So from the node operator's perspective it's similar/equivalent to running an exit node is that correct? What would the traffic actually look like and what risks am I taking as a node operator? Technical please.

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That's correct, this is a similar legal situation as running a Tor exit node. However, it's in a datacenter paid with crypto, and not your home. Our organization would pay your VPS costs. What's involved is setting up a key and pulling a docker image. And I would count your Git project as a contribution to the community to be eligible. Please see this article for an overview of the process, https://simplifiedprivacy.com/hydraveil-node/operator-guide.html

If you feel it's a fit, then please reach out

Thanks for the info and I read the guide! I ask because I do a bit of private and commercial hosting. I have lots of hardware available so I wanted to understand the circumstances, so that's out. I'm still floating the idea of a media/cdn service and may be trying out some new VPS providers. If I find one I like that I like and can keep it isolated from my business I think I'd like to contribute.

Ok yes sure great to hear. The ideal providers are the ones actually in the country. Like if it's a Swiss host, they aren't a US firm with IPs everywhere, but incorporated in Switzerland