Understanding the Upcoming DPoS Upgrade on the Ronin Network

04/11/2023 06:05 • Tech Ticker • 116 views

On April 11th, according to official Twitter, the Axis Infinity side chain Ronin Network stated that with the upcoming DPoS upgrade, two key updates will be executed to ensure a smooth transition.

Ronin Network: To ensure a smooth transition of DPoS upgrades, two key updates will be executed

On April 11th, the Axis Infinity side chain Ronin Network announced two key updates that would be executed in conjunction with the upcoming DPoS upgrade. This upgrade is intended to improve the overall performance and security of the network. In this article, we will explore what DPoS is, what the Ronin Network is, and how these updates will affect users.

What is DPoS?

DPoS, or Delegated Proof of Stake, is a consensus mechanism used in blockchain networks to achieve consensus on the validity of transactions. In a DPoS system, a group of delegates is elected to validate transactions and add them to the blockchain. These delegates are chosen by token holders through a voting process, and are responsible for maintaining the integrity of the blockchain.

What is the Ronin Network?

The Ronin Network is a side chain built on the Ethereum blockchain that is specifically designed for gaming. It was created by Sky Mavis, the company behind the popular game Axie Infinity. The Ronin Network uses the Ronin Virtual Machine (RVM), which is an optimized version of the Ethereum Virtual Machine (EVM) designed to handle the specific needs of gaming applications.

What are the Key Updates to the Ronin Network?

The first key update is the implementation of a new DPoS algorithm called HoneyBadgerBFT. This algorithm is designed to provide better security and scalability than the current DPoS algorithm used on the Ronin Network. It achieves this by using a probabilistic consensus algorithm that allows for faster block times and lower transaction fees.
The second key update is the implementation of a new fee structure that will allow users to pay transaction fees in SLP tokens. SLP tokens are the native token of the Ronin Network, and are used to pay for transaction fees and other network services. This new fee structure will make it easier for users to pay for transactions, and will help to reduce network congestion.

How Will these Updates Affect Users?

These updates are expected to have a positive impact on users of the Ronin Network. The HoneyBadgerBFT algorithm will provide better security and scalability, which will help to attract more users to the network. The new fee structure will make it easier for users to pay for transactions, which will help to reduce network congestion and improve overall network performance.

Conclusion

The upcoming DPoS upgrade on the Ronin Network is an exciting development for the world of blockchain gaming. The implementation of the HoneyBadgerBFT algorithm and the new fee structure will help to improve the overall performance and security of the network, which will benefit both developers and players alike.

FAQs

1. What is the difference between DPoS and PoW?
– DPoS is a consensus mechanism that uses a group of elected delegates to validate transactions, while PoW (Proof of Work) uses a computational process to validate transactions.
2. Will users need to update their wallets to take advantage of the new fee structure?
– Yes, users will need to update their wallets to support the new fee structure.
3. Can users still pay transaction fees in ETH?
– Yes, users can still pay transaction fees in ETH if they choose to do so.

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