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I am running an Algorand participation node and here is why you should, too!

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by COINS NEWS 205 Views

I am running an Algorand participation node and here is why you should, too!

Hey y'all!So I recently followed this tutorial, and seamlessly implemented a participation node on the Algorand network! According to https://metrics.algorand.org/, there are currently a bit over 1.3k of us running active participation nodes. Folks, that's 1.3k accounts out of almost 7.9billion people. We're a rare breed, but an important one. And you should consider joining us! If you hold ALGO, you should consider this an investment! I am not affiliated with the Algorand foundation whatsoever. In fact, I can assure you that if I can do this- so can you.

https://preview.redd.it/tdd9wlacsjo71.jpg?3024&format=pjpg&auto=webp&s=a1820397def8a286d23374e8b9e25737c1a73db8

Setting up a participation node means your participating account becomes part of a pool ensuring the security and validity of the decentralized aspect of the Algorand network. ToKenOmIcS. Am I right? No, I am not. Not only is accelerated vesting nearly coming to an end as you may find in some recent posts on this sub, but governance is about to kick in. What does that all mean? It means the centralized agency (Algorand foundation) is allocating the last of a truck load of coins to their earliest investors, and putting the future of Algorand in OUR hands.

Now I know many of you are anxiously awaiting governance. Many are staked on Yieldly for the time being.. but I wanted to make sure this community understands what it means to have funds on an account linked to a participation node. Unfortunately I am certainly no expert, so this will be very basic. Again, just a person, like you. If anyone with more knowledge feels inclined to do so- please mention some of your thoughts below!

TL;DRThe account that is linked to the Algorand participation node is eligible for both staking in governance AND partaking in network participation. That's right- you can partake in governance with the same account connected to your node. Thereby helping to protect your assets, protecting your comrade's assets, voting on governance proposals, and accumulating those sweet ALGO rewards.... all at the same time.

So if you're looking for the full Algorand experience and plan on staking your algo to partake in the (exciting) upcoming governance protocols, consider starting up a node and helping to protect your governance-staked assets by providing the network with added security. The more node-runners there are, the more secure the network is, the safer your asset is. Why? Simply put, there is power in numbers on the algorand blockchain!

By shopping patiently, I was able to buy ALL materials needed for this for ~$150USD. I simply skipped my biweekly ALGO DCA. Although there are currently no financial rewards for running a node (other than protecting you and your comrade's assets), governance may (or very well may not) change that.

I should add that the higher the balance of the account linked to the participation node, the more chance it will be chosen to participate on the blockchain. I've got about A100 in my account at the moment. According to the previously mentioned metrics site, The account with the lowest balance that has participated in voting held a balance of A2. A small price to pay to help support the security of your own bags, I'd say! Of course, I am planning on adding my entire bag of algo to this node account, and will be partaking in governance at the same time.

Y'algo and have a great night, now!

-edit: to the people or bots mass downvoting... ...why..?

submitted by /u/CryptoHeron
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