Jump to content
CryptoNotebook

What do people get as a reward of running a validator?

Recommended Posts

Posted (edited)

I'm very curious about this. I see a lot of validators, e.g. MIT, Berkeley, whatsoever...
But my question is: What do they get as a reward for running an XRP validator? How is the electricity of this validators being paid? Are those institutions who pay the validators? What's the motivation for an institution to run a validator? (please avoid this classical answers like "being part of a new revolution" blahblah)

Thanks in advance

 

Edited by LeoiZuria

Share this post


Link to post
Share on other sites
13 minutes ago, LeoiZuria said:

(please avoid this classical answers like "being part of a new revolution" blahblah)

Um, er,  so what should we do if that IS the answer?    :) 

i know that some people have lived a life where everything is cutthroat and adversarial...  they haven’t been lucky enough to be born or moved into a culture that allows people some freedoms, and that has participants in it not solely motivated by personal gain.  

So a person from that type of situation might have trouble understanding why people and institutions would do something merely for the civic good.  But that IS the reality of the XRPLedger.  

The nodes and validators are run by a diverse group ( only a precious few of whom I have “met” online...   hi @Rabbit_Kick_Club  :) ).  Those few that I have spoken to are decent souls excitedly participating for the good of all of us.  They may quietly hope for some small personal gain at some point in the future, through some as-yet-unseen spinoff opportunity,  but even without that happy event,  they are more than satisfied to simply help the XRP community.

The small amount of time and effort and the meagre electricity is not overly burdensome,  so it’s not as though they are needing to lose a kidney to do this helpful thing.

On a more institutional level,  places like universities and corporations see the running of a node as a public service that they are happy to provide as part of their multifaceted civic good programs.

I’m sorry if this was not what you wanted to hear,   but I am certain that it is the reality.

Share this post


Link to post
Share on other sites

https://developers.ripple.com/run-a-rippled-validator.html

If you or your organization relies on the XRP Ledger, it is in your interest to run a validator to participate in the consensus process and provide a trusted validator that supports the ongoing decentralization of the XRP Ledger.

If you are an independent developer, you may want to run a validator as a way to participate in and dive into the technology that supports the XRP Ledger network.

While validator diversity is important, not every validator is likely to be widely trusted and validator list publishers may require validators to meet stringent criteria before they list them on validator lists.

Despite that, it is important to note that every validator contributes to the long-term health and decentralization of the XRP Ledger. (Reward)

 

Share this post


Link to post
Share on other sites
Posted (edited)

There was a video in part on this recently...it cost like 15 dollars a month to run .....cheap....done out of self interest....ie exchanges research places etc....or you are quarrying information off site....just takes longer..... the video I’m referring to was the  btc maximalist interview...only a few days old....but interesting watch either way. Also best description I’ve heard of how the ledger works and why first 33k tx missing etc.

 

 

Edited by Vvittin

Share this post


Link to post
Share on other sites

I must add that running a validator (or a ripple node) gives you a reliable source of data about XRPL. There are public servers but you can have a much faster connection to your own server. If you are running a busines that need to use XRPL, having a good performance validator/node is a must.

Share this post


Link to post
Share on other sites
Posted (edited)
5 minutes ago, tulo said:

I must add that running a validator (or a ripple node) gives you a reliable source of data about XRPL. There are public servers but you can have a much faster connection to your own server. If you are running a busines that need to use XRPL, having a good performance validator/node is a must.

Yes I realised I had missed that one...  a certain percentage will be running for exactly that reason.  Thanks for pointing it out.

 

27 minutes ago, lucky said:

That device you are now reading this from would not exist without millions of people having done things for free, simply to be part of a revolution.

Yes exactly so.  If you were around like I was in the very first days of personal computing,  you would have witnessed many many selfless examples of people freely sharing their hard work purely and simply to advance the field and help others.

That tradition grew into “open source” and still thrives today.  Why is it so hard for some to understand that not every action needs a financial incentive?

Edited by Tinyaccount
Bloody autoincorrect

Share this post


Link to post
Share on other sites
12 hours ago, LeoiZuria said:

I'm very curious about this. I see a lot of validators, e.g. MIT, Berkeley, whatsoever...
But my question is: What do they get as a reward for running an XRP validator? How is the electricity of this validators being paid? Are those institutions who pay the validators? What's the motivation for an institution to run a validator? (please avoid this classical answers like "being part of a new revolution" blahblah)

Thanks in advance

 

XRP / Ripple is global and free of nationalisms.

Share this post


Link to post
Share on other sites
16 hours ago, LeoiZuria said:

please avoid this classical answers like "being part of a new revolution" blahblah

1) Happily, this is the reason why most of us run validators. A belief that this will contribute to growth of the XRP ecosystem. And yes, many of the other points made in this thread.
2) It's perfectly possible to run a validator on a Virtual Machine (like Matt said, and Wietse's excellent tutorial explains how) , but I think most of the recommended UNL run dedicated servers. I certainly do, for both my validator as well as the zaphod.alloy.ee (no that link won't lead you anywhere) public hub pool.
3) Why community run public hubs?  I feel it's an important part of the overall decentralization process. New nodes can discover the network, without the involvement of Ripple's own bootstrap servers. This was implemented as of 1.2.0 and here's the commit for that : https://github.com/ripple/rippled/pull/2807/commits/8b9e95405d31272c804261ca4f3bc63997b66bb4  . 

Share this post


Link to post
Share on other sites

I'm running validator node in cluster of other two XRPL nodes. Why? It is stable and secure solution to get perfect access to the XRP ledger. And of course, as solid, stable and reliable partner we can later offer some paying services based on ledger. We would like to expand this revolution to Europe...

Share this post


Link to post
Share on other sites
Posted (edited)

I really love the fact that running a validator isn't profit motivated. With XRP not having scaling issues and not having a financial reward from mining, I'd imagine it significantly lessons the likeness of a fork, as opposed to POW.

Edited by XtraRarePeople

Share this post


Link to post
Share on other sites
On 3/8/2019 at 2:40 AM, LeoiZuria said:

I'm very curious about this.

Well, what's your reward for asking the question?

My take on summarising the answers already given:

1) It's interesting, fun and/or feels good.  There is no comparable, sufficiently-utilised open ledger in existence that doesn't also destroy the environment. That's cool!
2) Running a node gets you fast and reliable access to the ledger and information on it.  This can also *save* you money if you regularly query the ledger, as you can locally query stored data as much as you want without cost.  If you are relying on others servers, you may be paying high fees in data every month to satisfy your queries, and have to wait on that data to be transmitted each time, possibly redundantly.  It can also save you money if you trade on the decentralised exchange, and need to submit those trades fast and reliably.
3) It's very cheap to do. But this minimal costs gets you the benefits of both 1) and 2).

It's not necessarily cheap to run a full-history node, but this comes with significantly stronger versions of the above benefits, which is obviously worth it to some.

The only reason the Internet now exists, is because thousands of people all over the world did exactly the same thing when it was in its infancy.  That's how the internet was first created.  By people voluntarily connecting their computers together, at their own cost, and with no real immediate benefit other than that they thought it was cool and interesting.  Many see a similar process playing out now, with the "Internet of Value" in its infancy, of which they view technologies such as the XRP Ledger as a potentially integral part.  There are many people now I'm sure who would have loved to have been part of the early Internet, even if they made no money out of it - just to be able to say they were there and took part in it.  However, huge businesses and even entire new industries were launched on the back of such open and giving voluntary participation.  Billionaires, and trillion-dollar economies were created out of nothing, and in that case the focus wasn't even financial.  So, here we have a similar thing playing out again, and this time the focus is specifically around finance and money.  

I'm sure you can do the math on that.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...