Incentives to be a validator in Ripple Network?

Feralaz

newbie

Activity: 35

Merit: 0

I've found the answer....

There are no incentives from Ripple:

"It is the validators who decide the evolution of the XRP Ledger, so the primary incentive to run a validator is to preserve and protect the stable operation and sensible evolution of the network" (Source: https://developers.ripple.com/technical-faq.html)

Thanks for your contribution

PipeMaddox

newbie

Activity: 25

Merit: 0

Incentives do help in increasing productivity such as the rewards miners get for validating blocks but regarding validators, they are not incentivized monetarily though I can be wrong in which this can be further discussed in the future in more detail.

Feralaz

newbie

Activity: 35

Merit: 0

Quote from: Angie Vasquez on October 14, 2018, 03:25:23 AM

Incentives are present to reward miners for validating blocks. You can apply to become a validator in this specific network. I think this is beneficial for you.

Are u sure? Do you have a source?

Thanks

Angie Vasquez

newbie

Activity: 26

Merit: 0

Incentives are present to reward miners for validating blocks. You can apply to become a validator in this specific network. I think this is beneficial for you.

SidneyFoley

newbie

Activity: 26

Merit: 0

There are some incentives of being a validator in permissioned blockchain. This however should be a concern in terms of centralisation. Cryptocurrency is completely a decentralized system.

Feralaz

newbie

Activity: 35

Merit: 0

Hey guys,

As we all know, in permissionless blockchains ,like the Bitcoin- and Ethereum network, incentives are present to reward miners for validating blocks.
This is being done by releasing a specific amount of BTC/ETH to the miners for every block that has been appended to the Blockchain.

My question is:

Are there any incentives for being a validator in permissioned Blockchains, such as the Ripple network?
As far as I know you can apply to become a trusted validator in this specific network. But what will be the benefit in doing so?
Isn't this another concern in terms of centralisation, where Ripple will most likely be validating all of the blocks in the network?

I would appreciate any kind of further information on this topic, discussions are also welcome!

Topic: Incentives to be a validator in Ripple Network? (Read 147 times)