Great news everyone!
The voting is up for the proposal to raise the ACTIVE VALIDATOR CAPACITY ON MAINNET FROM 20 TO 50! The more the number of active validator nodes open up to the public, the more decentralized Function X network will be. The voting period ends in 2 weeks so do cast your votes! I have, have you?
This proposal is especially important for those who wish to become validators. Increasing the active validator capacity will drastically increase your chances of becoming an active validator.
Here is the timeline:
A lower self-delegation limit to set up a validator node
Additionally, the self-delegation limit for validators is 100FX.
The reason being to set up a validator node is proven to require quite a high level of technical skills to set it up and an in-depth knowledge of our proprietary blockchain technology. This hurdle filters out potential bad actors and ensures the validators are set up by members of the community who are serious and dedicated to our project.
With the technical hurdle and a lower self-delegated FX limit, we will be able to achieve our goal of decentralization, and yet maintain network security and stability.
Vote now! We look forward to building Function X the best decentralized blockchain ecosystem with you together.
Link to the proposal: Function X StarScan
so do i get that right that it was reduced from 100k to 100 fx? or is this limit meaning something else?
and i didnt follow it in depth since i wanted to start in next year and not this year, but was it possible now to setup the own validator node or does it need the 2k usd per month cloud cumputing?
so do i get that right that it was reduced from 100k to 100 fx? so do i get that right that it was reduced from 100k to 100 fx?
it is as is. minimum self-delegation is 100FX, but bear in mind, the active validator set of 50 is ranked based on total delegated FX. if the 50th person has 1Million FX staked, to qualify for the active pool, you will need a total of 1Million & 1FX delegated.
I’ll put 100,000, which means for everyone the entry threshold will be higher, not 100 ?
When does the code-less, cloud node begin?
From what I understand, the minimum self-stake will be 100FX.
After that, people will be able to delegate to each node.
The more tokens will be delegated to a node, the more chances this node will be in the top 50 list that will be sollicited for proof-of-stake transaction validation. The others won’t gain any tokens from validating transactions.
The active validator set is determined solely by the ranking of the total amount staked. The 50 validators with the most total staked are the ones who are designated as active validators . If a validator’s total stake falls below the top 50 then that validator loses their validator privileges: they don’t participate in consensus and generate rewards any more. Over time, the maximum number of validators may increase via on-chain governance proposal.
for more information on validator info you can refer to this link
Will there be any institution companies that will be validators?
If i remember correctly, i heard the team said that they will open a few slots for companies to become validators before letting the public community jump onboard.
Yea, once the slots open up there will be institutions and public validators. Particularly looking forward to the ones run by the community.
Right now we are prioritizing the technical aka command line interface(CLI) setup because it’s important that the first batch of public validators know what they are doing and have the technical chops to produce blocks and not get jailed.
We are analyzing how and if we should launch FX Cloud so no confirmation on date, likely when the technical validators have settled down and we can think of how to fully support codeless FX Cloud launch, if it happens.
If you want to start running validator in 2021 it will be CLI.
Off-topic but since we were talking about code-less capabilities that we were able to test during testnet, are code-less blockchain creation still in our future? We think it’ll be a great selling feature to bring new users to our blockchain but we haven’t heard anything about it for a while. Thanks for your reply in advance.
Hi everyone! we have less than 24 hours to rally the troops and have a final push for this proposal!
I saw this morning 2 recent vote - 1 person had 30 mil fx and the other had 10mil fx.
Probably the team’s.