Solana Beach Launches Validator with 10% Commission Fee

The validator allows users to earn rewards for helping the platform process transactions.

By
Utulu Hope
on
June 20, 2021
Category:
Breaking News

Solana Beach Validator 

Solana Beach has announced that its validator is now fully operational with a 10% commission fee. The Solana blockchain explorer, powered by Staking Facilities and VGNG, will use the revenues to improve users' Solana Beach experience and add new features for better performance. The news was announced in a Tweet on the 18th of June 2021. With the support of Staking Facilities and VGNG, Solana Beach plans to become a premier blockchain explorer on Solana. 


What is a Validator? 

As explained by Staking Facilities in their Medium post, a validator is a special node that is responsible for providing infrastructure and validating new blocks, and appending them to the blockchain. Validators help to establish validity and ensure that a blockchain is secure. However, some token holders may want to contribute to a blockchain’s security without being validators. All they need to do is to become delegators. Delegators delegate rights to a validator, increasing the stake of validators in the process. In simple terms, a validator ensures that a blockchain is secure by monitoring its availability, accuracy, and establishing validity. A delegator is who assigns validation rights to validators.


How Does the Solana Beach Validator Work?

From the above explanation, when a user delegates to the Solana Beach validator, they contribute to the maintenance and development of the blockchain explorer. 

Source

Becoming a delegator is straightforward. Visit the Solana Beach validator page and click on ‘stake’. The next page prompts users to authorize Solana Beach to access the SolFlare wallet so they can stake and earn rewards. 

The 10% commission is the percentage cut of users’ staking rewards used to improve the protocol.  


What is Solana Beach? 

Source

According to their website, Solana Beach is a blockchain explorer built on Solana. Users can monitor statistics, access validators, token metrics, and news about the Solana ecosystem, thanks to Staking Facilities and VGNG. Solana Beach is a joint venture between both projects who have worked for several years in the blockchain industry. 


Final Thoughts 

The new development allows SOL holders to support Solana Beach’s rich ecosystem and contribute to its network security while earning a profit on their stakings. The blockchain explorer will offer SOL holders the license to download their staking reward overview in CSV format. This makes the initiative a win-win scenario for both the protocol and users, ensuring sustainable maintenance and developing an essential tool for the Solana ecosystem. 

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.