Laisha Wadhwa | OpenToWork Profile picture
Aug 18, 2022 15 tweets 4 min read Read on X
Gm gm folks 🫡

Its day 22 of #web3glossary 🚀🚀

V: Validators

Validators of blockchain technology aren't only its sower but its rewards reaper too. Let's get to the depth of it🧐

But first, here's some humor to start with
👇👇 Image
What are crypto validators and how do they work?
Crypto validators = Payment processors of the decentralized networks.
Technically, a crypto validator is a participant in a blockchain responsible for verifying txns.
After verifying the legitimacy of the txn, the validator adds..
..it to the distributed ledger.

Seems like the job of a blockchain validator is not that difficult!
You receive some data, check its accuracy, and validate it or not.
However, on a distributed ledger, it's easier said than done👀👀
The role of a validator may change depending on the consensus mechanism that each blockchain uses.
What differs across consensus mechanism?
Let’s find out🧐

Miners in PoW = Validators in PoS
PoW blockchains require validators to prove they worked on checking data before adding new txns to the chain. It ensures the integrity of new data as it requires members of the network to expend effort in solving an arbitrary mathematical puzzle to prevent anybody from gaming..
..the system. And hence validators are called Miners
The first miner to successfully validate a new block of data receives a block reward. As of today, that reward is worth 6.25 BTC.🤑
In PoS, users have to stake a specific amount of the ledger’s native token(ETH in case of Ethereum) to become validators. Also, the system selects the staker via lottery, depending on each validator’s % of total staked funds.

An example would help
👇👇
Ethereum 2.0 validators stake 32 ETH (ether) to participate, and in order to increase their chances of winning the reward, they can set up multiple nodes, each with a stake of 32 ETH

But, but
What about chains which don’t use these consensus algos?🤔
They too have validators!
For eg.
@Stellar operates on Byzantine Fault Tolerance consensus mechanism.
A decentralized ledger that uses this mechanism can have some nodes providing inaccurate data for validation. These nodes may be corrupt and intentionally misuse the network.
HOWEVER 👀
As long as the majority of the validator nodes are honest, the validation process has an accuracy guarantee. As a result, it adds more data to the chain despite the malicious actions of some of its nodes.

It’s important to note, data can receive validation as long as..
these spurious messages exceed "one-third" of the total. Otherwise, the transaction would become invalid.

Let's summarise, shall we?👇👇
📌Miners in Pow, dont stake anything, use high-performance computers to solve mathematical puzzles quickly and efficiently.

📌Miners in PoS, stake crypto assets to become validators. No need for expensive, eco-damaging computers, they can simply buy digital coins.
Want to become a validator?
Checkout this blog: consensys.net/blog/developer…
Validator’s role has come a long way from the initial Bitcoin miner and up to the present-day Solana validator.
Blockchain has been both a source of passive and active income and being a validator on a decentralized ledger combines the both 💯
That's a wrap for Day 22!
I’ll be sharing information on the new vocabulary of the web for next 30 days.

It’s like a free crash course on the terms and methodologies in Web3.

📌Follow me @laishawadhwa for more such web3 gyaan!

📌RT the first tweet to share with more folks

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Laisha Wadhwa | OpenToWork

Laisha Wadhwa | OpenToWork Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @laishawadhwa

Sep 22, 2022
Whether its a brand fight b/w Pepsi & Coca Cola or Nike launching a new shoe collection, brands spend millions of $$ on marketing to win the battle. For brands to hold a prominent position in the eyes of their targeted audience, strategising is vital

Let me ask you question👇👇
How much does an Umbrella cost?
10$ - 12$ maybe

What's the function of an umbrella?
📌To Keep you dry when its raining

There’s a brand called Pasotti, whos’ umbrellas cost anywhere between 250$ - 800$
Obviously a more sturdy, luxurious umbrella, even opening it sounds good💯 Luxurious umbrella worth 375$
But, why would someone pay 500$ for an umbrella when the function is the same?🤔

When people are buying quality, they’re expecting something different. They take better care of it, and since they take better care of it, it lasts longer.
Read 5 tweets
Aug 26, 2022
Gm web3 fam!

Its finally day 26 of #web3glossary🚀
And with this, series has come to an end

Z: zk Rollups

By learning you'll teach and by teaching you’ll learn. Sharing on web3 terms & jargons for the last 1 month was a great learning experience for me and I hope for you too
Let's get to the thread now?

Having to spend $20 or more in gas fees for a single txn is not ideal if you want to complete a DeFi trade

If you've been hearing zk or zero knowledge, you're not alone. It's the next big thing in web3
With an increase in the number of Dapps, ...
there’s a need for faster processing speeds & cheaper txns.

That’s when layer 2 solutions came in.

Zk rollups are also a layer 2 scaling solution that increases throughput on Ethereum Mainnet by moving computation & state-storage off-chain

👇👇
Read 14 tweets
Aug 23, 2022
Gm web3 fam!

Its Day 25 of #web3glossary

Decentralized networks can only provide 2 out of 3 benefits at any given time in terms of decentralization, security, & scalability Blockchain Trilemma

Let’s look at modular blockchains which aim at solving for scalability & flexibility
We’ll be comparing different modular blockchains today, but first

What’s modular blockchain?🧐
In monolithic blockchains such as bitcoin,Ethereum all the nodes & validators of the network are required to execute the same txns & do consensus on the chain

Modular blockchain..
..focuses on handling a select few duties (consensus, execution, Data availability & settlement) & outsourcing the rest to one or more separate layers

It’s just like separating a system into distinct components that can be combined in various ways to achieve specific objectives
Read 13 tweets
Aug 21, 2022
Hola folks 👋

Its Day 24 of #web3glossary 🚀🚀

Consensus mechanisms ensure that all the txns on the network are genuine & all participants agree on a consensus on the status of the ledger. PoS and PoW are the most commonly known.

Today we look at PoA, PoB, PoC and PoH

👇👇
Need some background on consensus algos? Check out this thread on PoS vs PoW
Both PoS and PoW have their fair share of pros and cons, let's look at how other cosensus algos differ

PoA: Proof of Activity (not authority)
To verify participants blocks, it combines its tokens to allow both mining and staking. The blocks themselves do not contain transactions
Read 17 tweets
Aug 20, 2022
Gm Gm Web3 fam!

Its Day 23 of #web3glossary

W: WWW,Wrapped token,wei
Do you remember the first time you heard about Blockchain? Maybe you took it as a new technology that would change everything. Maybe you just wondered if you should start investing in crypto.
Maybe...
👀👇
..you were just getting your head around the concept of a decentralized web
The truth is web3 is indeed the decentralized internet of the future🚀

#web3glossary was started as a series of twitter threads to help people understand this space better and clear the air around...
.. the terms & jargons we hear around. We are almost at the end of the series and I would like to hear from you what value you gained from it and what more would you like to see😃
Until then, let’s get to today’s thread

Let’s go back to where it all started- the world wide web👇
Read 15 tweets
Aug 17, 2022
Gm Web3 fam!

Its day 21 of #web3glossary 🚀

Today’s all about the UX in the web3 space

Grab your coffee, coz it's a slightly longer thread today 😅
👇👇
Web 3 is redefining how we communicate and share information. While developers are busy building the infrastructure of web3, the
user experience of most dApps has taken a back seat.
With over 4.95 billion, daily active online users spending a fair share of their day on the web, most people have not heard of of dApps or the blockchain technology that powers them.

A small percentage of those who have, often find it difficult and complex to use.

👀👇
Read 22 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(