About EtherLite Validators
The number of EtherLite network participants and cannot exceed the values assigned to the MAX_CANDIDATES and MAX_VALIDATORS parameters. (Max Candidates are 151254 and Max Validators are 50418)
Any arbitrary address with at least DELEGATOR_MIN_STAKE native coins (1000 ETL) can stake their tokens and become a delegator.
The network’s operation is divided into staking epochs (STAKING_EPOCH_PERIOD – 1 week with 3 sec of block time). A new staking epoch begins immediately following the termination of the previous epoch.
There is a different validator set in each Staking Epoch to avoid attacks. At the beginning of each staking epoch, the algorithm selects a new validator set from the current list of candidates and creates a snapshot of the current state of the validators’ pools. If there are fewer than MAX_VALIDATORS+1 candidates, every candidate becomes a validator. The snapshot is used to calculate the reward amount for validators and delegators when they claim the reward.
An arbitrary address X in the network has to launch its node and put at least the minimum stake in the form of ETL (CANDIDATE_MIN_STAKE is 100,000 ETL) on its own address.
Become a Validator
EtherLite runs on a Proof-of-Stake mechanism which requires ETL to sustain the network. Validator nodes are required to stake a minimum of 100,000 ETL and in return validators will receive rewards and fees for their service. If validator does a malicious activity, then his staked ETL are basically confiscated.
Any address with the minimum required candidate stake (100,000 ETL) can become a validator. When an address calls the addPool contract function and meets the minimum required candidate stake, it becomes a candidate and forms a new pool.
Follow the following process flow to become a validator –
Setup a Validator node
Go to staking.etherlite.org
Connect your wallet
Click on ‘Become a Candidate’ button
‘Become a Candidate’ dialogue box will open.
Enter the details like -
i) Amount of ETLs to be staked,
ii) Your RPC URL, How to create RPC URL
iii) Your Mining address, How to create mining address
iv) Pool name so that community can identify your pool for delegation,
v) Short description of your pool (Optional)
Then click on ‘Become a Candidate’ button from the dialogue box, pay gas fee and done!
Abovesaid the process of becoming a candidate. Validators for each staking epoch are selected by randomness beacon. At the beginning of each staking epoch, the EtherLite algorithm selects active candidate pools to participate as validators in the next validator set. Inactive pools are ignored.