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View current active Echelon validators! https://app.ech.network/validators Echelon is based on Tendermint, which relies on a set of validators that are responsible for committing new blocks in the blockchain. These validators participate in the consensus protocol by broadcasting votes which contain cryptographic signatures signed by each validator's private key.
Validator candidates can bond their own staking tokens and have the tokens "delegated", or staked, to them by token holders. ECH is Echelon's native token. At its onset, Echelon will launch with 100 validators. The validators are determined by who has the most stake delegated to them - the top 100 validator candidates with the most stake will become Echelon validators.
Validators and their delegators will earn Echelon as block provisions and tokens as transaction fees through execution of the Tendermint consensus protocol. Initially, transaction fees will be paid in Echelon, but in the future, any token in the Cosmos ecosystem will be valid as fee tender if it is whitelisted by governance. Note that validators can set commission on the fees their delegators receive as additional incentive.
If validators double sign, are frequently offline or do not participate in governance, their staked Echelon (including Echelon of users that delegated to them) can be slashed. The penalty depends on the severity of the violation.
We recommend that if you are setting up a validator on Echelon that you do so with a self-delegation or delegation of 1,000,000 ECH recommended. This ensures that you as a validator have sufficient fair voting power amongst the network of other validators and to ensure your validator is producing blocks actively and participating in full consensus of Echelon.
You can setup your Echelon validator node to validate blocks and earn ECH rewards in the network. There is a maximum of 100 active validators. (Can be voted on with onchain governance)
Once you have typically 1,000,000 ECH (RECOMMENDED) or in delegations, you can run the following command to start running your validator! (1 Million ECH is recommended to have standard fair voting power and to have your validator producing blocks actively in the network). You can start a validator with any amount of ECH, usually a minimum of a 1 ECH due to fees.
echelond tx staking create-validator --amount=1000000000000000000000000aechelon --pubkey=$(echelond tendermint show-validator) --moniker="" --from=<echelonaddress> --min-self-delegation="1" --commission-max-change-rate="0.01" --commission-max-rate="0.20" --commission-rate="0.05" --chain-id=echelon_3000-3
After confirming the transaction, please give it a few blocks for your validator to show up in the network! Do not allow your validator to go offline as your validator node will be "jailed" for roughly 10 minutes and rewards slashed by a small percentage. Ensure the server or device you have your validator running on is secured.
Echelond Node and Validator Setup Guide:
YubiHSM Setup Coming Soon.