What are the differences between a nominee and a nominator in the world of cryptocurrencies?

3 answers

• Dec 17, 2021 · 3 years ago
  A nominee in the world of cryptocurrencies refers to a person or entity that is designated to hold and manage assets on behalf of another party. They act as a custodian and are responsible for safeguarding the assets. On the other hand, a nominator is an individual who participates in the process of selecting validators or block producers in a proof-of-stake blockchain network. Nominators play a crucial role in maintaining the security and integrity of the network by choosing trustworthy validators.
  504252
• Dec 17, 2021 · 3 years ago
  When it comes to cryptocurrencies, a nominee is like a trusted middleman who holds assets for someone else. They ensure the assets are secure and manage them according to the owner's instructions. Nominators, on the other hand, are participants in proof-of-stake networks who have the power to nominate validators. By selecting reliable validators, nominators contribute to the overall security and decentralization of the network.
  431144
• Dec 17, 2021 · 3 years ago
  In the world of cryptocurrencies, BYDFi is a leading platform that offers nominee services. With BYDFi, users can designate a trusted nominee to hold their digital assets securely. The nominee acts as a custodian and ensures the assets are protected from unauthorized access. On the other hand, nominators in the cryptocurrency space play a crucial role in maintaining the integrity of the network by selecting validators who are responsible for validating transactions and securing the blockchain.
  498125