Validator
What is a validator?
A validator on LikeCoin chain is both a bank and a senator in LikeCoin DAO.
Operates a set of servers 24x7 to validate all transactions of Likers, including token transfers, content publishing, voting and etc.
In order to reach consensus in a community, some trusted parties have to record all transactions. In traditional world, this is performed by banks which charges various fees. In Liker Land, peer-to-peer transactions in general takes 5 seconds at extremely low cost.
Endorsement by Likers is reflected by delegation. When a Liker delegates her LikeCoin to a validator, she is trusting its technical ability, knowledge and integrity, and is letting it represent her.
The validator who performs its duty of validating transactions, and has the most of the delegated LikeCoin within the active validator numbers governed by the constitution.
Validator does not perform its duty or "Jailed", or doesn't have sufficient amount of LikeCoin delegation and is outnumbered by the active validators, governed by the constitution.
Last modified 1yr ago