Hi Harmony Family! I wanted to bring up the discussion about lowering the entry requirements to help us reach our EOY goal of 200 elected validators.
Currently due to Harmony now being $0.25+ each, for a new validator to start-up costs upwards of $3000-$4000 depending. I feel like this is definitely playing a big role in us not being able to get validators online fast enough. I know that this is very affordable in comparison to setting up validators on other blockchains, but the fact still stands that it is a big investment with little to no promise of success from the perspective of many.
With that amount of out-of-pocket costs to start and operating costs to keep a validator going until they get enough delegated ONE to be elected and the 5% fee kicks in, it makes sense that this could be holding a lot of people back who would otherwise be great validators and members of our community.
Perhaps we could lower it to say 1000 ONE to make it way more affordable for people, while still keeping a fairly significant initial investment. Would there be any real downside to doing this?
Thank you for your time, consideration, and participation! <3