace one of the existing records if it exceeds the validator’s lowest qualification. Bidding in the real world is easy. Whoever buys more shares gets this space. However, the selection of validators is not limited in this ecosystem.
Our original offer design uses a combination of inventory, seniority, earned rewards, and any deductions to evaluate validators. For example, you can check your own interests to replace an existing validator.
Replacing a new Validator with more Shares should be easier than replacing the old one with the same number of shares due to the effect of aging on the certification scoring equation. Assume that both validators in the current group have the same participation ratio. Compared to the total group and in this example, there was no downtime.
Individuals who want to run a full node but have difficulty doing it can always join as agents (delegator). As a delegator, you cant participate in staking token and get rewards. It increases the security of the network.
More info:
https://matic.network/
