Validator
| Overview
MemeCore Chain operates with a network of validators using a Proof of Meme (PoM) consensus mechanism, designed to enable short block times and reduced transaction fees. Validators with the highest staked amounts have the chance to produce blocks. Security, stability, and finality are maintained through slashing mechanisms like double-sign detection.
The chain uses a real-time election process to select the top 7 active validators for block production, based on staking rankings. This validator list is refreshed every 10 blocks, or approximately every 70 seconds. To qualify as a candidate for election, validators must first stake a set amount of assets into the system contract.
| What are Validators?
Validators on the MemeCore network play a key role in maintaining security and producing blocks using the PoM consensus mechanism. These nodes handle transaction packaging and block validation, ensuring the stability of the network. In return for their efforts, validators earn $M tokens as rewards for their contribution to securing the system.
| Economics
Validators and delegators earn two types of rewards: $M tokens and ERC-20 tokens. For instance, if the reward for producing a block is 1,000 $M, these tokens aren’t given directly to the block proposer. Instead, they are distributed proportionally among validators and delegators based on their respective stakes in the network.
Example:
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| Running a Validator Node
Hardware Requirements
The following are the minimum hardware requirements:
CPU with 2+ cores
4GB RAM
200GB free storage space
8 MBit/sec download Internet service
| Validator Management Contract Address
Validator management contract:0x1234000000000000000000000000000000000002
| $M Staking
Send at least 7,000,000 $M from your miner address to the register method of the validator contract without any parameters. The staked $M will be fully refunded when quit.
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