In this webinar, Tim Burton discusses the art of validating in the Celo network, focusing on the role of validators and the proof-of-stake scheme. He sets the context for the webinar and provides some logistics for an upcoming competition called “Bake-off” that aims to test and improve the Celo protocol.
The Celo network aims to provide a decentralized platform that allows users to maintain a balance, send money, and make payments using their phones. It seeks to be a foundation for various new services, including savings management, microfinance, and the implementation of blockchain technology. Celo is built on the Ethereum code base and has made significant modifications to the platform to fulfill its mission.
In the Celo protocol, validators play a crucial role in maintaining the network’s security and integrity. Unlike Ethereum, where running a full node without mining has few incentives, Celo incentivizes non-validator nodes through transaction fees paid by light clients. Validators in Celo form groups, and their combined efforts allow other nodes to certify the validity of new blocks.
Running a validator node in Celo involves setting up a secure infrastructure. Validators share their IP addresses with specific peers to make it challenging for attackers to locate and attack them. There is also an attestation service that validators are encouraged to run, which further enhances the security of the network.
In Celo, validators are elected through a voting process conducted by users. Validator groups, which can change over time, receive votes from users. The scheme aims to select validators running on secure hardware with good monitoring and security setups. Validators and validator groups are rewarded based on their contributions to the network.
Locked Gold in Celo serves multiple purposes, including voting for validator groups, staking for validation, and participating in on-chain governance. Validators and validator groups receive rewards denominated in Celo dollars, and the rewards are distributed through a group share mechanism. Validator uptime and the number of votes received by a group also affect rewards.
To run a successful validator on the Celo mainnet, it is crucial to learn the protocol and follow DevOps best practices. Establishing repeatable processes and utilizing network tools can help manage multiple validator instances. Validators should actively participate by voting with their stake to secure the network and receive rewards.
Tim Burton acknowledges the complexity of the topics covered in the webinar and expresses appreciation for the audience’s time and participation. He looks forward to continuing the conversation and further exploring the intricacies of Celo’s validation process.