BSC Validators Explained

The Binance Smart Chain (BSC) is the leading development platform for decentralized applications. Critical to the reliability of BSC is a set of network nodes known as Validators.

By
Ahamdi Abarikwu
on
March 26, 2021
Category:
Cryptonomics

Introduction

Decentralized Finance's (DeFi) appeal is currently at an all-time high and is projected to trend for a long time to come. Many DeFi projects are springing up daily. Each wants to take advantage of the current excitement in the decentralized finance money market.

Ethereum was once the platform of the first choice for developers of decentralized applications, DApps. However, the high transaction fees and network congestion often experienced by users on the Ethereum blockchain have made many developers switch to Binance Smart Chain. Binance Smart Chain offers much lower transaction fees and boasts Ethereum Virtual Machine compatibility. Truly, users report better experience on the Binance Smart Chain (BSC). BSC is seeing much more traffic than previously imagined, and we may still be in the early days.

For blockchain platforms such as the BSC to reliably deliver the nice experience we all enjoy, many parts work in harmony in the background. Let us look at an important component of the BSC network that helps it function reliably.

An Overview of BSC Validators

Generally, blockchain validators refer to the components that verify and confirm transaction data before the data is added to the blockchain's distributed ledger. They check every transaction to be sure that it is accurate and without malicious intent. 

Every blockchain must be validated. We can see that validators are critical to the existence of a blockchain. If validators collapse, the network goes down.

BSC validators are essentially blockchain nodes that process and approve transactions on the Binance Smart Chain. They check every incoming data to confirm their validity and legitimacy. A transaction will not be completed on BSC if a validator does not approve it. 

The validators of the Binance Smart Chain are twenty-one (21) in number. For validation slots to be competitive, validators are re-elected daily based on the top 21 nodes that meet the required criteria. While being the processors of BSC transactions, they also help the BSC to maintain decentralization. An individual, institution, or community-group can qualify to be a validator once they satisfy the requirements. 

What Does It Require To Be a BSC Validator

As said earlier, anyone can be a BSC validator. The criteria for becoming a validator is high. This is necessary to guarantee the security and reliability of BSC. No one wants to have anything to do with a network that does not ensure the safety of users' assets.

To be eligible for a validator position, here are some of the core requirements,

  1. A Singular Stake Of At Least 10,000 BNB

A node intending to be considered a validator position must stake at least 10,000 BNB. It should be noted that while this is the minimum, in reality those who win the slots stake much higher. The reason is that the highest stakers who meet every other condition win. 

  1. Properly Configured Virtual Private Server (VPS)

A firewalled 64-bit VPS server running at least 16GB RAM memory and 500GB Solid State Drive (SSD) is the minimum recommendation. A 1GB fiber network connection is also required. 

  1. Run a Local BSC Full Node

On the server, you would need to install and run a full node following this guide

  1. Additional Requirements

Validators determine to a great extent the security and reliability of the BSC blockchain. As such, the integrity of the node is a prime requirement. It is also required that a validator is consistently online. Violation of these requirements attracts penalties such as loss of accrued rewards or loss of voting rights. In cases of severe offenses such as fraud, the offending validator can be permanently disconnected from the network. 


Are There Any Benefits To Being a BSC Validator?

Obviously, the most attractive incentive for any venture is monetary returns. Validators receive a portion of the fees generated by the network. This can be substantial considering the massive number of users of the BSC. Average daily rewards of validators have once reached a high of 134BNB. 

Apart from financial returns, validators make network decisions such as adjusting gas fees and proposals for protocol upgrades. 

Closing Remarks

Binance Smart Chain's validators are a critical part of the network. They guarantee the integrity of the blockchain. While anyone can aspire to be a validator, the qualifying requirements are high to guarantee the security and reliability of BSC. DeFi developers are trooping to BSC in large numbers, but validators are an unseen arm of the network that make Binance Smart Chain's attractive features possible.

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time.