Staking basics

Unlocking the Power of BNB Validators: A Comprehensive Guide

Zainab Saberi

Apr 11, 2023 • 5 min read

BNB Chain Validators are essential components of the BNB Chain, offering a fundamental layer of security and reliability to the blockchain. They hold the responsibility for validating transactions and blocks on the BNB Chain while establishing consensus and trust within the network.

BNB Chain Validators are expected to possess technical and security expertise and are obliged to deliver high-quality services to the BNB Chain network. Currently, BNB Chain has 21 active validators operating under a Proof of Stake consensus. In this article, we will discuss some of the key aspects of being a validator on the BNB Chain.

Also Read: Blockchain and Web3

What is BNB Chain?

Formerly known as the BNB Chain (BSC), BNB Chain is a community-oriented, decentralized, and censorship-resistant blockchain powered by Binance. It encompasses the BNB Beacon Chain and BNB Smart

Chain, which are EVM compatible and facilitate a multi-chain ecosystem. Through the MetaFI concept, BNB Chain aspires to construct the infrastructure to energize the world’s parallel virtual ecosystem.

Also Read: What Is Defi

What are BNB validators?

The BNB Smart Chain operates under a consensus model named Proof of Staked Authority (PoSA). This model is a hybrid between Proof of Authority (PoA) and Delegated Proof of Stake (DPoS).

This consensus model is designed to support short block times and low fees, requiring only 21 validators for operation. Validators alternate in producing blocks, effectively powering the BNB network through processing transactions and signing blocks. In exchange for their service, they receive rewards in BNB tokens. To maintain their role, they must also secure daily re-election through staking governance.

Also Read: What are Defi Protocols

What are the requirements to be a validator?

To become a validator, it is necessary to set up a hardware node with the specified specifications, run a full BSC node, and stake a minimum of 10,000 BNB. However, this is just the beginning. Meeting these requirements qualifies one as an elected candidate, not a validator. To transition from a candidate to an elected validator and start producing blocks, an individual must secure a position among the top 21 candidates with the highest voting power. This elite group is refreshed every 24 hours through a continuous election process, and their standings can be checked on the top validator list on Binance.org.

Also Read: Ethereum Merge

How do BNB validators work?

Becoming a Validator:

To embark on the journey of becoming a validator, participants are required to stake BNB digital assets by committing a specified amount of BNB to the chain. Validators are diverse, ranging from Binance to smaller projects like Tranchess. The volume of tokens staked not only determines the rewards but also signals the commitment to the network.

Helping Add New Blocks:
As a collective, validators play a crucial role in adding new blocks to the BNB Chain. They validate all network transactions and append them to the blockchain, creating a new block.

Validator Rewards:
In recognition of their efforts, validators are compensated with BNB tokens. In addition to these token rewards, validators are also recipients of transaction fees for their role in validating transactions on the chain.

Validating the Network:
Validators hold the responsibility of validating transactions on the BNB Chain, ensuring that all parties in a transaction have accurate digital signatures and that the transaction itself is valid.

Governance:
BNB Chain Validators are also expected to actively engage in the network's governance, encompassing voting on proposals and contributing to network consensus decisions.

Securing the Network:
Above all, validators are guardians of the overall security of the BNB Chain. They safeguard the network by ensuring the integrity and authenticity of all transactions and maintaining the blockchain's resilience against tampering.

Also Read: Matic Staking Wallet

Benefits of running a BNB validator

One of the most enticing incentives of running a BNB validator is the potential for earnings through the network-generated fees, a significant perk considering the vast user base of the BSC. Besides financial returns, validators also have the privilege of influencing network decisions, such as adjusting gas fees and proposing protocol upgrades.

BNB validators in the Binance Chain ecosystem

In the blockchain universe, validators are vital components that verify and confirm transaction data prior to its addition to the blockchain’s distributed ledger. These validators scrutinize each transaction to ensure its accuracy and integrity. BSC validators are blockchain nodes that process and approve transactions on the BNB Chain, verifying each incoming data for validity and authenticity. A network of 21 validators, re-elected daily based on strict criteria, maintains the decentralization and integrity of the BSC.

Also Read: Private Vs Public Key

How to become a BNB validator

The criteria for becoming a validator are stringent to ensure the security and reliability of the BNB Chain. Key requirements include:

A Singular Stake Of At Least 10,000 BNB.
Properly Configured Virtual Private Server (VPS).
Running a Local BSC Full Node.
Integrity and consistent online presence, with penalties in place for violations.

How do BNB validators earn rewards?

Rewards for BNB validators are not directly sent; they are accumulated and stored in a contract, with distribution occurring around every day at UTC 00:00.

Conclusion

Whether you are a developer, user, or a DeFi enthusiast, there are abundant opportunities to engage in the growth of the BNB ecosystem. BNB staking stands as a superb pathway for anyone looking to directly support the health and security of the network.

Also Read: Blockchain Network Congestion

Frequently Asked Questions [FAQs]

Q: What is a BNB Chain validator?

A: A BNB Chain validator is a participant in the BNB network responsible for processing transactions, signing blocks, validating transactions, and adding new blocks to the BNB Chain. They play a crucial role in maintaining the security and integrity of the network.

Q: How does the BNB validator selection process work?

A: It involves an ongoing election where the top 21 candidates with the highest amount of voting power are chosen to become validators. These candidates are re-elected every 24 hours based on their staking and voting power.

Q: What are the requirements to become a BNB validator?

A: It includes staking a minimum of 10,000 BNB, setting up a hardware node with specified specifications (such as a properly configured Virtual Private Server), running a full BSC node, and maintaining high integrity and consistent online presence.

Q: How many validators are there on the BNB Chain network?

A: There are 21 validators on the BNB Chain network.

Q: What are the benefits of being a BNB validator?

A: It includes earning rewards in the form of BNB tokens and transaction fees, having a say in network decisions (such as adjusting gas fees and proposing protocol upgrades), and actively engaging in the network's governance.

Q: How are rewards distributed to BNB validators?

A: The rewards are accumulated and stored in a contract, with distribution occurring daily at UTC 00:00.

Q: Can I run my own validator node on the BNB Chain network?

A: Yes, you can run your own validator node on the BNB Chain network, provided you meet the necessary requirements, including staking a minimum of 10,000 BNB and setting up the appropriate hardware and software configurations.