As a prerequisite to becoming a validator, an applicant will be asked a series of questions and will be required to provide some basic personal information that will help determine whether or not the applicant is a suitable candidate for the position. If an applicant has been accepted for the position, the answers provided in the application will be utilized in conjunction with an algorithm that assigns the validator with disputes that best match their level of skill & expertise.
If selected, the validator will be required to deposit a minimum of $1000 USDC-ERC20 or BUSD-BEP20 into an immutable pool through an online portal that will be made accessible to them after being selected. The deposited funds can be removed by the validator at any time and can only be removed by the depositor of these funds. Once the minimum deposit has been made, the validator will be required to wait for the duration of five business days before collecting rewards and being able to arbitrate active disputes.
Fifty percent (50%) of the service fees that are collected through Open Hatch will be distributed as rewards to the "validator pools". These rewards will be distributed to validators based on their share of the pool and based on where their share ranks on a linear bonding curve within its respective pool; this is to incentivize the consolidation of funds so as to reduce the risk of manipulation.
Validators will be required to arbitrate a minimum quantity of disputes each week and are expected to consider all of the information & materials that have been provided when reaching a binding decision. The validator must demonstrate that the provided information & materials were fully analyzed and considered before rendering a decision on an active dispute by filling out a small form that must detail the reasons behind the decision they arrived at, which will be sent to a quality assurance team at Messier. These forms will be internally reviewed to verify that validators are acting in the best interest of Open Hatch users, rather than acting in self interest in order to satisfy validator deadline requirements.
In the event that a validator does not meet their minimum weekly requirements or is deemed to be acting in self-interest, their position will be revoked. Once revoked, a smart contract will send any remaining funds held in the validator pools back to the wallet from which the funds were originally deposited.