- Fantom Network’s announcement of a 90% reduction in validator requirements underscores its commitment to decentralization.
- Moreover, the emphasis on a validator’s power being proportional to their stake amount, not the number of validators they run, promotes fairness and prevents concentration of control in the hands of a few, aligning with the principles of true blockchain decentralization.
In a strategic move to enhance decentralization, Fantom Network has announced a substantial 90% reduction in the requirements for validators, lowering the assets needed to run a self-staking node from 500,000 FTM to 50,000 FTM. The announcement, made on X (formerly Twitter), outlines the motivations behind the decision, emphasizing the positive impact on the overall network and the increased accessibility for running a Fantom node.
The primary objective behind this reduction is to prioritize decentralization, a key tenet for Fantom Network. By significantly lowering the barrier for node operators, Fantom aims to foster a more extensive decentralized ecosystem while mitigating the risk of malicious attacks. The move aligns with the broader trend in blockchain projects to strengthen decentralized mechanisms, promoting community engagement and moving away from centralized finance standards.
According to the announcement, increasing the number of validators is a crucial priority for any decentralized network. More validators not only enhance the security of the network but also make it more challenging for malicious actors to launch attacks. Unlike Ethereum, where validators confirm and bundle transactions before sending them to others for agreement, Fantom Network’s approach accelerates transaction confirmation by leveraging a higher number of validators.
Fantom Network addresses concerns related to the future of decentralized networks, emphasizing a commitment to prevent a concentration of control in the hands of a few validators. The move comes amid criticisms of decentralized applications and blockchains falling short of true decentralized finance (DeFi) ideals, often due to high staking costs favoring centralized players.
While existing validators will remain in the majority, the reduction in requirements opens the door for new validators to join the network and play a significant role in its growth. The platform anticipates that large validators will continue to control two-thirds of the network, ensuring stability and addressing fears of potential disruptions.
In response to concerns about potential downgrades in onboarding new validators, Fantom Network assures users that the new developments will not compromise performance. The power of a validator to confirm transactions is tied to their stake amount, not the number of validators they run. This ensures that a validator with a higher stake holds equivalent power to multiple smaller validators, promoting fairness and preventing centralization.
As of the latest update, FTM is trading at $0.40, reflecting a 2% increase in the last 24 hours. With the reduced cost of becoming a validator now approximately $25,000, Fantom Network’s initiative is poised to attract a more diverse range of participants, fostering a decentralized ecosystem that aligns with the principles of true blockchain decentralization.
Fantom Network Initiates Decentralization Drive: Slashes Validator Requirements by 90%
Fantom Network takes a significant step towards decentralization by reducing validator requirements by 90%, unlocking accessibility and reinforcing a decentralized ecosystem. The move addresses concerns about centralized control and aligns with broader trends in blockchain projects. Fantom’s commitment to increasing the number of validators emphasizes a strategic approach to network security, making it resilient against malicious attacks. As the platform anticipates continued stability with large validators, the reduced entry barrier opens new possibilities for broader community participation.
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