Step 4: Validators Selection

Validators choose to opt-in to any category they wish. Once an Estimate post reaches the top of a Waiting List, Validators in related categories are selected at random for the post. At that point each Validator in the selection can look over the project and decide if they want to validate it, and if they want to fully or partially validate the project. Validators then need to accept the validation task and deposit funds in the contract in proportion to how much of the project they are expecting to validate. Since not every single Validator is expected to fully validate the project, the protocol will continue to randomly select Validators for the project until either the required expertise amount for the project is met or the category runs out of Validators (including Validators with expertise in related categories) within the allotted time frame.

The purpose of depositing validator funds (at a rate of 1/3 the expected standard payout) is to keep validators honest — since they could lose the funds during the challenge period if they provided a fraudulent review. It also helps prevent a Sybil attack on the protocol, where users can create multiple accounts, create many low-quality reviews, and then still make money even if a small percent of the reviews are not challenged — in that case a lot more resources would have to go toward challenging low-quality reviews.

The task acceptance process allows the protocol to select additional validators beyond the original selection without having to wait for validators to first submit their review. Once validators are selected for the post the protocol can move on to the next post. This process creates a separate time period for reviewing, which allows validators to focus on the review process without having to rush — thus contributing to the accuracy of reviews.

If a Validator reviews a smaller portion than what they initially agreed to they will lose the additional deposited funds. This incentivizes validators to be more precise when they specify their expected portion of review.

Since maximum coin issuance for a project depends on the total expertise provided for validation, reducing the scope validated would result in a lower potential issuance (as well as lower return for Estimators). Project contributors would still be able to apply for additional funding, which essentially means creating a new Estimate post (for the remaining funds only) and going through the validation process from the start.