Why Do Blockchains Need Validators?

why-do-we-need-blockchain-validators

TL;DR

  • Validators help blockchains maintain security and validity by verifying transactions and keeping records of all activities on the network
  • The importance of validators has increased as more blockchains are built with the Proof-of-Stake consensus algorithm
  • Becoming a validator usually requires a user to stake their tokens in order to earn the right to participate in network security

Maintaining Network Operations

Most public blockchains exist as decentralized networks where no organization or single entity has sole control over network operations. In this instance, validators are needed to keep the entire system decentralized and secure.

Validator and Proof-of-Stake Algorithm

The proof-of-stake consensus algorithm has been the reason for the increase in the demand for blockchain validators. Just as miners are important to the Proof-of-Work algorithm, its lack of eco-friendliness has made new blockchains embrace PoS to limit its environmental impact.

Becoming a Validator

As is now the norm on most blockchains, becoming a validator has a set of laid down procedures that each user needs to follow. First, the blockchain sets the minimum acceptable number of tokens to be stake before a user is allowed to join the validator pool. This staked token is then used as collateral to ensure that the validator complies with the network procedures.

Conclusion

Overall, validators have grown in responsibility and their importance cannot be overstated on a blockchain network.

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