What is a node?
A node in a blockchain network is an actor that participates in the network. A full node (sometimes called an archive) participates by maintaining a copy of the blockchain state, enforcing chain durability. A validator node contributes to the consensus process, producing blocks. The full nodes are the entry points to the blockchain network and the developer applications. Blockchain is a network of nodes interconnected with one another. The full node provides API for validating, managing accounts, sending transactions, interacting with smart contracts, and more.
Who can run a node?
Anyone can run a node on the 5ireChain network, as long as they have the necessary technical resources (stable internet connection and powerful enough hardware) and knowledge to set it up and maintain it. This includes individuals, organizations, or companies.
Where to set up the Validator Node?
It is recommended to set up a validator node in a cloud of your choice.
Different type of nodes in 5ireChain network
There are two types of nodes on 5ireChain:
- Full Node
- Validator Node
Full nodes maintain the blockchain state, by storing all the blocks produced since the genesis. If all the full nodes go down and lose state, the blockchain history is irreversibly lost. That’s why they play the key role in assuring blockchain durability.
Full nodes maintain the blockchain state by storing all the blocks produced since the genesis. The blockchain history is irreversibly lost if all the full nodes go down and lose state. That’s why they play a crucial role in assuring blockchain durability.
Full nodes enable you to read the current state of the chain, index it, and submit extrinsic. They are used for interacting with the network, as they cannot participate in the consensus, eliminating the risk of unauthorized tampering with the keys or consensus itself.
They also store an updated copy of the blockchain. Full nodes are much more secure and can perform instant send/receive transactions.
Validator nodes are responsible for block production, validation, and reaching a consensus about which sub-chains are finalized and which are discarded. If all the validators go down, the network stalls, but once the critical set of validators with keys authorized to produce blocks in a given session goes up again, the network resumes.
Validators are required to stake a specific amount of 5ire Coins. In return for their work, they receive rewards like 5ire Coins. Their rewards come in two forms:
- Transaction fees and transaction tips.
- Staking rewards; new coins minted as part of the block reward.
In the event of non-compliance, like going offline, attempting to attack the network, or running unauthorized software, validators and their nominators will be punished by getting their stakes slashed.
Validators play a crucial role in the network's infrastructure. They are responsible for:
- Creating new blocks,
- Ensuring the network's finality, and
- Maintaining the security of the network.
Running a validator on a live network is a task of responsibility. You will be responsible not just for your own stake but also for the stakes of your existing nominators. Your money and reputation will be jeopardized if you make a mistake, and your stake, including your nominators', gets slashed.
Anyone can run a node in the 5ireChain network if they have the necessary technical resources (stable internet connection) and knowledge to set it up and maintain it. This includes individuals, organizations or companies. Setting up the validator node on a cloud server instead of your local system is recommended.