Staking Worker
The Staking Workers module employs off-chain workers responsible for gathering off-chain information such as price updates and transaction verification for deposits and withdrawals. These workers reach a consensus on prices every four blocks to maintain system accuracy and integrity, also verifying the legitimacy of reported transactions.
Key Functions and Responsibilities:
Off-chain Information Gathering:
Staking workers are responsible for gathering off-chain information, including price updates and transaction verification, to ensure the accuracy and integrity of the blockchain network.
Consensus Building:
Workers reach a consensus on prices every four blocks to maintain system accuracy and integrity. This consensus mechanism ensures that accurate information is reflected within the blockchain.
Transaction Verification:
Staking workers verify the legitimacy of reported transactions, ensuring that only valid transactions are included in the blockchain ledger.
Becoming a Staking Worker:
Stake UNIT Tokens:
To become a staking worker, individuals must stake UNIT tokens to earn shares. This stake acts as collateral and demonstrates commitment to the network.
Register as a Worker:
After staking tokens, individuals need to register as a worker within the network. This process typically involves submitting a transaction or interacting with a smart contract to indicate the intention to become a worker.
Earn Shares:
Once registered, individuals start earning shares based on the amount of tokens staked. More tokens staked result in more shares earned, determining influence and reward potential within the network.
Perform Tasks:
Staking workers perform specific duties assigned by the network, such as validating transactions, providing security, or contributing to network governance, depending on the protocol's design.
Receive Rewards:
Successful completion of tasks and contributions to the network's operation result in rewards, typically in the form of additional tokens or other incentives, serving as compensation for efforts and incentivizing active participation.
Maintain Performance:
Staking workers must consistently fulfill duties and adhere to network rules to continue earning rewards and maintain their status. Failure to do so may result in penalties or loss of rewards.
In Layman's Terms:
In simple terms, a staking worker is like a digital watchdog in a blockchain system. They keep an eye on things happening outside the main system, such as checking if prices are correct or if transactions are valid.
To become a staking worker, you need to put some of your digital money into the system as a security deposit. This shows you're serious about doing your job well. In return, you get rewarded with more digital money for doing your job properly.
However, if a staking worker tries to cheat or doesn't do their job right, they could lose some of their deposit as a penalty. So, they have a big incentive to be honest and make sure everything is working smoothly.
Think of staking workers as digital guardians who help keep the system fair, secure, and running smoothly by watching over everything and making sure no one is trying to break the rules.
Note:
Active and Disabled:
There are two states for the workers : ‘Active’ and ‘Disable’.
A worker enters a disable state when they unregister or when they get slashed.
When the worker is in that state, they cannot work and can only retrieve their funds back after 1200 blocks.
The worker have to register again to be back in operation.