Validator selection and staking
The Laika network utilizes a Proof-of-Stake (PoS) consensus mechanism to secure the network and validate transactions. Here's an overview of the validator selection and staking process with the updated details:
Staking:
Users can participate in securing the network by staking Laika tokens.
Staking involves locking up a certain amount of Laika tokens for a minimum period of 1 month. This helps ensure validators are committed to the network's long-term health.
The longer the staking period beyond the minimum, the greater the potential rewards (optional).
Staked tokens contribute to a validator's voting power.
Validator Selection:
Stake Aggregation: The total amount of Laika tokens staked for each validator is calculated.
Weighted Random Selection: Based on the total staked amount, validators are assigned weights. A validator with a higher stake has a higher chance of being selected.
Dynamic Validator Pool: Between 4 and 6 validators are chosen to produce blocks for a specific period (e.g., epoch). This number can be adjusted through on-chain governance proposals based on network security needs and efficiency.
Delegated Staking:
Users who don't want to run their own validator node can delegate their Laika tokens to existing validators.
Delegators earn rewards proportionate to their stake on the validator they choose.
Validators with a larger stake pool (including delegated tokens) have a higher chance of being selected.
Benefits of Staking:
Network Security: Staking incentivizes validators to act honestly and uphold the network's integrity.
Transaction Validation: Validators are responsible for validating transactions and adding new blocks to the Laika blockchain.
Rewards: Validators and delegators earn Laika token rewards for their contribution to network security.
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