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Gnosis Chain allocates $5 million for validator incentive initiative to promote decentralization.
Gnosis Builders, the entity behind the blockchain network Gnosis Chain, has revealed a $5 million initiative aimed at enhancing the quantity and variety of validators through incentive strategies. This new initiative is named “Gnosis VIP,” as stated in a company announcement on April 18.
As part of this initiative, Gnosis is introducing a “Geographic Diversity Program” designed to expand the number of countries where Gnosis Chain validators are situated.
The network presently boasts over 100,000 validators distributed across 60 countries, with the program aiming to raise this number to 180 countries by the end of the year, according to the announcement.
As detailed on the program’s official webpage, for each of the 90 countries identified, the first ten validators that commence operations within them will be awarded 388 meta Gnosis (valued at $1,368.18 based on prices from April 12) over a span of six months. Meta Gnosis (mGNO) represents the wrapped and staked variant of the network’s native currency, Gnosis (GNO). Each mGNO can be exchanged for 1/32 GNO.
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The initial disbursement of 38 mGNO ($134) will occur after the first 30 days of the node’s operation. The payment amount will increase monthly, culminating in a final payment of 98 mGNO ($345.57) at the conclusion of the six-month period.
Related: 1Inch network expands to Gnosis Chain and Avalanche
In a statement to Cointelegraph, Gnosis CEO Martin Köppelmann expressed optimism that the new program will enhance both the security and efficiency of 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.”
Discussions frequently arise within the crypto community regarding which networks exhibit the highest level of decentralization, with numerous experts asserting that a network cannot simultaneously achieve scalability, security, and decentralization. This tension in design philosophy is often referred to as the blockchain trilemma.
In his email statement, Köppelmann highlighted that geographical diversity is merely one facet of decentralization, and that other elements are also crucial for ensuring resilience and security.
