Ronin Network Upgrades to DPoS Consensus Mechanism: Pledge Rewards Distributed

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

Introduction

The Ronin Network has recently undergone a significant upgrade, transitioning from the PoA (Proof-of-Authority) consensus mechanism to DPoS (Delegated Proof-of-Stake). The network has also begun distributing pledge rewards, with over 100 million RON tokens pledged to date, along with more than 8500 principals and 22 verification nodes. In this article, we will explore the implications of this upgrade and what it means for the Ronin Network and its users.

What is the Ronin Network?

The Ronin Network is a blockchain technology designed to enable developers to create and deploy decentralized applications with ease. It is built on the Ethereum blockchain and utilizes smart contracts to manage transactions and data within the network. The Ronin Network is unique in that it uses the PoA consensus mechanism, which allows for faster transaction processing and lower fees than other blockchains.

The PoA to DPoS Upgrade

While the PoA consensus mechanism has worked well for the Ronin Network, the development team recognized the need for a more efficient and decentralized system. This is where DPoS comes in. DPoS is a consensus mechanism that allows stakeholders to vote for “delegates” who are responsible for validating transactions and maintaining the integrity of the network. This means that the network is more decentralized, secure, and efficient.

Pledge Rewards

One of the benefits of the DPoS consensus mechanism is that it allows for the distribution of pledge rewards. Pledge rewards are incentives given to those who hold and lock up a certain amount of RON tokens to participate in network governance. These rewards incentivize users to actively participate in the network’s decision-making process and help to secure the network.

The Future of the Ronin Network

The Ronin Network’s upgrade to DPoS signifies a significant milestone in its development. With the transition to DPoS, the network becomes more secure, efficient, and decentralized. This will likely lead to increased adoption and growth for the network. As more developers begin to build on the Ronin Network, we can expect to see a thriving ecosystem of decentralized applications being built on the platform.

FAQs

Q: What is the difference between PoA and DPoS consensus mechanisms?

A: PoA is a consensus mechanism that relies on a centralized group of validators to confirm transactions. DPoS, on the other hand, allows stakeholders to vote for “delegates” who are responsible for validating transactions and maintaining the network’s security.

Q: How do pledge rewards work?

A: Pledge rewards are incentives given to those who hold and lock up a certain amount of RON tokens to participate in network governance. These rewards incentivize users to actively participate in the network’s decision-making process and help to secure the network.

Q: What does the future hold for the Ronin Network?

A: With the transition to DPoS, the Ronin Network becomes more secure, efficient, and decentralized. This will likely lead to increased adoption and growth for the network. As more developers begin to build on the Ronin Network, we can expect to see a thriving ecosystem of decentralized applications being built on the platform.

Conclusion

In conclusion, the Ronin Network’s upgrade to DPoS is a significant milestone in its development, signaling the future growth and adoption of the network. With more efficient and decentralized system, along with the introduction of pledge rewards, the Ronin Network is a promising blockchain technology for developers to build decentralized applications on.