Gnosis Chain invests $5 million in a validator incentive program toward decentralization.
Fast facts
- Each of the first ten validators that run in a listed nation receives 388 mGNO.
- Gnosis’ goal is to expand to 180 nations, with over 100,000 validators in 60 countries.
Gnosis Builders, the developer of the blockchain network Gnosis Chain, announced a $5 million project on April 18th to enhance the number and diversity of validators through incentive mechanisms. The new venture is known as “Gnosis VIP.”
Following the introduction of the new initiative, Gnosis is also initiating a “Geographic Diversity Program” to increase the number of countries in which Gnosis Chain validators are located.
The network already has over 100,000 validators spread across 60 countries, according to the statement, and the program’s goal is to raise the number of countries to 180 by the end of the year.
According to the program’s official website, the top ten validators in each of the 90 countries listed would earn 388 meta Gnosis (valued at $1,368.18 at April 12 rates) over the course of six months. Gnosis (GNO) is the network’s native coin, and Meta Gnosis (mGNO) is it’s wrapped and staked variant. Each mGNO is redeemable for 1/32 GNO.
The first payment of 38 mGNO ($134) will be made after the node has been operational for 30 days. The payment will grow in size each month until it reaches 98 mGNO ($345.57) at the end of the six-month period.
Gnosis CEO Martin Köppelmann expressed hope that the new program will help to improve both the security and performance of the Gnosis Chain:
“A diverse validator set is paramount for a resilient and secure network.” Geographical diversity hedges the network against both natural and jurisdictional disasters [and] can also improve the performance of a network; by having validators located in different parts of the world, transactions can be processed more quickly and efficiently.”
Köppelmann went on to say that geographical diversity is only one part of decentralization and that other factors are also necessary to maintain resilience and security.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.
