Evernode is about to disrupt the Xahau Network Ecosystem and bring the hopes of hosting Decentralized Applications or DApps back to life.
The emergence of this project can revive the well structured network that is the Xahau Network that is currently lacking traction from developers.
While the project will specifically target developers to build DApps on top of the XRP Ledger Ecosystem through the Xahau Network, Evernode is also looking at future validators to keep its project alive.
While it is interesting, most people seem to now know yet who are the validators on this project and who can be a validator on this project, which is why we are going to talk about it in this article.
Who Can be a Validator on Evernode?
According to the Evernode official website, it is said that everyone can be a validator as the project welcomes all crypto and tech enthusiasts to help oversee it.
While everyone can be a validator, not all understand the requirements of being a validator on Evernode as it requires a bit of tech understanding so the process of setting up to be a validator can be done well.
Before setting up however, there are four requirements that need to be met, which are detailed by the image above taken from the Evernode official website.
The first requirement is having a Xahau Network Wallet. The wallet is a decentralized Web3 wallet that can be used for regular transactions on the Xahau Network.
Because it has a lot of similarities to regular blockchain hot wallets users can easily set it up by simply signing up and setting up the password while keeping the seed phrase as it is a sensitive information.
Another requirement that needs to be met is the Linux Machine that needs to be set up, usually through the Ubuntu Operating System or OS.
You can set this up virtually by using a proxy on another operating system if you are running your device on MacOS or Windows, or just set up a special device for the Ubuntu OS so that you can use Linux as the main system.
The third and fourth one is pretty simple which is to have a stable internet connection and a simple knowledge on running a validator that can be acquired online.
Looking into The Rewards
The rewards for being a validator on the Evernode platform are taken from the fees that are charged to developers and users.
This mechanism is similar to what blockchain gas fees are on most blockchains, but instead of charging gas fees, Evernode charges regular fees as it is not its own blockchain.
The rewards will be given in the form of EVERS, the token of the Evernode platform. The token itself has just been launched through an airdrop but has not gone into the market yet as we are still waiting on the distribution period of these airdrops.
The reward will be the inflation mechanism for EVERS vesting as most of the supply will be delivered into the market through the validators.
As you can see from the image above, there is an estimated 118.04 Years before all the EVERS allocated for the validators will go into the market, making the token scarce in the long run.
Instead of implementing a burn mechanism, EVERS decided to extend the vesting period so that the volatility of the token is not as bad as if the token was to be launched 100% to the market at once.
Overall, if you are interested in being a validator and you have a spare device that maybe was used to mine other Proof of Work blockchains which are now deemed not worth it, you can allocate them towards this and prepare for the maintenance that comes with it.
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