Validator

In the crypto world, a validator is a trusted helper that keeps a blockchain running safely and securely. Think of them as referees overseeing a large game. Their job is to carefully watch each player, checking for fairness and whether they follow the rules. Validators are the gatekeepers, the ones who usher new transactions and blocks onto the blockchain. They’re the foundation upon which Proof of Stake (PoS) networks are built.

When a cryptocurrency transfer is initiated, a validator gets the transaction and then goes through a series of steps. Initially, they confirm your account has sufficient funds. Following that, they ensure the transaction adheres to the network’s existing rules. Once the transaction is confirmed as legitimate, the validators approve it, essentially voting to add it to a new block.

When the majority of the validators reach a consensus, they show their approval by allowing the block to be added to the chain. This process is specific to blockchains utilizing Proof of Stake (PoS), a system that forgoes the resource-intensive mining methods employed by Bitcoin and similar networks. Popular ones include Ethereum, Solana, Cardano, Polkadot, Cosmos, and Avalanche.

Here, validators replace miners, as they don’t solve math puzzles; instead, they put up their own crypto as a security deposit, called staking. Qualifying as a validator usually requires two things: money and machines. If you plan on staking your crypto, i.e., locking up a specific amount of the network’s native coin, in Ethereum’s case, it must be 32 ETH staked, and you can become a validator. This ensures that you have skin in the game but also that you won’t cheat the network for the fear of losing your staked coins. Besides this, you also need to have the hardware in terms of a dedicated computer (a node) that stays connected to the internet 24/7.