Node Staking Bond and Slashing Mechanics
Each node in the Steer Cloud needs to stake to be a part of its decentralized network. These nodes are responsible for processing the execution of app intents registered on the Steer ecosystem to earn fees and part of app revenue. Ensuring the security and integrity of each node is crucial, given their role in app intent execution.
Node Operation
While anyone can run the Steer node to process intents and its related data, only those with licenses can vote on results and execute actions on blockchain, as determined by the app engines aka protocol abstraction.
License
As a node operator, you need to obtain a license and stake Steer tokens or USDC (TBD). The license acquisition process involves several key elements:
There are a set number of licenses available per chain. Potential node operators must stake and undergo a governance approval process. Time locks exist on license exchanges to ensure smooth, continuous operation by preventing sudden changes in node operation.
As a reward for their service, node operators earn a portion of fees generated through apps and infrastructure run on Steer.
Voting Mechanism
Each chain has a threshold of votes required for an action to be executed on-chain. This threshold is related to the number of active nodes available on the chain.
Security Measures
If a node votes contrary to the majority, the case is examined and reproduced. If malicious actions are detected, the operator's staked tokens are slashed and their license is revoked. This system incorporates a financial disincentive against malicious behavior.
Network Diversity
Steer values diversity in keeper license operators to enhance network security. We encourage various groups to participate in running Steer Nodes.
If you or your protocol are interested in running Steer Nodes, please reach out to the Steer team! Connect with us