Become a Validator
EtherLite runs on a Proof-of-Stake mechanism which requires ETL to sustain the network. Validator nodes are required to stake a minimum of 100,000 ETL and in return validators will receive rewards and fees for their service. If validator does a malicious activity, then his staked ETL are basically confiscated.
Any address with the minimum required candidate stake (100,000 ETL) can become a validator. When an address calls the addPool contract function and meets the minimum required candidate stake, it becomes a candidate and forms a new pool.
Follow the following process flow to become a validator –
1. Setup a Validator node
2. Go to staking.etherlite.org
3. Connect your wallet
4. Click on ‘Become a Candidate’ button
5. ‘Become a Candidate’ dialogue box will open.
6. Enter the details like -
i) Amount of ETLs to be staked,
iv) Pool name so that community can identify your pool for delegation,
v) Short description of your pool (Optional)
7. Then click on ‘Become a Candidate’ button from the dialogue box, pay gas fee and done!
Abovesaid the process of becoming a candidate. Validators for each staking epoch are selected by randomness beacon. At the beginning of each staking epoch, the EtherLite algorithm selects active candidate pools to participate as validators in the next validator set. Inactive pools are ignored.