Orbs, a public blockchain infrastructure built for mass consumption apps and tight integration, has announced the launch of the single-nominator smart contract for validators in the decentralized layer-1 blockchain Telegram Open Network (TON).
Validators in the TON blockchain network may employ the single nominator, which offers an isolated cold wallet to secure their validation process. This functionality is especially beneficial for validators who have sufficient self-stake to undertake independent validation without the requirement for third-party nominators.
This feature attempts to improve the independence, security, and protection against gas-spending assaults of validators.
In blockchain technology, a nominator is a participant in a consensus procedure based on proof of stake. This is accomplished by staking their Bitcoin holdings to assist the security and transaction processing of the network.
In essence, the nominator selects a validator to represent their network investment and collect rewards on their behalf. In turn, the validator is accountable for verifying transactions and adding new blocks to the blockchain.
This procedure is crucial to the security and efficiency of the blockchain network because it guarantees that only valid transactions are processed and stored on the blockchain.
Before a smart contract can be implemented, normally two or more parties must agree on a set of rules or criteria that must be satisfied. When the defined circumstances are satisfied, the smart contract automatically executes, moving dollars or assets between the parties.
The single-nominator smart contract offers an alternative to the nominator pool smart contract for the core team. The alternative was devised internally to safeguard validators who wager their money. The single-nominator tool is now available as a free, open-source product to the community.
Orbs stated that the single nominator contract gives security against attack techniques by separating the hot wallet of the validator node from the primary staking monies.
This separation protects the cash against gas expenditure assaults, and if the wallet is hacked, the owner may change the validator address. In addition, the contract allows for the recovery of stakes during crises, such as elector improvements.
CertiK, a Web3 blockchain and smart contract security company, has inspected the contract. CertiK recently announced a cooperation with TON to assess future projects on the network.
