The third validator auction has started. Those who participated in the whitelisting process can now bid in the auction.
The third validator auction begun on the second of March, 2021. The duration will be two weeks, ending at the latest on the 16th of March, 2021, at 11:59 AM UTC.
A total of 59 addresses are whitelisted for this auction. The number of validator slots available is 36. The minimum participation level for a successful auction is 15. The auction ends at the latest 14 days from the start date, or when the 36th successful bid is received, whichever comes first.
If less than 15 addresses have participated at the time the auction ends, it will fail. No validator slots will be awarded, and all participants can withdraw their bids.
Details regarding the third auction
For this auction, TLN, Trustlines Network Token, is the currency used for bidding. No ETH will be used for bidding but will be needed to pay for the transaction gas costs.
The minimum slot price is 5,000 TLN.
For acquiring TLN, you can check if you're included in the Merkle Drop. Another way would be to get TLN via UniSwap or Bamboo Relay. There could also be other places to acquire the tokens that are not listed here.
What Is a Trustlines Validator Auction?
Trustworthy and pseudo-anonymous validators are crucial for securing the Trustlines Blockchain. The Trustlines validator auction is a Dutch auction held to discover the fair price of a validator slot. Successful bidders become the set of validators on the Trustlines Blockchain for the duration of the new validator period. Currently, the period length is nine months. The people who bid for a validator slot in the auction will have their stake locked until the end of the validator period. The validators can then withdraw their stake after the locking period ends.
A Trustlines validator is a person or an entity that is part of the current validator set of the Trustlines Blockchain. The validators ensure the Trustlines Blockchain's security by validating transactions and adding blocks to the existing blockchain. Additionally, Trustlines validators monitor the Trustlines bridge to provide Trustlines Network Token to Trustlines Network Coin transfers. The validators also decide on blockchain forks and resulting protocol changes with the rest of the Trustlines ecosystem.
The auction itself is a smart contract on the Ethereum blockchain. Every whitelisted Ethereum address can take part in the auction once.