Validators selected for the program will receive nominations from the Web3 Foundation, the development agency for Polkadot. The process boosts their visibility and involvement in the network, while also opening up opportunities for staking rewards.
The application window is open until October 31, 2024. Validators can apply for up to two nodes per network and are allowed to share information about their services on the Polkadot Forum to gain community nominations.
The selection process will consider various factors, such as technical skills, reliability, and active engagement in Polkadot’s governance and community discussions.
Selected validators will be part of a four-month cohort starting in November 2024. Their performance during this time will be evaluated, with a chance to extend their participation based on the review.
The program will run for an initial four-month period starting in November 2024, with the possibility of extension based on performance.
The team behind Polkadot says the Decentralized Nodes Program addresses challenges in blockchain networks, particularly issues of centralization and security. They believe that a wider distribution of validators makes the network more resilient to attacks or failures.
Validators in the Polkadot network are computer nodes or servers responsible for verifying the validity of parachain blocks assigned to them. They also take part in consensus with other validators through a hybrid protocol that separates the finality gadget from the block production process.
Validators earn rewards for successfully validating blocks, but they are also “slashed” (fined) for any bad behavior.
Anyone can apply to become a candidate for validator elections. Polkadot’s nominated proof of stake (NPoS) protocol regularly selects the active validator set based on the amount of stake supporting each candidate. This stake can come from the candidate’s own self-stake or from backing by nominators.
Source: Cryptocurrency - investing.com
