Polkadot Introduces Decentralized Nodes Program

Investing.com – Polkadot has introduced a new Decentralized Nodes Program to enhance the security and decentralization of its blockchain network.

Program Details

Validators selected for the program will receive nominations from the Web3 Foundation, the development agency for Polkadot. This process boosts their visibility and involvement in the network while opening opportunities for staking rewards.

• Application Window: Open until October 31, 2024.
• Validators can apply for up to two nodes per network.
• Candidates are encouraged to share their services on the Polkadot Forum to gain community nominations.

Selection Process

The selection criteria will consider various factors:
– Technical skills
– Reliability
– Active engagement in Polkadot’s governance and community discussions.

Program Timeline

Selected validators will join a four-month cohort starting in November 2024. Their performance will be evaluated during this period, with the possibility of extending their participation based on review outcomes.

Purpose

The Decentralized Nodes Program addresses challenges in blockchain, particularly centralization and security issues. Polkadot’s team believes a wider distribution of validators increases network resilience to attacks or failures.

Role of Validators

Validators in the Polkadot network are responsible for:
– Verifying the validity of parachain blocks.
– Participating in consensus with other validators using a hybrid protocol that separates the finality gadget from the block production process.

Validators earn rewards for successful validations but may face penalties ("slashing") for any misconduct.

Becoming a Validator

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 stake supporting each candidate, which can come from the candidate’s self-stake or from backing by nominators.