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What are my key responsibilities as a validator?
Key responsibilities after becoming a validator include:
- 1.Transaction validation: When a user initiates a transaction, it is broadcasted to the network and propagated to the validator nodes. This transaction contains information such as the sender, recipient and amount. Validators receive the transaction and validate its content. This includes confirming that the sender has sufficient funds and the transaction is properly signed.
- 2.Block creation & Consensus participation: Validators participate in the consensus process, where they collectively agree on the order and content of transactions to be included in the next block. They propose new blocks and reach a consensus on the valid state of the blockchain.
- 3.Network security maintenance: This includes keeping the node software up to date, monitoring node health and performance, managing validator keys, and addressing any technical issues that may arise.
- 4.Governance Participation: Validators have a role in participating in the network's decision-making processes. They may vote on protocol upgrades, parameter changes, or other network proposals that impact the blockchain's operations.
- 5.Community engagement: Validators engage with the community and network participants. They may provide support, answer questions, and contribute to the development and growth of the blockchain ecosystem.
- 6.Delegator Trust: Validators often receive stake delegation from other participants in the network. Delegators rely on validators to perform their duties reliably to secure and grow their staked assets. Validators who consistently maintain uptime and block signing build trust with delegators, attracting more stake and participation.