Umbrella Network’s BSC Community Validator Program
Umbrella Network launches BSC community validator program to take the next step to become a truly decentralized oracle.
🔸What Does an Umbrella Network Community Validator Do?
Since data committed once on the Blockchain becomes permanent (unless you have the resources to execute a 51% attack), it is desirable to verify and validate the incoming data before it is committed to the Blockchain.
Umbrella Network uses a Delegated Proof of Stake consensus mechanism to validate the incoming data, which includes a majority approval of the data by the validators in every consensus round.
The key responsibilities of an Umbrella Network Community Validator are:
- validating transactions
- writing blocks to the blockchain
- executing the aggregated transactions and
- maintaining the latest state of the Umbrella Network
🔸Why Should I Become a Community Validator on Umbrella Network?
In theory, all blockchains, and DeFi projects, are built upon the idea that central authority is not only unnecessary but detrimental to the efficiency, security, and accessibility of essential financial services. Power should be placed in the hands of the people. In the case of Umbrella, that would be the community validators and the voting community in a fully decentralized manner.
While those are noble goals, validators will also need proper economic incentives to run a node. In the beginning, Umbrella will provide token incentives to all participating validators that will subsidize the operating costs and also provide additional rewards. Ultimately, validators will be able to earn fees from staking rewards as well as fees from validating transactions.
Apply here to become an Umbrella Network validator.
What is Umbrella Network?
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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