What is the verifier node?
The benefit of verifier node
What is the verifier node?
PLUG chain is a public chain based on the COSMOS SDK script framework. In order to better realize the relevant functions and value expansion, PLUG Token will be used for PLUGchain, not only to further improve the PLUGchain network ecology, but also for value transactions and data interaction among various blockchain networks.
PLUGchain uses the Central-and-Region “ (Hub-and-Zone) model
PLUGchain networks achieve interoperability using the central-and-region model, where the regional Zone (separate blockchain) can “send” tokens to other regions through the central PLUGchain Hub (is also a separate blockchain).
What is the verifier node (verifier)?
The verifier plays an important role in the PLUGchain governance system. They should not only ensure that the stable operation of network verification node , but also actively participate in governance.Verifiers and principals of the Plugchain Hub can vote on the Plugchain network optimization initiative, perform joint node upgrades, and modify the basic rules of the Plugchain Hub
As the cornerstone of the network, verifiers vote on each proposal. If the principal does not vote within the specified time, his vote will be the same as the verifier’s vote option. Most importantly, if the verifier is absent from a vote, a certain percentage of his proxy’s votes will be “destroyed”.
How to apply to be a verifier?
Plugchain uses a Proof of Stake (POS) mechanism, where the verifier’s equity is determined by the total amount of Proof Tokens (PLUG) pledged. The total number of PLUG held by a verifier is equal to the sum of the PLUG held by the verifier and the number of PLUG delegated to the verifier by ordinary users. In general terms, the more PLUG a verifier has pledged, the more equity it has and the more weight it has in voting for community proposals.
Any participant in the PLUGchain network can apply to be a verifier node and thus become a verifier candidate. After the Candidate has declared his candidacy, the Principal may delegate PLUG to the Candidate. The candidate’s total equity is equal to the total amount of his PLUG pledged plus the proxy PLUG.
The total amount of equity of a candidate determines whether he or she can become a verifier. After the PLUGchain network is started, the candidate within the top 51 equity becomes a verifier. The rank of verifier’s equity quantity determines the verifier’s block frequency and profit. When the verifier’s equity falls outside the top 51, it will lose the verifier’s privileges and become a candidate. The number of verifiers in the network increases by 13% per year, up to a maximum of 153.
Request for verifier (verification node) :
1. There are 2–3 technicians
2. Pledge 20 million PLUG
3. Twitter , Telegram , Facebook, etc., with over 100,000 + of activity
Responsibilities of the verifier?
There are two main responsibilities for the verifier:
- Verifier must ensure that the node remains online and that the private key is stored securely
- Verifiers are obligated to vote for proposals within the community and actively participate in community governance
The benefit of the verifier node
Being a verifier node enjoys the following benefits
1. Verifier node commission
The verifier’s revenue will be divided between the verifier and his Principal. The verifier’s operations team may charge a percentage of the revenue distributed by the principal. The verifier is free to set the initial commission rate, the maximum daily variation rate, and the maximum commission rate. The PLUGchain Hub performs the verifier’s parameter Settings. These parameters must be set before the candidate verifier and cannot be modified after being elected as a verifier.
The total income in the network will be distributed according to the verifier’s equity ratio. Take two verifiers A and B as an example, A’s equity ratio is 80%, and B’s equity ratio is 20%. If the total mortgage income in the network is 1000 PLUG, then A’s mortgage income is 800 PLUG. B’s mortgage yield is 200 PLUG.
- Trading GAS fees
- For the player who becomes a verifier node, you can build your own application.
In addition to maintaining normal public chains, technicians can develop their own various business applications based on PLUGchain, such as building business models, various small games, and NFT, cross-chain DEX,etc.Vefifier can provide the most real data services for a variety of scenarios and needs in lifework.
2. PLUGchain market value will increase gradually
With the ecological prosperity of the public chain, the demand for data in the chain applications will gradually increase, which means that users’ requirements for the number of PLUGchain nodes and the number of mortgage PLUGs will increase.
The more PLUG mortgages, the market value of PLUGchain will increase. Market value is an economic bandwidth to the predictor, which determines the upper limit of the value of the service it carries.
With the expansion of economic bandwidth and the improvement of security, it can accommodate more data demands, and more users trust it, so will the data demands. Driven by data demand, more predictor nodes will join in, which makes the data sources of predictor network richer and more reliable.
3. The powerful power for blockchain landing
In addition to the DeFi field, the value of PLUGchain can also be embodied in the real business world. For entity enterprises, PLUGchain can empower entity enterprises and improve their core competitiveness based on the combination of existing cutting-edge technology and blockchain!
The research and development team of PLUGchain is making every effort to promote the application of Oracle Network Protocol project. at the same time, on the basis that PLUGchain itself has multiple chains, cross chains, high scalability and high concurrency, it explores a data aggregation mode under the chain.
Provide solutions for data storage and call provided by supply chain financial platform, smart and credible certificate storage platform, industrial data collaboration platform, government affairs collaboration service platform, smart medical information sharing platform and qualification certification system.