The Use of Validators in the Blockchain Space & Associated Risks
Validators are paramount in preserving the security and reliability of networks utilizing them. However, this critical role also has some intrinsic challenges that must be tackled for blockchain technology's successful maturation and adoption.
In PoS consensus mechanisms, validators are chosen based on the volume of crypto assets they have put up as collateral. DPoS builds upon this idea by involving delegates, which token holders pick to perform the task of validators. Such an approach allows for a more effective validation process.
Although validators have improved the efficiency of networks employing them, they have also introduced new risks. These risks include centralization, exclusivity, collusion, and software vulnerabilities. These risks can sabotage network safety and fairness, eventually leading to a loss of user trust.
Check out the Kinetex blog to learn more about validators and the risks associated with their use.
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