The role of nodes in securing and validating the L1X blockchain is of utmost importance, making it essential for both node operators and users staking into the delegated liquidity pool to understand their functionalities and significance. In this guide, we'll delve into the inner workings of nodes, the requirements for running them, and the distribution of rewards.
A deep dive into the L1X consensus mechanism and Node infrastructure can be viewed on this video.
Read the full Recap: https://blog.l1x.foundation/sum-up-ama-l1x-deep-dive-consensus-mechanism/
The L1X Full Validator Node
The L1X Full Validator Node plays a pivotal role in the network's functionality by validating transactions to ensure their legitimacy and accuracy before incorporation into the blockchain ledger.
These nodes actively participate in the consensus mechanism, collaborating to reach an agreement on the current state of the blockchain. Beyond validation, full validator nodes also propose blocks, which, upon validation, yield block rewards and transaction fees.
The limited number of full validator nodes each month offers a satisfactory reward for hosting, incentivizing active participation in maintaining the integrity and efficiency of the L1X blockchain ecosystem.
The Role of Node Validators in L1X Blockchain
In the L1X blockchain network, validators are the backbone of the system, responsible for maintaining its integrity and security.
By staking a certain amount of L1X coins, validators gain the opportunity to validate transactions and participate in the consensus process. The pseudo-random algorithm guarantees a fair distribution of block proposers, providing every validator node with equal opportunities to contribute to block creation.
Types of Nodes on L1X Protocol
L1X Network offers two node types, each with varying functionalities and reward structures:
- Full Validator Node (FVN):
Requires: 25,000 L1X Coins and a corresponding Node Hosting NFT obtained through the L1X Node NFT Sale which is currently limited to 800 in total
Functionality: Validating transactions, blocks and proposing blocks which is a major part of the consensus mechanism, enabling transaction validation and earning higher rewards compared to Event Listener Nodes.
2. Event Listener Node (ELN):
Requires: 5,000 L1X Coins and an NFT obtained through the XPerks Program (exclusive to contributors in the completed seed, private or public sales).
Functionality: Contributes to network security by listening to events and earning rewards. However, it has limited functionalities compared to Full Validator Nodes.
Benefits of Participating in Staking Nodes on L1X
- By participating as a node operator and staking their assets, individuals actively contribute to the security and decentralization of the blockchain network. This involvement strengthens the network’s integrity and ensures smooth and reliable transaction validation.
- Staking nodes offer attractive rewards for those who actively participate. Stackers can earn regular passive income through staking rewards, encouraging long-term commitment to the network.
- Staking provides users with the opportunity to support and shape the future of the blockchain ecosystem they believe in, fostering a sense of ownership and community engagement.
Rewards for Hosting a Node
L1X rewards both Full Validator Node (FVN) and Event Listener Node (ELN) operators for their contribution to network security and stability.
50% of all gas fees are distributed to node hosters.
In addition to these rewards extra L1X Coins from the validator pool will also be distributed to node hosters in the first few years of operation to provide additional incentive to those hosting a node.
Are you eager to secure a Full Validator Node NFT?
Here's how you can get your hands on one:
- Head over to L1XApp.com on your desktop and keep an eye out for the dedicated sale.
- Remember, there will only be a limited number of Full Validator Node NFTs available, so don't miss out!
- To participate in the sale, you'll need to purchase 25,000 L1X Coins at the public sale price of $0.50 each. Once you've completed your purchase, your L1X Coins will be accessible in your XWallet.
- After acquiring your L1X Coins, navigate to the XPerks program within the L1X App. Here, you can choose your desired tier – either Platinum or Gold. Opting for either of these tiers will unlock your Full Validator Node NFT. Plus, both tiers come with extra perks such as bonus L1X Coins and other rewards.
- You can also purchase your Node using MetaMask (limited to 2 Nodes per address).
It's worth noting that those who opt for the Platinum tier will receive priority when it comes to hosting Nodes.
