Blockchain Validators: Definition, Roles and Types

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Bittime  -  Blockchain has become the technological foundation underlying many projects and applications, especially in the field of cryptocurrency . Behind every transaction and operation on the blockchain, there is an important role played by validators.

In this article, we will explore in more depth what blockchain validators are, their role in maintaining network security, as well as the importance of consensus in the blockchain ecosystem.

What is a Validator?

Validators are entities or nodes in a blockchain network that are responsible for verifying and confirming transactions that occur on the blockchain.

The main task of validators is to validate transactions by verifying the validity of each new block added to the blockchain, as well as ensuring that the transactions carried out are valid and comply with the rules of the blockchain protocol.

The Important Role of Validators in Blockchain Security

1. Consensus

One of the main roles of validators is to assist in the network consensus process. The consensus process is the way in which a blockchain network reaches agreement on the current state of a distributed ledger. Validators help in this process by verifying transactions and reaching agreement on the valid state of the blockchain.

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2. Prevent Attacks

Validators also help in preventing various types of attacks against blockchain networks, such as double-spending attacks or 51% attacks. By validating transactions and following protocol rules, validators help maintain the security and integrity of the blockchain network.

3. Validate Transactions

As part of their role, validators verify every transaction that occurs on the blockchain. Validators ensure that each transaction is valid and complies with protocol rules thereby preventing fraudulent transactions or manipulation in the network.

4. Maintaining Decentralization

In a decentralized blockchain network, validators play a role in maintaining the decentralized structure of the network. Validators represent nodes spread across the network, ensuring that no single entity controls the majority of the power or decision-making on the network.

Also Read: Blockchain Consensus: What Needs to Understand?

Different Types of Validators

In the blockchain ecosystem, there are several types of validators, each of which has a unique role and characteristics in maintaining network security and consensus. Below are several types of validators that are commonly encountered.

1. Proof of Work (PoW)

• Role: Validators in a PoW system are miners who are responsible for solving complex cryptographic puzzles to add new blocks to the blockchain.
• Process: Miners use high computing power to try to solve the puzzle. This process is known as “mining,” and the first miner to successfully solve the puzzle has the right to add a new block to the blockchain and be rewarded in the form of new coins.

2. Proof of Stake (PoS) 

• Role: Validators in a PoS system are coin holders who lock a certain amount of their coins as collateral to verify transactions and earn rewards.
• Process: Validators are randomly selected to verify transactions based on the number of coins they lock. The more coins they lock, the more likely they are to be selected as validators. Validators are rewarded in the form of transaction fees and new block rewards based on the number of coins locked.

3. Delegated Proof of Stake (DPoS)

• Role: Validators in the DPoS system are elected by coin holders through voting to verify transactions and maintain network consensus.
• Process: Coin holders have the opportunity to select validators who will represent them in validating transactions. Selected validators are then responsible for maintaining the integrity of the network and earning rewards for their services. Coin holders can also choose to withdraw their support from validators who do not meet expectations.

4. Proof of Authority (PoA) 

• Role: Validators in a PoA system are trusted entities selected to verify transactions based on their identity and reputation.
• Process: Validators in the PoA system are selected by trusted authorities, such as verified companies or organizations. Validators use their authority to verify transactions and add new blocks to the blockchain. PoA systems are often used in networks that focus on reliability and security, such as corporate networks or government networks.

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Conclusion

Blockchain validators are a key component in maintaining the security, consensus, and integrity of a blockchain network. Without their role, the blockchain network would not be able to function efficiently and securely. 

Therefore, it is important to understand the role and responsibilities of validators in the blockchain ecosystem, as well as how they contribute to the success and reliability of the network. With a better understanding of their role, we can better appreciate the complexity and importance of blockchain technology in the ever-changing modern world.

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Also Read:

What is Blockchain 1.0? A Blockchain Starting Point

What is the Blockchain Trilemma?

What is Verification Code in Cryptocurrency?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.