BECOMING A VALIDATOR
Fastex Chain Validators will help secure the network by actively participating in block creation and validation mechanisms of the PoSA consensus while earning block rewards for doing so.
Moreover, if you, as a validator, also have deployed a smart contract on Fastex Chain, you will be eligible to accumulate activity, which in turn, will increase your chances of earning block validation rewards.
FASTEX CHAIN VALIDATOR WHITELISTING IS NOW OPEN!
You can now secure your spot as one of the first 4096 validators for Fastex Chain network and start earning block validation rewards once the mainnet is live!
To get whitelisted, you need:
HOW TO BECOME A VALIDATOR
To become a validator on Fastex Chain in the future, you will need to stake at least 8192 FTNs, which you can obtain from Fastex exchange or any other exchange where FTN is listed.
HARDWARE/CLOUD SERVER REQUIREMENTS
OS:
64-bit Linux
CPU:
4+ cores @ 2.8+ GHz
MEMORY
16GB+ RAM
STORAGE
SSD with at least 200GB free space
(1TB recommended)
NETWORK
8 MBit/sec broadband
On Fastex Chain, all validators that stake FTN without having activity, are equal and can look to earn the same amount of rewards. Validators may earn an annual yield on the FTN that they stake as a reward for helping secure the network. The block validation rewards are given in accordance with the total amount of gas used and the total number of validators over a given time period. For example, when few FTNs are staked and the network load is moderate, the protocol rewards will be more significant as an incentive for more validators to come online. As the number of validators increases the rewards are reduced.
As opposed to miners, all validators are required to run their execution and consensus clients steadily, at all times, with no interruptions, disconnects, or shutdowns. Any validator that doesn’t follow these steps may be subject to slashing, which is the protocol’s way of enforcing order among validators and their duty to keep the network secure.
Malicious intent and dishonest behavior will also not be tolerated by the protocol. In these cases, the slashing severity will be higher, up to losing the full amount of the initial 8192 staked FTNs.
No. The 8192 FTN are sent to the deposit smart contract on the blockchain, and the funds are frozen and cannot be moved. You will, however, be able to collect your block rewards and use them freely.
You will be able to view your staked FTN on fastexchain.com, once the mainnet is live.
You will be able to view your validator rewards on fastexchain.com, once the mainnet is live. You can also view them on the consensus layer explorer/scanner for Fastex Chain, a similar website to that of beaconscan.com.
If you wish to no longer be a validator for Fastex Chain, you can withdraw your FTNs from the deposit smart contract. The exact rules and requirements for the withdrawal will be listed here after the mainnet is live.
Validator Node Set Up Option #1
FTN stake amount - 8192
The validator node will be set up from our side! The only thing you need is your address where you’d like to receive your validation rewards. You will be able to collect your validation rewards as they become available, however, you will not be managing your validator node.
Validator Node Set Up Option #2
FTN stake amount - 8192
The validator node can be set up with our help on the cloud service of your choice, and you will be the sole manager of your node. You will need to pay the monthly subscription fee to the cloud service provider (an average of $120/monthly).
Validator Node Set Up Option #3
FTN stake amount - 8192
The validator node can be set up on a local device (e.g. laptop) using the instructions that we provide. You will need to download and run both the execution and consensus clients and maintain an 8 MBit/sec broadband connection and online availability, 24 hours, 7 days a week.
Disclaimer: Not investment advice