This article was first published on POA Network - Medium
xDai Chain — Let the Decentralization Begin!
We’re excited to announce we have already on-boarded 3 additional entities that are playing the role of a validator for both the xDai Chain and the xDai Bridge. By including POA Network’s own validator node, we now have a total of 4 active validators for this new network! Each of these entities have successfully gone through the Ceremony event that takes place when on-boarding new validators. In simple terms, this event includes distributing the necessary keys, setting up the actual nodes, and having the correct configuration in order to effectively serve as a validator of the network.
Each entity that’s successfully on-boarded to serve as an xDai Chain validator results in the overall network becoming more decentralized and secure. Validators are also given access to tools such as Ballots and other governance DApps in order for them to govern the network in a much more self-managed way. Once a ballot is created, a majority vote needs to occur in order for a new validator to be added to the network. It’s with the use of these governance related DApps that allows validators to make decisions in a transparent manner and act in the best interest of the network.
In addition to validating blocks for the overall xDai Chain network, validators are also responsible for listening to any bridging activities within the xDai Bridge and providing their services here as well.
What is the xDai Bridge?
The xDai Bridge is an instance of the TokenBridge that operates between Ethereum and xDai Chain. Using the xDai Bridge, token holders of DAI can move their DAI from the Ethereum network to a pegged native token called xDAI that exists on the xDai Chain network. On the flip side, token holders of xDAI can obviously move their tokens to DAI using the same ...
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POA Network - Medium