Orbs, a public blockchain infrastructure designed for mass-use applications and tight integration, has announced the launch of the single nominator smart contract for validators on the Telegram Open Network (TON), a decentralized layer 1 blockchain.
On the TON blockchain network, validators can use the unique nominator, which provides an isolated cold wallet to secure their validation process. This feature is particularly useful for validators with enough self-involvement to perform independent validation without the need for third-party nominators. This feature is intended to improve the independence, security, and protection of validators against gas spending attacks.
In block chain technology, a nominator is a person or entity that participates in a proof-of-stake consensus algorithm. This is done by staking your cryptocurrency holdings to support network security and transaction processing.
The nominator essentially nominates a validator to represent your stake in the network and earn rewards on your behalf. The validator, in turn, is in charge of validating the transactions and adding new blocks to the chain of blocks. This process is essential for the security and efficiency of the blockchain network, as it ensures that only legitimate transactions are processed and recorded on the blockchain.
Smart contracts typically involve two or more parties agreeing to a set of rules or conditions that must be met before the contract can be performed. These rules are encoded in the smart contract, and when the specified conditions are met, the contract is automatically executed, transferring funds or assets between the parties involved.
The single nominator smart contract provides an option for the core team nominator group smart contract. The alternative was developed internally to provide security for validators who wager their funds. The single nominator tool is now offered to the community as a free, open source product.
Related: TON blockchain freezes $2.6B worth of inactive tokens
Orbs added that the single nominator contract offers protection against attack methods by keeping the validator node's hot wallet separate from the main staking funds. This separation protects the funds against gas-spending attacks and the owner can alter the address of the validator if the wallet is compromised. Additionally, the contract provides the ability to recover wagers during emergencies, such as voter updates.
The contract has been audited by CertiK, a smart contract, blockchain and Web3 security firm, which recently Announced a partnership with TON to audit future projects on the network.
Magazine: Green consumers want supply chain transparency via blockchain
Post navigation
