“This article was originally published by Hannah Cordes, a former member of ThreeFold Foundation.”
ThreeFold is an innovative Internet infrastructure. By applying peer-to-peer technology to the Internet, ThreeFold operates without centralized cloud providers or authorities the management of transactions and the offering of Internet capacity is carried out collectively by a people-powered network.
ThreeFold is open-source – its code is public, nobody owns or controls ThreeFold and everyone can take part. Through many of its unique properties, ThreeFold represents the next-evolution of the Internet and is the low-level foundation to support any current or future digital workload including Edge Computing, Web2, Web3, Blockchain, IoT and the Metaverse.
ThreeFold aims to ensure that no application, big or small, is subject to the limitations of Web3 or the pitfalls of Web2. Its peer-to-peer Internet Grid is infinitely more resilient, secure and scalable than centralized cloud providers like AWS or Microsoft Azure.
🔗Participate in the ThreeFold L2 Validator Program
The ThreeFold Blockchain records transactions that happen on the ThreeFold Grid, including Internet capacity (farming), Internet capacity provisioning (smart contract for IT), identity, account metadata and more.
Validator nodes support the network by remaining in sync with the ThreeFold Blockchain and recording the chain’s data while validating and/or injecting transactions. Essentially, a validator stores and validates transactions aka, mining blocks.
With about a hundred L2 validator nodes to join the network, clients will be able to rely on a distributed, peer-to-peer network instead of relying on centralized services.
Many people and organizations rallied to run validator nodes using computing and bandwidth resources – but more are needed to allow ThreeFold to continue to grow. The rest of this post describes how you can help and what’s in it for you.
🔗Why run a ThreeFold L2 Validator?
L2 Validators store the records of the ThreeFold Blockchain, the ThreeFold DAO and the development of side chains on the ThreeFold Grid. There are only 50 in the first batch and 37 have already been verified – meaning there are only 13 spots left! Running an L2 validator requires 2,000,000 TFT staked in order to begin validating. This 2,000,000 TFT is the minimum bond needed to begin validating blocks. A validator also earns voting rights in the ThreeFold DAO (Decentralized Autonomous Organization), which is responsible for the operations of the ThreeFold Blockchain and ThreeFold Grid.
Running a validator node on a computer isn’t a complicated task. For many of us who love ThreeFold, we want to support the decentralization of the peer-to-peer Internet, and running a validator node is a great way to do that. Also, it is a unique and revolutionary project to have in your room or office. Running a validator node requires little electricity, close to zero technical knowledge, and no real time commitments.
🔗Validator Node Rewards
For their commitment, and as an incentive for their continued participation, validators are rewarded with a share of the ThreeFold Grid’s revenue. By helping the network reach consensus, validators also earn rewards for processing transactions into new blocks or checking the work of other validators because that’s what keeps the ThreeFold Blockchain secure. A minimum of 5% yield is foreseen in the next 2 years.
🔗Join the Peer-to-Peer Revolution
ThreeFold is realizing the initial promise of an open-source, peer-to-peer Internet owned by the people. Anyone can become a validator and participate in the decentralization of the Internet economy. If you are interested in running one, just follow these simple steps:
- Step 1: Create an account (wallet) with the ThreeFold Connect app.
- Step 2: Buy the required amount of TFT to reserve your validator. Find all TFT buying options here.
- Step 3: Log into the ThreeFold Forum using ThreeFold Connect and go to the L2 Validator Signup category.
- Step 4: Follow the registration instructions to become a L2 Validator, and review the checklist of your application before submission.
Someone from the ThreeFold community will get in touch with you within the next few days to welcome you to the ThreeFold universe. We’ll have a brief call to verify your identity and wallet treasury to confirm your application. The successful verification process secures your spot as a ThreeFold L2 Validator.