This article was first published on Centrality - Medium
What are validator elections?
Validator elections are the process by which token holders (nominators) vote (nominate) validator nodes they think are trustworthy to secure the network. Validator elections are held every 24 hours, and successfully elected validators will serve for a 24 hour period (era) before a new election occurs.
There are a fixed number of active validator slots available in every election; CENNZnet currently has 15 places. However, there is no limit to how many validator nodes can apply to be considered in an election cycle. We also intend to increase the cap over time as more validators join the network and as we continue the path to full community governance.
What do elected/active validators do?
Elected validators, also known as active validators, act as node operators who each store a copy of the blockchain and must perform certain functions to keep the system secure. On CENNZnet, validator nodes are responsible for authoring new blocks and voting in the finalisation protocol. They also earn a commission for their services in the form of CPAY.
Who chooses which validators will be elected?
This is the combined job of nominators and the election protocol.
Nominators choose to put their CENNZ stake behind one, or several validator nodes that they think will reliably secure the network and stand a good chance of being elected. The more stake and the more nominators a validator has behind them, the more likely they are to be chosen by the election protocol. This indicates that they are the most trusted validators on the network.
How does the election protocol work?
At the end of an era, the election protocol runs in two parts to choose the next validator set.
First, it tallies all nominations along with the staked amounts to find out which validator nodes are the most trusted on the ...
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Centrality - Medium