The delegators in the Minter network, in fact, have a much greater responsibility than it seems at first sight. In this article we want to pay your attention to those things that are not obvious at first sight and are overlooked by many of delegators.
The influence that a delegator has on the development of the network is directly proportional to the size of his stake. Accordingly, the cost of error is higher as more coins a person has, same personally for him and for the whole community, and the more responsible you need to make decisions.
How delegators influence the network development:
- Voting for changing the price of a BIP coin in MBank.
- The key decisions of the DAO will be made by a vote of validators, and the weight of the vote will depend on the stake, and delegating the coins, you give the validator the right to vote on strategic issues.
- Delegating coins to a specific validator, you support the products that his team creates or the lack thereof.
The vote has already been taken on the price of a coin, and many remember how much a vote with a large stake influenced the change in price. However, over time, more and more people will learn about the project, buy and delegate BIP and other coins, and the development vector will be increasingly determined by the majority with medium and small stakes.
No doubt, all BIP holders want the coin to have a high price, and this is possible only with the growing popularity of the Minter network and the launch of more and more new projects on its blockchain.
Minter was created as a tool for issuing custom coins. The more people and companies will issue coins and create projects using them, the greater will be the demand for BIP, and more stable and higher the price will be. There is no other way.
Our vision of how to increase the popularity of Minter
As a delegator, you can influence the network development speed in several ways, and therefore the increase in the BIP price, for example:
- Independently or joining a group with other participants, create products to integrate Minter with businesses and attract new audiences.
- To support projects, the development vector of which you consider reasonable, buying already created coins.
- To support with your delegations those validators who active develops services and products that are useful to the community or aimed at the development and popularization of the Minter network.
On the first and the second paragraph, we will not now comment. Over time, the community will see thousands of powerful projects and many differently implemented and unrealized brilliant ideas. These points do not even require just a separate article, but rather books in order to at least slightly reveal the potential of the project.
Already, the community buys and sells products for BIP and provides each other services. And this is just 2 weeks after launch. The whole teams and individual developers create platforms for the provision of services and trade in goods for BIP. Also, some validators create tools for automated exchange of BIP for other cryptocurrencies. And this is just the beginning. Interest to Minter is growing every day, and the infrastructure around it is developing at high speed.
As one of the validators, we are familiar with this kitchen from the inside and want to pay your attention to the important points that few people take into account when choosing a validator.
Any choice must be made consciously, aware of the possible consequences. Especially this rule works in matters relating to money. And in our case, to one degree or another, the fate of the whole project and the speed of development depend on the choice that delegators make whenever they delegate their coins to one or another validator.
What you should do choosing a validator:
- Ask questions. Perhaps this is the most important. It is amazing that many people ignore this opportunity, because validator contacts are publicly available in the Interchain.Zone for Minter service. How many mistakes and disappointments could have been avoided just by asking a couple of questions and getting an answer to them.
- Make sure that the quality of the infrastructure is up to standard. We will repeat it again and again. The reliability of the infrastructure is extremely important: it is the direct responsibility of every validator, and it is for this he receives his commission. Ignoring this point, you risk incurring serious losses. As example of a validator's reliable infrastructure in the article BTC.Secure - Staking as a Service Provider.
- Explore public resources. Each validator publishes announcements of its products and important news on its resources. Skimming through the latest publications, you can already draw conclusions about what is being emphasized, what values the team shares and promotes.
- Communicate in the validator community. Chat with other delegators, find out why they chose this validator, and how the team manifested itself in various situations. Agree, it is more pleasant to be in a friendly atmosphere, where everyone respects his comrades, where it is customary to help each other.
- Find out what happens to income. Ask the validator administrators how do they manage their income (example in the article). Make sure that the commission is sufficient to maintain the infrastructure, as well as that part of the income goes to the development of the validator and the whole project, and otherwise, why support the one whose goal is only to receive personal gain.
- Learn what products are being created. Look at what developments have already seen the light and find out in which direction the team is currently moving.
- Diversify. You can delegate to one validator if you are 100% sure of its reliability and that his team has come a long time and is looking far into the future. Nevertheless, to separate large sums and not to store in one place is one of the basic rules of financial security. Delegating large amounts is best done in a 2-3 validator that you like, and whose values you share, then you most likely will not have to be frustrated with time and suffer losses.
Delegating, you transfer the right to vote and the authority to develop the network to your validator. Who are you willing to entrust the future of the network today, so as not to regret it tomorrow?
For rapid development, the development team needs the help of validators and each of you: the more people interested in the project’s success, the better everyone will be! Make the right choice, and the reward will not be long in coming.
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