Nominators
Nominators are users of a blockchain network who play an important role in the governance of that network. Nominators are responsible for nominating which validator will be selected to verify and add blocks of transactions to the blockchain.
Generally, blockchains use a consensus system known as Proof-of-Stake (PoS) where nominators select validators based on their reputation score and stake share within the network. In some cases, there may also be other criteria such as how long they have been active in the network or what services they offer (e.g., data storage).
In order to become a nominator, one must first obtain enough stake tokens from other token holders—usually by buying them from an exchange or participating in a staking pool—and then register with one or more validator nodes. The amount of stake required varies depending on the particular blockchain protocol being used but it is generally much lower than traditional PoW mining rigs that require expensive hardware setups and large amounts of electricity consumption for mining operations. Additionally, anyone can become a nominator regardless if they have technical knowledge about setting up servers or hardware infrastructure; all you need is knowledge about selecting reliable validators to nominate!
Once registered as a nominator, you will receive rewards whenever your nominated validator verifies new blocks successfully added onto the blockchain ledger. These rewards come from transaction fees collected by your selected validator node(s). Over time these rewards can accumulate into substantial sums due to compounding interest effects caused by regular validation activities over many cycles/epochs; thus making nomination an attractive option for passive income earners looking for ways to earn cryptocurrency without needing any technical expertise beyond basic wallet management skills!
