We are disclosing our node and validator requirements for those interested in participating and helping secure Nova Network. These were thoroughly thought through by us and tailored with two important goals in mind. First, we wanted to make sure that any validators would have real 'skin in the game' to incentivise and drive growth to our network, as well as act with good behaviour and in good faith. And second, to ensure that all validators have the technical skills, equipment, knowledge, and time available to setup, run, and maintain a functioning node. We appreciate how important the validator's role is, and it's ultimately what makes the network reliable, consistent, and secure. Because of that, we do not take this lightly, and want to be sure that these validators will have what is required to make Nova Network great!
The HCA used by Nova Network requires sealing blocks the same way as a standard PoW network - mining - and being a validator essentially means you will hold a key which will allow you to connect your full node to our layer zero* and use your node's CPU to perform calculations and solve mathematical problems which will result in the mining of a block and the distribution of the rewards to you. The Validator Key will allow for one connection and one node setup - no pools allowed -, which can also be used to setup your very own RPC to allow both HTTP and WS connections from the public. This key will be attributed to you towards the signing a Validator Services Provider Contract, and the consignment of SNT 625,000 with Nova Network. Once you have your key and have setup your node, you can then start operating it, sealing blocks, and receiving your SNT rewards directly to your wallet. At the end of each 12-month period, you will be able to either revoke your key and receive your consigned funds back, or to renew the contract for further 12 months.
Conditions for Acquiring a Validator Key
Have consigned at least SNT 625,000 with Nova Network.
Have KYCd with Nova Network - your information will remain private and undisclosed.
Have the technical skills, knowledge, and equipment required to setup, run, and maintain a Nova Network Node.
Have signed a Validator Services Provider Contract with Nova Network.
Conditions for Maintaining Validator Status
Ensure at least 99% uptime for the node.
Ensure at least 50% uptime for mining.
Be available and easily contactable, either directly or via representatives, 24/7.
Ensure the machine running the node always has enough space to store a full record of the blockchain’s transactions history.
Use only official, authorised, and recommended software/tools/scripts to setup, run, and maintain the node.
Act in good faith to always protect the integrity of the network.
Always promote price stability for the network’s native token.
Slashing and Penalties
Any validator caught acting maliciously or in bad faith, will be liable to penalties and slashing of their funds consigned with the company. When a slashing happens, the funds slashed will be destroyed permanently via a burning mechanism, and such action is irreversible. The process of reaching a verdict, as well as the implementation of any penalties to validators, will be subject our policies, but will always present an opportunity for the validator to publish a Defence Letter to the community, which will ultimately have the last say and decision in whether to penalise the validator, via governance voting.
The rewards will be based on a standard PoW block-rewards’ system, where validators will be credited SNT for successfully mining and sealing a new block, as well as accruing transaction fees paid by the users. The APR/APY will vary depending on the size of the validators pool, as well as the particulars of each validator’s equipment.
We will release the validator keys in different batches as development progresses and we advance towards our blockchain beta launch. In this first batch will make available 4 keys, and if we manage to distribute the 4, we will be releasing 2 more keys before the mainnet beta goes live.
How to Apply
As of now if you are interested on becoming a validator, you can contact us directly. We will have an open form setup so we can streamline the process and make it more easily accessible to our users. Once that's available we will post another announcement.
Managed Nodes Services
We are working with partners to offer managed node services to any interested validators, opening the possibility for them to have their hardware needs taken care of, under a leasing contract, instead of having to buy and maintain the equipment themselves, allowing more time and dedication towards software and data management.