Polkadot launches program to improve decentralization and security on its blockchain network

From Investing.com
October 3, 2024 6:14:23 am:

Investing.com has launched the Decentralized Nodes Program to enhance security and decentralization on its blockchain network. Validators chosen will be nominated by the Web3 Foundation, with the application deadline on October 31, 2024. The selection process will assess skills, reliability, and community involvement, with successful candidates starting in November.

The program aims to address centralization and security issues in blockchain networks by distributing validators more widely. Validators in Polkadot network verify parachain blocks and participate in a consensus protocol, earning rewards for successful validation but facing penalties for misconduct. Application for validator elections is open to all, based on stake amount supporting candidates.

Selected validators will be part of a four-month cohort beginning in November 2024, with performance reviews potentially extending participation. The team behind Polkadot believes a wider distribution of validators enhances network resilience against attacks. Validators play a crucial role in ensuring the validity of transactions and maintaining network security through proof of stake protocol.

Read more at Investing.com: Polkadot launches Decentralized Nodes Program to strengthen network By Investing.com