• Orbs has released the single nominator smart contract for validators in the Telegram Open Network (TON) blockchain network.
• The single nominator is an isolated cold wallet designed to provide security for validators and protect against gas-spending attacks.
• Orbs’ single nominator contract provides an alternative to the core team’s nominator pool smart contract, offering independent validation and stake recovery during emergencies.
Introduction
Orbs, a public blockchain infrastructure designed for mass usage applications and close integration, has announced the release of the single nominator smart contract for validators in the Telegram Open Network (TON).
What is a Nomintor?
In blockchain technology, a nominator is an individual or entity participating in a proof-of-stake consensus algorithm. This is done by staking their cryptocurrency holdings to support the network’s security and transaction processing. The nominator essentially nominates a validator to represent their stake in the network and earn rewards on their behalf. The validator, in turn, is responsible for validating transactions and adding new blocks to the blockchain.
Benefits of Single Nominator Smart Contract
The single nominator smart contract provides an option for the core team’s nominator pool smart contract and offers many benefits such as enhancing validators’ independence, security and protection against gas-spending attacks. It also provides an isolated cold wallet for securing their validation process which helps ensure that only legitimate transactions are processed through out the network.
What are Smart Contracts?
Smart contracts typically involve two or more parties agreeing on a set of rules or conditions that must be met before the contract can be executed. These rules are encoded into the smart contract, and when specified conditions are met, it automatically executes itself transferring funds or assets between involved parties without requiring them to manually do so each time.
Conclusion
Orbs’ single-nominator contract offers independent validation for validators, safeguards against gas attacks and enables stake recovery during emergencies as well as providing enhanced security over other existing solutions available in TON blockchain network today.