Blockchain technology has disrupted the traditional financial system, offering a secure and transparent way to manage digital transactions. One of the blockchain’s most widely used consensus mechanisms is Proof-of-Stake (POS). BeOneChain uses this consensus mechanism to validate transactions and secure its network.
In a Proof-of-Stake system, validators verify transactions and add them to the blockchain. To become a validator, one must hold a certain amount of the network’s native token. In the case of BeOneChain, this token is called BEONE.
Validators earn rewards for verifying transactions and keeping the network secure. However, only some have the resources or desire to become a validator. This is where delegators come in.
Delegators are individuals or entities that delegate or entrust their tokens to a validator. By doing so, they are participating in the network’s security and earning a portion of the rewards earned by the validator. In BeOneChain, delegators can delegate their BEONE tokens to a validator of their choice and earn a share of the prizes.
It’s important to note that delegating one’s tokens does not transfer ownership. Delegators retain complete control over their tokens and can choose to stop delegating at any time.
In conclusion, the role of validators and delegators in BeOneChain’s Proof-of-Stake consensus helps maintain the security and stability of the network while providing a way for individuals to earn rewards for participating in the network. By participating as a validator or delegator, individuals can play a part in shaping the future of blockchain technology.