Consensus and validators

Openverse Network > Consensus and validators

Network technical parameters:

Block cycle: 0.38 seconds.
GAS fee: 0.000005 BTG per transaction.
TPS: 100K+
Number of nodes: Unlimited.

Consensus mechanism:

The Openverse Network adopts the DPOS+POH consensus mechanism (inherited from Solana) and, when appropriate, has the flexibility to expand to additional consensus mechanisms or switch to other more decentralized ones, such as the POW consensus mechanism similar to the Bitcoin network. DPOS means that users can create their own independent validator nodes without the need for any permissions.

Validator

The Openverse Network is based on the DPOS+POH consensus engine, which relies on a set of validator nodes responsible for submitting new blocks to the blockchain. These validator nodes participate in the consensus protocol by broadcasting votes containing cryptographic signatures signed by the private keys of each validator node.

Any individual, including governments, NGOs, enterprises, and individuals, can freely create validator nodes. Validator candidates can bind their Bitgold and accept “delegations” or staked Bitgold from Bitgold holders. The number of Bitgold delegated to a validator node determines its position in the validator ranking, and only the nodes with the highest voting power among all candidates will become active validators.

Validator nodes earn more Bitgold and GAS fees as block rewards by executing the consensus protocol. It is important to note that validator nodes can set a commission rate for the fees they charge their delegators as an additional incentive. A comprehensive overview of all current validator nodes and their voting power can be found in the wallet or browser.

If a validator node remains offline for an extended period, its Bitgold rewards (including those delegated to them by users) may be significantly reduced. Penalties are applied depending on the severity of the violation.

Delegator

Individuals who lack the technical capability or do not wish to operate a validator node can still participate in the staking process as delegators. In fact, the selection of validator nodes is not based on the amount of Bitgold they have self-staked, but on their total Bitgold amount, which is the sum of their self-delegated Bitgold and the Bitgold delegated to them. This is an important feature, as it makes delegators a safeguard against validators who exhibit poor behavior. If a validator node acts maliciously, its delegators can withdraw their Bitgold, reducing the validator’ s stake. Eventually, if a validator’s stake falls below that of the highest-ranking validators, they will be excluded from the validator set.

Delegators share in the validator’s earnings, but they also share the associated risks. Regarding earnings, the key difference between a validator and a delegator is that a validator can charge a commission on the delegators’ earnings before the distribution. Delegators are informed of this commission upfront, and it can only be adjusted within predefined limits (as discussed below). In terms of risk, if a delegator’s validator behaves improperly, the delegator’s Bitgold may be significantly reduced. For more details, please refer to the risk section.

To become a delegator, a Bitgold holder must send a “delegation transaction”  specifying how much Bitgold they wish to bind and to which validator node. A list of candidate validators will be displayed in the Openverse Network browser. Later, if the delegator wishes to unbind part or all of their stake, they must send an “unbinding transaction.” From that point, they will have to wait for three weeks to retrieve their Bitgold. Delegators can also send a “re-delegation transaction” to switch to a different validator node without the three-week waiting period. A practical guide on how to become a delegator is available for further information.

The working principle of a validator node.

  • Validator nodes should have sufficient Bitgold and high-performance hardware.
  • Set up a server, complete the technical preparations, and then run the validation program.
  • Create a website for the validator node and recruit more delegates.
  • Create a thread in the Openverse Network forum or use other methods to attract more delegates.