The Fuse network allows entrepreneurs to easily plug payments into their products and onboard users to an application that lets them pay, transact and access financial services in their favorite currency. This requires computational power, not the kind living in a centralized storage facility. Instead, it’s provided by people like you and me.
Any entity or person holding enough FUSE can run a node that approves transactions in the network. The more communities and users conducting transactions, the more validators will earn as a reward for approving transactions. This allows the network to grow organically as validators are incentivized to participate, build, and onboard users into the Fuse Network.
Validators run special software that holds a copy of the Fuse blockchain and validates transactions in the network. Every 5 seconds, the network groups the latest transactions broadcasted to the system, validates, and signs them so they can never be changed.
Validators contribute their computer resources to maintain the network and need technical knowledge to host this kind of software. The validators receive a block reward for this work. Yearly inflation of 5% is distributed between all validators, and the block rewards update to accommodate this functionality.
Validators are the guardians of a network and are in charge of not only maintaining it and keeping transactions moving but also steering it through the governance mechanism that allows any holder of the Fuse token to vote on important decisions and upgrades to the network in its development and resource allocation.
Regular FUSE token holders can further involve themselves in the community by delegating their Fuse token to a validator to earn rewards.
Becoming a validator is not an everyday activity and requires contributing computer resources and some technical knowledge to host specialist software. Other contributors and reasons to consider becoming a Fuse network validator are:
To be a Fuse validator, you must meet the pre-requirements:
To become a validator quickly, follow these steps:
wget -O quickstart.sh https://raw.githubusercontent.com/fuseio/fuse-network/master/scripts/quickstart.sh
chmod 777 quickstart.sh
wget -O .env https://raw.githubusercontent.com/fuseio/fuse-network/master/scripts/examples/.env.validator.example
set “sudo” on `PERMISSION_PREFIX` if running docker/docker-compose requires root
(optional) set ‘VAL_NAME’ to display a custom name on health.fuse.io (cannot contain spaces)
After running the script successfully, you will see your address in the health site.
To stake FUSE tokens, all you should do is send your FUSE tokens to the Fuse Consensus contract address over the Fuse network from the validator address.
The Fuse Consensus contract address: 0x3014ca10b91cb3D0AD85fEf7A3Cb95BCAc9c0f79
The easiest way is to import your private key or key-store file to your favorite wallet (for example, Metamask), switch the network to Fuse, and send the FUSE tokens (native tokens) to the Consensus contract address.
You can find your key store (containing your private key) and the password for the created account in:
To delegate, just send the FUSE tokens from any address to the Consensus contract address with the data: 0x5c19a95c000000000000000000000000<address without 0x>.
For the address: 0xb8ce4a040e8aa33bbe2de62e92851b7d7afd52de
Use: 0x5c19a95c000000000000000000000000b8ce4a040e8aa33bbe2de62e92851b7d7afd52de as the data.
5c19a95c is for the delegate(address) function signature.
b8ce4a040e8aa33bbe2de62e92851b7d7afd52dein this example is an address you’re delegating to (without the 0x prefix)
Wait until the next cycle starts.
You can see that you are validating on the health and explorer sites.