At the time of writing, there are 1,239 validators powering the Incognito network. How and why are there so many, and should you join them?
It’s simple: if you’re interested in earning cryptocurrency while powering privacy for the whole planet, then you should become a validator. Here are the six reasons why Incognito is unlike any other blockchain, and why you’ll want to become a validator ASAP:
1. Unhindered Consensus
We’ll start with consensus. Every consensus mechanism has drawbacks, whether in speed, scalability, or security. To solve the various drawbacks of both Proof-of-Work and Proof-of-Stake consensus mechanisms, Incognito blends pBFT (practical Byzantine Fault Tolerance) and BLS (compression) with Proof-of-Stake. The result is a blockchain that is equitable and fair, fast, and scalable, while being energy efficient (we’ll talk more about this in the “Validators” section).
The minimum stake is 1750 PRV. The goal for the network is to remove misbehaving or malfunctioning nodes for a period of time, but not slash your staked coin, so there’s no risk of loss.
You can learn more about Incognito’s consensus here.
2. Large Number of Equally Effective Validators
Most PoS blockchains have a small number of validators (50, 100, 250) that control a large part of the network. Incognito reversed this. By equalizing block rewards and fixing the staking requirements to 1750 PRV, Incognito has created a network powered by a large number of validators that each control a small part. Incognito’s “node in every home” goal has made fairness, security, and scalability the core parts of the network.
The network is currently at 1,239 validators, 908 of which are Node Virtuals and 331 are Node devices. The minimum goal for the future of the network is to have over 32,768 validators at full scale. That’s vastly more than any other PoS network on the planet. And since each Node has equal share in the network, the current problems of PoS systems do not apply.
Validators operate by running nodes in the network, either virtually or physically. The physical nodes are so easy that anyone can do it (just plug it in and earn crypto), and run on an average of $0.06 of electricity per day. In addition to the node hardware, the consensus mechanism does not require nodes to compete to validate, so your node is only working hard when it’s earning, and is therefore much more energy efficient and environmentally friendly. Plus, you don’t spend any more to run a Node device than you do to run your laptop.
You can find more information what it’s like to run an Incognito Node here.
3. Sharding
Transactions per Second is one of the most important metrics when assessing a network’s performance. Blockchains with high throughput tend to not be scalable, while blockchains that are scalable tend to have low throughput. Incognito, however, implements sharding to solve this problem. The network is currently at 8 shards, with 32 validators per shard, which makes the Incognito network capable of processing 100 TPS. That’s miles ahead of the others:
And that’s just the beginning. With highway implementation already underway, we aim to scale to 64 shards with 256 validators per shard! This means that even when we reach tens of thousands of validators, there will still be enough throughput for your node to be validating, instead of waiting.
For more about sharding, read “Scaling Blockchain Privacy with Sharding”.
4. Traction
Most blockchain projects are, in essence, theoretical. Brilliant minds write whitepapers that solve problems, and raise money to start building. But then, the solution they create doesn’t stick in the real world. Coin prices rise and fall with trading speculation, and eventually the project fades away.
Rather than raise money to prove a theory, the Incognito community just got to work. Within four months, the project has seen more than 5,000 users shield over 2 million dollars in more than 200,000 transactions on the network.
Incognito has traction. Incognito is not a whitepaper and market speculation around a future use. It’s a community and a rebellion powering privacy. As the demand for confidential transactions rises, your rewards will also increase.
5. Earn More
As a validator in the Incognito network, you don’t just earn PRV. Block rewards are paid in PRV, and transaction fees can be paid in PRV or the transacted coin. So you’ll be earning PRV, BTC, ETH, and more with each transaction.
6. Privacy
The entire Incognito community gathers around the need for, and belief in, privacy. Privacy is valuable, and endangered.
All electronic transactions with fiat currency are tracked. The vast majority of crypto transactions, including bitcoin, are also tracked. KYC ties everything back to you, and takes away your power over your personal and financial data.
For crypto to be really useful, so that the whole world uses it, it needs to offer privacy. Privacy coins like Monero have the right idea, but require you to transact in their native token if you want any semblance of anonymity. Not to mention other methods like tumbling/washing are cumbersome and often inefficient.
With the Incognito Wallet, you can shield the coins you already have and transact them freely and privately. Bringing Incognito mode to every cryptocurrency is only being done by this community, and it will be the catalyst to the mass adoption that the blockchain space has been working toward for years. So become a validator now, and earn crypto as more and more people join the privacy movement every day.
More about Incognito
The traction we’ve gained is only beginning. If you value your privacy, check out the Incognito Wallet to take your privacy back.
If you want to become a validator and earn crypto while powering privacy, get a plug-and-play Node, or learn how to host a Node Virtual.
And most importantly, join the discussion at incognito.org!