What is a crypto validator? - Crypto in Plain English - Episode 232 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it18 Aug 2022

What is a crypto validator? - Crypto in Plain English - Episode 232 - by cryptohunt.it

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What is a crypto validator?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English.

We've talked a lot about Ethereum lately, for good reason: It is going through open heart surgery and getting a new method to validate transactions.

So lets dig deeper: What does a validator actually do?

For this, it helps to understand what validation is. It is the process of making sure nobody cheats on a blockchain. Remember, with the invention of blockchains, things became decentralized. This means: No banks, no governments, no powerful individuals. But the problem is: Who is keeping an eye on things for us instead?

Enter our validators. They come together and each look at all the new transactions. Like a team of referees in a sports game, they will talk and come to a conclusion as a team: Do things look correct or is someone trying to sneak in a wrong number?

Of course, they are not actual people, but internet connected computers doing this through code. But the idea is still the same. On less efficient blockchains, like Bitcoin, these computers even have to do extra work, that's why they are called miners. On more modern blockchains, they can focus their computing power on just the validation, hence their name validators.

With Ethereum switching from miners to validators, you'll sure hear the term more often now - and now you can tell your friends what's behind it!

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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