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), a decentralized layer-1 blockchain.
In the TON blockchain network, validators can use the single nominator, which provides an isolated cold wallet for securing their validation process. This feature is particularly useful for validators with enough self-stake to conduct independent validation without needing third-party nominators. This feature aims to enhance validators’ independence, security and protection against gas-spending attacks.
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. This process is essential to the security and efficiency of the blockchain network, as it ensures that only legitimate transactions are processed and recorded on the blockchain.
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 the specified conditions are met, the contract executes automatically, transferring funds or assets between the parties involved.
The single nominator smart contract provides an option for the core team’s nominator pool smart contract. The alternative was developed in-house to provide security for validators who stake their funds. The single nominator tool is now offered to the community as a free, open-source product.
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Orbs added that the single nominator contract offers protection against attack methods by keeping the validator node’s hot wallet separate from the principal staking funds. This separation safeguards the funds against gas spending attacks, and the owner can alter the validator address if the wallet is compromised. Moreover, the contract provides the ability to recover stakes during emergencies, such as elector upgrades.
The contract has been audited by CertiK, a Web3, blockchain and smart contract security firm, which recently announced a partnership with TON to audit future projects on the network.
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Source: https://cointelegraph.com/news/ton-validators-receive-single-nominator-smart-contract
