Fantom Network Reduces Validator Requirements: What You Need to Know

Fantom Network Announces 90% Decrease in Validator Requirements, Reducing from 500,000 FTM to 50,000 FTM per Node Validator.

Fantom has lowered the validator requirement to 50k FTM and is focusing on decentralization.

Last updated: January 15, 2024 📆

The Fantom Network, a blockchain technology company, has made an exciting announcement that is sending shockwaves through the industry. They have decided to reduce the validator requirements on their network by a staggering 90%! This means that the assets needed to run a self-staking node on the Fantom Network have been reduced from 500,000 FTM to just 50,000 FTM. 🚀

Fantom Network took to X (formerly known as Twitter) to share this monumental change with their community. In their post, they explained the reasons behind this move and how it will impact the overall functioning and decentralization of the network. The company believes that by making it more accessible to run a Fantom node, they can further enhance the positive impact of decentralization. As they rightly pointed out, increasing the number of validators on a network makes it increasingly challenging for malicious actors to launch an attack. 💪

Now, let’s delve deeper into what this development means and address some important questions you may have.

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Why did Fantom Network reduce validator requirements?

The primary goal of any decentralized network is to increase the number of validators running the network. By doing so, the network becomes more resilient to attacks, making it a safer and more secure environment for transactions. Fantom Network understands the significance of this, and by reducing the validator requirements, they are encouraging more participants to join their network and contribute to its growth.

How does Fantom Network differ from Ethereum?

Fantom Network operates differently from Ethereum when it comes to transaction confirmation and bundling. In Fantom Network, validators confirm and bundle transactions before sending them to other validators for agreement. With the reduction in validator requirements, transactions will reach validators faster, ensuring a smoother and more efficient system compared to the potential concerns of slow and clustered networks.

What does this mean for the future of decentralized networks?

Fantom Network’s decision to reduce validator requirements is another significant step towards fostering true decentralization in the blockchain industry. Often, decentralized applications and blockchains have faced criticism for not fully embodying the ideals of decentralized finance (DeFi). One major reason for this has been the high cost associated with staking and becoming a validator, which has primarily benefited centralized players. By making it more accessible for individuals and smaller entities to become validators, Fantom Network is paving the way for a more inclusive and truly decentralized future.

What about concerns regarding onboarding new validators and network stability?

There have been concerns about potential downgrades in the process of onboarding new validators and the stability of the network. However, Fantom Network has dismissed these worries, assuring their community that there will be no downgrade in performance. They highlight that a validator’s power to confirm transactions is proportional to their stake amount, not the number of validators they run. This means that even with the reduction in requirements, validators with larger stakes will have the same power as multiple smaller validators.

What is the current status of FTM?

At the time of writing, FTM is trading at $0.40, representing a 2% increase in the last 24 hours. This reduction in validator requirements has significantly reduced the cost of becoming a validator to approximately $25,000. As the Fantom Network continues to grow and attract more participants, the value of FTM may experience further growth.

🔥 In conclusion, Fantom Network’s decision to reduce validator requirements is a game-changer for the industry. It not only promotes decentralization but also strengthens the overall security and stability of the network. With the doors now open to new validators, Fantom Network is on the path to creating a more inclusive and resilient blockchain ecosystem. 🔒

References:

• Fantom Network Announcement on X: Twitter
• Preventing Malicious Attacks: Cyber Magazines
• Decentralized Finance Criticism: Cyber Magazines
• Current FTM Trading: Cyber Magazines
• Follow Us on Google News: Google News

:zap: Share your thoughts on this exciting development and let us know what you think about the future of decentralized networks! Don’t forget to spread the word by sharing this article on your favorite social media platforms! :muscle:

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