How to become a validator

The EgonCoin network is operated by validator nodes that are hosted by network participants from all around the world. The network allows entrepreneurs to easily plug payments to their products and on-board their users to a platform that allows them to pay, transact and access financial services in their favorite currency.

All the access to the network is public and all the code is open source so it could be customized and localized to their needs. Any community that lives on the EgonCoin chain needs to pay a small fee to the validators of the network to validate its transactions in the community.

The more communities and users conducting transactions, the more validators will earn as a reward for approving the transaction. This allows the network to grow organically as more usage in the system more network participants rewards grow.\

What it means to be a validator?

Any entity that is holding the EgonCoin token can run a node that approves transaction in the network and in doing so receive rewards in the form of EgonCoin token (EGC).

Validators are running special software that holds a copy of the EgonCoin blockchain and validating transactions in the network.

Every 3 seconds, the network groups the latest transactions broadcasted to the system, validates them and signs them so they could never be changed in the future.

For this work the validators receive the transaction fees on each block, and the Elevated Stake contract allocates additional coin for the staked coin. The EgonCoin chain offers no blobk reward as there is no coin inflation at all since the mamixum supply is fixed at 271,000,000.

Validators are contributing their computer resources to maintain the network and need to have some technical knowledge in dealing with hosting this kind of software (see Running a validator node) and participate in the network governance through voting.

Validators are the guardians of the network and are in charge of not only maintaining it but also to steer it in its future through the governance mechanism that allows any holder of EgonCoin token to vote on important decisions and upgrades to the network in its development and resource allocation.

Who should become a validator?

  • Companies who build on the network - EgonCoin open source stack allows many companies to collaborate on the same code-base.

    Allowing any company that is interested in using the EgonCoin services and code to join as a stakeholder is a new innovative approach to collaboration and partnerships.

    Any company that builds products on the network can own a piece of it and become a stakeholder.

    Running a node in the process will allow the company to earn rewards and grow as the network grows.

    The company can also use this open-source infrastructure to save costs for their development needs.

    Operating a node gives reliable access to the network, participation in its governance and aligns all the different interest behind the operation of the network.

  • 3rd party service providers - We are starting to see many service providers creating and providing services across different blockchains. Services like KYC, exchanges, credit score providers, lenders, etc…

    Any service provider can become a stakeholder in the network and already today we are seeing the potential of cross-blockchain transactions uniting business processes between different entities using cryptography and without middlemen.

  • Community operators on EgonCoin - Community operators are the foremost stakeholders in the network and can upgrade themselves to a validator and thus provide better access to their clients.

Who can become a validator (Technical requirements)

Who shouldn’t become a validator (and what can he still do)

  • Non technical users - Running a node requires technical background in blockchain and web hosting. It’s not very complicated but also not trivial or basic.

  • Simple holders - We are looking for validators who are invested in the future of the network and are looking to take an active part. This is what the EPoS (Elevated Proof of Stake) mechanism was born to do.

How to become a validator?

  • Minimum of 50K coin staked. In a EPoS blockchain it is required that all the validators have a staking requirement. The stake of 50K EgonCoin tokens needs to be locked in a contract to be eligible to become a validator.

  • Run a full node.

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