Ronin Network Upgrades to DPoS Consensus Mechanism and Begins Distributing Pledge Rewards
On April 12th, it was announced that Ronin Network had successfully upgraded to the DPoS consensus mechanism and began distributing pledge rewards. According to official website da
On April 12th, it was announced that Ronin Network had successfully upgraded to the DPoS consensus mechanism and began distributing pledge rewards. According to official website data, the number of pledged RON tokens has exceeded 100 million, with over 8500 principals and 22 verification nodes.
Ronin Network has started distributing pledge rewards
On April 12th, it was announced that Ronin Network had successfully upgraded to the Delegated Proof of Stake (DPoS) consensus mechanism and began distributing pledge rewards. According to official website data, the number of pledged RON tokens has exceeded 100 million, with over 8500 principals and 22 verification nodes.
What is Ronin Network?
Ronin Network is a layer-2 scaling solution for the Ethereum blockchain, designed to provide faster and cheaper transactions while maintaining the security and decentralization of the Ethereum network. It was built by the team behind Axie Infinity, a popular blockchain-based game.
What is the Delegated Proof of Stake (DPoS) Consensus Mechanism?
The Delegated Proof of Stake (DPoS) consensus mechanism is a modification of the Proof of Stake (PoS) consensus mechanism used by many blockchain networks. In the PoS mechanism, validators (also known as stakers) use their own tokens to validate transactions and create new blocks. In DPoS, however, token holders can delegate their staking power to other nodes, known as block producers or validators. This allows for greater decentralization and reduces the possibility of a single entity controlling the network.
Why Upgrade to DPoS?
The upgrade to the DPoS consensus mechanism was necessary for Ronin Network to achieve its goal of providing high throughput and low transaction fees. The previous consensus mechanism, known as Tendermint, had some limitations that made it difficult to scale effectively.
How Do Pledge Rewards Work?
Pledge rewards are a way to incentivize token holders to participate in the network and help secure it. Users can pledge their RON tokens to become a principal, which allows them to participate in the block production process and earn rewards for doing so. The rewards are distributed from a pool of tokens set aside for this purpose.
Conclusion
Ronin Network’s upgrade to the DPoS consensus mechanism is an important step forward in the quest for scalable and efficient blockchain solutions. By allowing greater decentralization and more efficient block production, it is likely to attract even more users and developers to the platform.
FAQs:
Q: What is the difference between DPoS and PoS?
A: DPoS allows for greater decentralization and reduces the possibility of a single entity controlling the network by allowing token holders to delegate their staking power to other nodes.
Q: How do pledge rewards work?
A: Users can pledge their RON tokens to become a principal, which allows them to participate in the block production process and earn rewards for doing so.
Q: What are the benefits of the DPoS consensus mechanism?
A: The DPoS consensus mechanism allows for greater efficiency and scalability by promoting decentralization and reducing the possibility of centralization.
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